Wed, Feb 20, 2019 - Page 12 News List

Formosa I resin passes quality controls: Swancor

By Ted Chen  /  Staff reporter

Swancor Holding Co Ltd (上緯) yesterday said that the first batch of its wind turbine blade epoxy resin has passed quality control tests and would be used by the end of this year to complete the second phase of the Formosa I wind farm project.

Swancor, which has a 7.5 percent stake in the project, would ship about 500 tonnes of epoxy resin worth several million New Taiwan dollars, it said.

While the amount is small, it marks a milestone in the company’s efforts to become a resin supplier for the wider Asian offshore wind market, it said, adding that certification processes with several turbine makers are under way.

The resin would be used by Spain’s Siemens Gamesa Renewable Energy SA to build 20 6 megawatt (MW) turbines to achieve the project’s second-phase capacity goal of 120MW, it said.

Siemens Gamesa in October last year awarded the contract to Swancor after inking a second memorandum of understanding with the Taiwanese company as part of its commitment to meet the nation’s local content requirements.

Swancor has reported that revenue last year rose 26.32 percent annually to NT$6.2 billion (US$201 million).

In the first nine months of last year, net income stood at NT$579 million, up from NT$46 million a year earlier, company data showed.

Earnings per share at the time were NT$7.83, up from the previous year’s NT$1.73 per share.

The company in December last year sold a 7.5 percent stake in Formosa I to Japan’s Jera Co for NT$634 million, and expects to book NT$422 million in gains from the transaction.

Swancor is also a developer for the Formosa II project, which has a planned capacity of 376MW and is scheduled to be completed by next year, in addition to Formosa III, which has a planned capacity of 2 gigawatts.

Shares in Swancor yesterday closed down 1.87 percent at NT$105, retreating from an intraday high of NT$114.

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