Thu, Aug 01, 2019 - Page 12 News List

Swancor sells 95% share in Swancor Renewable

By Natasha Li  /  Staff reporter

Swancor Holding Co (上緯投控) yesterday said that it has closed a deal to sell a 95 percent stake in Swancor Renewable Energy Co (上緯新能源) to New York-based Stonepeak Oceanview Holdings Co for between US$25 million and US$101 million.

Swancor Renewable Energy is Swancor Holding’s renewable energy and offshore wind farm subsidiary.

The gains from share sale are estimated at US$9.99 million to US$85.47 million, Swancor Holding said in a filing with the Taiwan Stock Exchange.

The company, whose core business includes resins and composite materials manufacturing, said the sale is part of its plan to expand the production of composite materials for wind turbines in Taiwan.

The company first disclosed its intention to sell its shares in Swancor Renewable Energy in June, prompting speculation that it would completely exit the offshore wind farm business.

However, as Swancor Renewable Energy owns a 25 percent stake in Formosa II Wind Power Co (海能風力發電), which is working on a 376 megawatt project due to be completed by the end of next year, Swancor Holdings still holds a 1.25 percent stake in the wind farm being built off Miaoli County’s Jhunan Township (竹南).

Swancor Holding is also developing the second phase of Formosa I Wind Power Co (海洋風力發電), Taiwan’s first offshore wind farm, also off the Miaoli coast. It installed the first wind turbine last week.

The project would be completed by the end of the year, it said.

The share sale is Stonepeak’s first step into Asia’s renewable energy market. The company had mostly focused on investments in North America.

Managing more than US$15 billion of capital for its investors, Stonepeak would seek out renewable energy markets in Japan, South Korea and Southeast Asia through its investment in Swancor Renewable Energy, it said.

This story has been viewed 2680 times.

Comments will be moderated. Keep comments relevant to the article. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned. Final decision will be at the discretion of the Taipei Times.

TOP top