GRSC, a wholly owned subsidiary of GPSC, has entered into an agreement with Copenhagen Infrastructure Partners (“CIP”), acting on behalf of the funds Copenhagen Infrastructure II K/S (“CI-II”) and Copenhagen Infrastructure III K/S (“CI-III”), to join the Changfang and Xidao offshore wind farm in Taiwan. GRSC will acquire a 25% stake in the 595 MW (megawatt) CFXD offshore wind project that benefits from a 20-year Power Purchase Agreement with state-owned Taiwan Power Company. The transaction marks GPSC’s entry into the offshore wind sector and expands its net renewable energy capacity by 149 MW.

On July 14, 2021 Global Renewable Power Company Limited or GRSC, a wholly owned subsidiary of Global Power Synergy Public Company Limited or GPSC (the innovative power flagship of PTT Group), entered into an agreement with CIP to acquire a 25% stake with the total investment of approximately USD 500 million until the project completion in the Changfang and Xidao (“CFXD”) offshore wind farm in Taiwan (the “Transaction”). The 25% stake is acquired from CI-II and CI-III, two funds managed by CIP. The 595 MW CFXD project is located 13-15 kilometers west of the Coast of Changhua County. CFXD reached financial close in February 2020. CI-II and CI-III will continue as a joint majority shareholders of the project after the transaction.

“The CFXD project will be installed in two phases. The first 96 MW phase is expected to achieve first power in 2022 and the second 499 MW phase in 2023. The project has entered into a 20-year Power Purchase Agreement (PPA) with state-owned Taiwan Power Company. The whole project is expected to commence commercial operation in the first quarter of 2024 and will supply electricity to over 600,000 households.” said Mr. Worawat Pitayasiri, President and Chief Executive Officer of GPSC.

With a 25% stake in the project, GPSC’s net renewable energy capacity will increase by 149 MW to 2,294 MW, which account for 34% of GPSC’s total capacity of 6,761 MW. The Transaction is part of the Company’s business strategy to develop a portfolio of projects to access diversified renewable energy sources, to enhance the Company’s experience in developing offshore wind energy projects and to contribute to the Company’s international renewable capacity expansion in a key focus market.

“Taiwan possesses tremendous potential and is one of the world’s leading developers of clean energy technology. The Taiwanese government promotes investment in all forms of clean energy as seen by the country’s fast-growing rates of renewable energy usage. Therefore, GPSC has decided to invest in this project and is prepared for further investment expansion while looking for more opportunities to invest in the technologies of the future. The Transaction marks GPSC’s first investment into an offshore wind project alongside CIP, a very experienced offshore wind developer. It will allow the Company to expand our expertise in developing and operating offshore wind energy projects, which require advanced construction technology, specialized skills and innovative wind turbines technology that are suitable for the project’s conditions while ensuring uninterrupted and safe power generation and distribution.” added Mr. Worawat.

The transaction is subject to customary closing conditions, filing for Foreign Investment Approval and filings with the Ministry of Economic Affairs, Taiwan R.O.C., and following closing of the transaction, CI-II and CI-III will remain controlling shareholders and operators of the CFXD offshore wind farm.

Share this News: