Offshore wind

Financial close achieved for Taiwan’s Formosa 2 offshore wind farm

29 Oct 2019


  • Taiwan’s Formosa 2 offshore wind farm reaches financial close
  • Once complete, Formosa 2 will be one of the largest offshore wind projects in Taiwan, displacing an estimated 18,750 kt CO2e over its lifetime
  • The NT$62.4 bn project will be financed by a consortium of 20 international and local Taiwanese financial institutions.

Macquarie’s Green Investment Group (GIG)* today announced the successful financial close for Taiwan’s Formosa 2 offshore wind farm.

Formosa 2 has been jointly developed by Macquarie Capital (75%) and Swancor Renewable Energy (25%). GIG will now play a key role in delivering the project through its construction phase. The 376 MW offshore wind project located off the coast of Miaoli will utilise 47 market-leading 8 MW turbines. Once complete, it is estimated to displace 18,750 kt CO2eover its lifetime while powering the equivalent of 380,000 households annually.

Total funding for the project of NT$62.4 bn, will be financed by a consortium of 20 international and local Taiwanese financial institutions. The significant interest shown by the financial consortium has demonstrated the attractiveness of the Formosa 2 project and the offshore wind potential in Taiwan. The financing will be used to support the development and construction of the project.

Mark Dooley, Global head of Macquarie’s Green Investment Group said:

We are delighted to announce Formosa 2’s financial close, the project marks another important step in Taiwan’s renewable energy transition. GIG is committed to supporting Taiwan in achieving its green energy ambitions and, together with Formosa 1 and Formosa 3, our projects could deliver up to 2.5 GW of offshore wind energy. Taiwan is fast becoming Asia’s foremost offshore wind market and we are proud to be playing a leading role in its offshore wind story.” 

Kimberly Cram, Formosa 2 Project Director said:

As Formosa 2 progresses through its construction phase it will benefit from the collaboration of both local and international contractors during the works – Fortune Electric will deliver the onshore infrastructure required to connect the project to the local electricity network, Jan de Nul will deliver the foundations and offshore cables and Siemens Gamesa will deliver the wind turbines.”


GIG Carbon Score for this project

Formosa 2 Gig Carbon Score

GIG’s Carbon Score is a measure of a project’s lifecycle greenhouse gas emissions compared to the emissions of the baseline that it displaces. Projects with the lowest lifecycle emissions relative to the baseline would score the highest ratings from AAA to B. Projects with lifecycle emissions similar to the baseline would score a C, and projects with greater emissions would score a D or E.

For further information on how we are advising clients on understanding the green impact of investments, please see

Notes to editors

* Macquarie Capital has announced it will now develop and invest in green energy projects in Taiwan through Macquarie’s Green Investment Group (GIG) platform. GIG is Macquarie’s global platform for principal investment in the green economy and its mission is to accelerate the transition to a greener global economy. For more information about GIG, please see below.

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About Green Investment Group and Macquarie Group

Macquarie’s Green Investment Group (GIG) is a specialist in green infrastructure principal investment, development, project delivery, and the management of portfolio assets, and related services. Its track record, expertise and capability make it a global leader in green investment, dedicated to supporting the growth of the global green economy.

The institution was initially launched by the UK Government in 2012 as the Green Investment Bank (GIB) - the first institution of its type in the world. It was purchased by Macquarie in 2017 and combined with Macquarie Capital’s renewables team to create one of the world’s largest teams of specialist green investors. Now operating as Macquarie’s Green Investment Group, the platform has more than 400 staff working in over 15 countries across Europe, North America, Asia and Australia, combining international best practice from across Macquarie’s activities.

Across the globe, GIG has supported 16 offshore wind projects, representing over 4.5 GW of operating capacity including almost 50% of the UK’s offshore wind capacity in operations or under construction.

Macquarie Group Limited (Macquarie) is a diversified financial group providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities. Founded in 1969, Macquarie employs 15,715 people in 30 markets. At 31 March

2019, Macquarie had assets under management of £305.8 billion. For further information, visit

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