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April 29 (Renewables Now) - Total SA (EPA:FP) has agreed to acquire a 23% stake in the 640-MW Yunlin offshore wind farm that is currently under construction in Taiwan from German developer Wpd AG.
The French oil and gas company said today it will pay to Wpd a consideration based on its share of past costs for the 23% interest in Yunlin Holding GmbH, the owner of the project. Wpd currently owns 48% in the project.
The wind farm, which installed the first of its 80 Siemens Gamesa wind turbines on April 23, is due to be completed in 2022. It benefits from a 20-year power purchase agreement (PPA) with state-owned Taipower of USD 250 (EUR 207) per MWh for the first 10 years and USD 125 per MWh for the following 10 years, based on a NTD/USD rate of 28, Total said. When completed, the wind power plant is expected to generate 2.4 TWh a year.
"This agreement provides Total with an opportunity to gain a foothold in one of Asia’s main offshore wind markets and strengthens the Group’s position in this fast-growing segment, in line with its strategy of profitable development in renewables worldwide," said Stephane Michel, president gas, renewables and power at Total.
The project is also owned by Thailand's Electricity Generating Public Co Ltd (EGCO), which joined a year ago, acquiring a 25% stake, and a consortium of Japanese investors, led by Sojitz Corp (TYO:2768), which has a 27% stake.
The deal will require government approval. Total said it will boost its portfolio of offshore wind projects under development and construction that now represents a cumulative capacity of around 5.5 GW.
(USD 1.0 = EUR 0.827)