Mitsui entering Taiwan's offshore wind market through M&A deal
Installation of Gemini wind turbines. Source: Northland Power Inc (www.northlandpower.ca). All Rights Reserved.
Japanese trader Mitsui & Co Ltd (TYO:8031) will enter the offshore wind sector by buying into the co-owner of the 1,044-MW Hai Long development in the Taiwan Strait.
Singapore-based Enterprize Energy Pte Ltd announced in a statement today that it has entered into an agreement to sell a 50% stake in Yushan Energy Co Ltd (YECL) to Mitsui. Headquartered in Taipei City, Yushan is the owner of a 40% net interest in the Hai Long Offshore Wind scheme. The controlling stake is held by Canada-based Northland Power Inc (TSE:NPI).
The signing of the deal follows in depth discussions over the last year, commented Ian Hatton, chairman and founder director of Enterprize Energy. He added that the framework agreement between the two parties is “a basis for further mutually beneficial collaboration with Mitsui on other projects within the Enterprize Energy opportunity inventory in both Europe and Asia”.
Last month, Taiwan awarded grid capacity to the developers of 3.8 GW of offshore wind projects, including to the 300-MW Hai Long 2 project.