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.
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
RECORD-BREAKING: TSMC’s net profit last quarter beat market expectations by expanding 8.9% and it was the best first-quarter profit in the chipmaker’s history Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), which counts Nvidia Corp as a key customer, yesterday said that artificial intelligence (AI) server chip revenue is set to more than double this year from last year amid rising demand. The chipmaker expects the growth momentum to continue in the next five years with an annual compound growth rate of 50 percent, TSMC chief executive officer C.C. Wei (魏哲家) told investors yesterday. By 2028, AI chips’ contribution to revenue would climb to about 20 percent from a percentage in the low teens, Wei said. “Almost all the AI innovators are working with TSMC to address the
Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”