Synera Renewable Energy Group (SRE, 風睿能源), a Taiwan-based offshore wind developer, is in talks over potential deals across Asia as it seeks to diversify beyond its home market.
The firm is holding discussions over acquisitions and investments with companies in South Korea, Japan and Australia, chief executive officer Anna Su (蘇容儀) said in an interview.
SRE is already involved in projects in Japan and will consider expanding into Southeast Asia next year, she said.
The move to diversify geographically comes as offshore wind projects globally struggle with the after-effects of the COVID-19 pandemic, including higher interest rates and surging inflation. In Taiwan, requirements that developers buy 60 percent of their equipment from local manufacturers have also pushed up costs. Japanese companies have been pulling out of projects in Taiwan.
Globally, costs in the offshore wind industry have risen about 50 percent on average this year, and this will continue to be a challenge, Su said.
Taiwan’s local content requirements make wind energy relatively more expensive, and many companies are unwilling to pay extra when electricity prices are heavily subsidized by the government, she said.
“You want green energy, but green energy does not come free,” Su said.
SRE is also “continuously watching” the Taiwan-China geopolitical situation, she said.
Su said she was still optimistic about wind power in Taiwan, particularly due to demand from the semiconductor chip industry, which could absorb about 6 gigawatts of capacity alone.
“Taiwan made a good decision to join the offshore wind industry early,” she said.
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