EGCO acquire 25% stake in Yunlin Offshore Wind Project
Thailand’s Electricity Generating Public Company (EGCO) Group has completed its previously announced acquisition of a 25% stake in the 640MW Yunlin offshore wind farm project in Taiwan.
Under the transaction, EGCO’s wholly-owned subsidiary Greenwing Energy acquired the minority stake in Yunlin Holding from Taiwan Offshore Holding.
The financial details of the transaction were not divulged.
Yunlin owns 100% interest in Yunneng Wind Power of Taiwan, which is building the project.
The 640MW project is located in the Taiwan Strait around 8km west of the coast of Yunlin County. It will include an area of around 90km2.
The project will be commissioned in two phases with Phase I, comprising 352MW, is slated to complete in the fourth quarter of this year.
Phase II is expected to be completed in the third quarter of 2021.
In December last year, EGCO agreed to invest in this project with the aim to bolster its footprint in the growing renewable market in the Asia Pacific region.
Commenting on the impact of Covid-19 on the business, EGCO Group acting president and strategy & asset management senior executive vice-president Dr Gumpanart Bumroonggit said: “Amid the current Covid-19 outbreak, EGCO Group has continually and efficiently operated its business, following the implementation of our business continuity plan.
“This is to ensure our operation throughout the supply chain without any interruption. In the meantime, EGCO Group’s 28 operating power plants in domestic and overseas are still in operation to deliver reliable electricity to all people.
“We stand ready to collaborate with the public sectors and various organisations at our full capabilities to overcome this difficult situation.”