POSH-Kerry JV to offer integrated solutions for offshore wind in Taiwan
The Formosa 1 wind farm in Taiwan. Image by: Ørsted A/S (www.orsted.com).
A new company, POSH Kerry Renewables, has been incorporated in Taiwan to offer supply chain and marine solutions for the full life cycle of offshore wind projects.
Singapore-based PACC Offshore Services Holdings Ltd (SGX:U6C) and Taiwan-based Kerry TJ Logistics (TPE:2608) have created the joint venture to combine core competencies and provide an integrated solutions platform for offshore wind project developers, engineering, procurement, construction and installation (EPCI) contractors, operations and maintenance (O&M) firms and wind turbine makers, the partners announced on Thursday.
PACC and Kerry expect other strategic partners to support their plan for the Taiwanese offshore renewables market. They have already signed a memorandum of understanding (MoU) with Rolls-Royce Holding Plc (LON:RR) to explore suitable designs for walk-to-work and Services Operations Vessels (SOV).
The partners have made progress with potential customers too, having signed another MoU with Macquarie Capital Group Ltd and Swancor Renewable Energy Co Ltd to study collaboration opportunities. The latter two are part of the consortium behind Taiwan's first commercial-scale offshore wind farm, the 120-MW Formosa 1 project.
At the end of 2017, Taiwan had just 8 MW of operational offshore wind capacity, the first phase of Formosa 1. The country, however, has set a target to allocate 5.5 GW of offshore wind for construction by 2025. In June it awarded 1,664 MW of capacity in its first offshore wind tender, while in April it completed a 3,500-MW grid capacity allocation process.