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.
UNPRECEDENTED PACE: Micron Technology has announced plans to expand manufacturing capabilities with the acquisition of a new chip plant in Miaoli Micron Technology Inc unveiled a newly acquired chip plant in Miaoli County yesterday, as the company expands capacity to meet growing demand for advanced DRAM chips, including high-bandwidth memory chips amid the artificial intelligence boom. The plant in Miaoli County’s Tongluo Township (銅鑼), which Micron acquired from Powerchip Semiconductor Manufacturing Corp (力積電) for US$1.8 billion, is expected to make a sizeable capacity contribution to the company from fiscal 2028, the company said in a statement. It would be an extended production site of Micron’s large-scale manufacturing hub in Taichung, the company said. As the global semiconductor industry is racing to reach US$1 trillion
Singapore-based ride-hailing and delivery giant Grab Holdings Ltd has applied for regulatory approval to acquire the Taiwan operations of Germany-based Delivery Hero SE's Foodpanda in a deal valued at about US$600 million. Grab submitted the filing to the Fair Trade Commission on Friday last week, with the transaction subject to regulatory review and approval, the company said in a statement yesterday. Its independent governance structure would help foster a healthy and competitive market in Taiwan if the deal is approved, Grab said. Grab, which is listed on the NASDAQ, said in the filing that US-based Uber Technologies Inc holds about 13 percent of
Taiwan’s food delivery market could undergo a major shift if Singapore-based Grab Holdings Ltd completes its planned acquisition of Delivery Hero SE’s Foodpanda business in Taiwan, industry experts said. Grab on Monday last week announced it would acquire Foodpanda’s Taiwan operations for US$600 million. The deal is expected to be finalized in the second half of this year, with Grab aiming to complete user migration to its platform by the first half of next year. A duopoly between Uber Eats and Foodpanda dominates Taiwan’s delivery market, a structure that has remained intact since the Fair Trade Commission (FTC) blocked Uber Technologies Inc’s
Memory chip stocks extended their losses yesterday after Alphabet Inc’s Google publicized research that could allow more efficient use of the storage needed for artificial intelligence (AI) development. SK Hynix Inc and Samsung Electronics Co, South Korean leaders in the market, fell more than 6 percent and about 5 percent respectively in Seoul. In the US, Micron Technology Inc, Western Digital Corp and Sandisk Corp slid more than 2 percent in pre-market trading, after they all closed lower on Wednesday. Memory companies have been on a tear in recent months as the rapid development of AI infrastructure triggered a spike in chip
RSS