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.
DIVIDED VIEWS: Although the Fed agreed on holding rates steady, some officials see no rate cuts for this year, while 10 policymakers foresee two or more cuts There are a lot of unknowns about the outlook for the economy and interest rates, but US Federal Reserve Chair Jerome Powell signaled at least one thing seems certain: Higher prices are coming. Fed policymakers voted unanimously to hold interest rates steady at a range of 4.25 percent to 4.50 percent for a fourth straight meeting on Wednesday, as they await clarity on whether tariffs would leave a one-time or more lasting mark on inflation. Powell said it is still unclear how much of the bill would fall on the shoulders of consumers, but he expects to learn more about tariffs
NOT JUSTIFIED: The bank’s governor said there would only be a rate cut if inflation falls below 1.5% and economic conditions deteriorate, which have not been detected The central bank yesterday kept its key interest rates unchanged for a fifth consecutive quarter, aligning with market expectations, while slightly lowering its inflation outlook amid signs of cooling price pressures. The move came after the US Federal Reserve held rates steady overnight, despite pressure from US President Donald Trump to cut borrowing costs. Central bank board members unanimously voted to maintain the discount rate at 2 percent, the secured loan rate at 2.375 percent and the overnight lending rate at 4.25 percent. “We consider the policy decision appropriate, although it suggests tightening leaning after factoring in slackening inflation and stable GDP growth,”
Meta Platforms Inc offered US$100 million bonuses to OpenAI employees in an unsuccessful bid to poach the ChatGPT maker’s talent and strengthen its own generative artificial intelligence (AI) teams, OpenAI CEO Sam Altman has said. Facebook’s parent company — a competitor of OpenAI — also offered “giant” annual salaries exceeding US$100 million to OpenAI staffers, Altman said in an interview on the Uncapped with Jack Altman podcast released on Tuesday. “It is crazy,” Sam Altman told his brother Jack in the interview. “I’m really happy that at least so far none of our best people have decided to take them
PLANS: MSI is also planning to upgrade its service center in the Netherlands Micro-Star International Co (MSI, 微星) yesterday said it plans to set up a server assembly line at its Poland service center this year at the earliest. The computer and peripherals manufacturer expects that the new server assembly line would shorten transportation times in shipments to European countries, a company spokesperson told the Taipei Times by telephone. MSI manufactures motherboards, graphics cards, notebook computers, servers, optical storage devices and communication devices. The company operates plants in Taiwan and China, and runs a global network of service centers. The company is also considering upgrading its service center in the Netherlands into a
RSS