Synera Renewable Energy Group (SRE) has secured corporate power purchase agreements (CPPAs) for the full 495MW capacity of its Formosa 4 Offshore Wind Project in Taiwan. This milestone underscores the island’s growing appetite for renewable energy and sets the stage for accelerated development in the offshore wind sector.
The final allocations were secured through two new CPPAs, following an earlier agreement signed in December with Taiwan Smart Electricity & Energy. The latest agreements involve a “top-tier” company and a power services provider, ensuring the project’s full offtake. SRE chairperson Lucas Lin expressed delight at this achievement, highlighting Taiwan’s urgent need for renewable energy and the project’s role in bolstering the global competitiveness of local industries.
With full offtake secured, SRE is now urging government bodies and domestic financial institutions to coordinate credit backing and project finance. Lin emphasized the importance of government support to accelerate financing and credit guarantees, stating, “The government’s support to accelerate financing and credit guarantees is pivotal in enabling the project to commence construction and ensuring the timely delivery of green power essential for our corporate partners’ decarbonisation goals and Taiwan’s sustainable future.”
Formosa 4, planned offshore from Miaoli County, won capacity in the first auction round of Phase 3 in 2022 and received its establishment permit in late 2024. It is the first project in its group to reach this stage. Once operational, the wind farm is expected to produce around 2 billion kWh of green electricity annually. In August, Cadeler entered an agreement with SRE to oversee the transport and installation of 35 Siemens Gamesa 14MW turbines for the project.
This development could significantly shape the trajectory of Taiwan’s renewable energy sector. The full subscription of Formosa 4’s capacity demonstrates strong corporate demand for green energy, potentially encouraging more offshore wind projects. Moreover, the project’s progress could influence government policies and financial institutions’ approaches to renewable energy financing, fostering a more supportive ecosystem for sustainable energy development. As Taiwan strives to meet its sustainability ambitions and economic priorities, the Formosa 4 project stands as a testament to the island’s commitment to a greener future.