Vietnam Japan South Korea China Taiwan Wind Power Market Trends
5/23/2021 7:34:00 AM

Korea Offshore Wind news:
1. Doosan Heavy said earlier it will increase its presence in such areas as offshore wind power plants and energy storage systems, as well as make inroads into tidal power, solar power and other energy sectors.

The cash-strapped company’s business line ranges from nuclear and coal power plants to gas turbines for liquefied natural gas (LNG) power plants, solar and wind power plants and water desalinization plants.

2.South Korea is targeting 12 GW of offshore wind development by 2030. The proposed Sinan development, due online by 2029, constitutes more than two thirds of the target. The wind speed off Sinan’s 14 islands is a convenient 7.2 m/s and, at less than 30m, water depths are suited to fixed-bottom wind development. However, it would be impossible to build the wind farms without encroaching on fishing territories within the stator network.

1. KEPCO E&C and Korea Midland Power Co.
KEPCO E&C announced on June 9 that it has been chosen to provide a comprehensive design for a 100 MW offshore wind farm to be created in the waters off Hallym-eup, Jeju City. The company has decided to use 5.5 MW turbines from Doosan Heavy Industries & Construction. It will also participate in the offshore wind power generation project as a joint investor with Korea Midland Power Co.
2. Ulsan attracts new partners for state-sponsored project to build floating wind farm
"As floating offshore wind power is in the early stages of commercialization around the world, it is urgent to expand business through market preoccupation at an early date," Song said. "We hope that the cooperation of professional companies and institutions will help South Korea lead the global offshore wind power market."

Initially, five companies signed an agreement in January 2019: SK E&S, an energy company in South Korea; Korea Floating Wind (KFWind), Copenhagen Infrastructure Partners (CIP) of Denmark, Green Investment Group (GIG), a British specialist in green projects, and CoensHexicon, a joint venture between Sweden"s platform designer Hexicon AB and an integrated service provider in South Korea.

Those who signed the new business agreement included the five initial participants and 14 others such as Korea National Oil Corporation (KNOC), Korea East-West Power, KEPCO E&C, LS Cable & Systems and Equinor, a Norwegian state-owned multinational energy company.

The project dates back to October 2018, when KNOC installed a laser-based wind energy meter at its offshore gas platform, which is to retire in June 2021, to see if it could be converted into a floating wind power turbine. Song has called for good communication with local fishermen, citing their concerns about the construction of wind farms.

Commercial floating wind turbines are at the early phase of development. An operational floating wind farm commissioned in October 2017 off the coast of Scotland has five turbines with a total capacity of 30 MW. Compared to fixed offshore wind farms which are generally installed in shallow waters, floating wind turbines located in deep waters can reduce visual pollution, provide better accommodation for fishing and shipping lanes, and reach stronger and more consistent winds.

Fishermen insisted that offshore wind farms would curtail their operating radius and damage marine habitats. They believe electromagnetic fields generated from high-voltage submarine cables could obstruct the spawning and migration of fish stocks.

Ulsan has conducted an environmental effects evaluation. Studies showed that magnetic fields could affect some species, but there is at present limited evidence that electromagnetic fields generated by offshore windmills affect marine habitats.

South Korea, which is entirely dependent on imported oil, has promised to inject about $100 billion into renewable energy by 2030 to support President Moon Jae-in"s campaign aimed at reducing the use of fossil and nuclear energy. About 60 percent of the state fund would be spent on installing solar panels.

Some research bodies in South Korea have raised concerns about technology subordination and high costs. However, the Seoul government is ready to push ahead with the localization of technologies related to floating offshore wind farms by 2025. The Ministry of Trade, Industry Energy presented a road map on June 8 to produce 16.5GW of electricity from wind farms by 2030.

3. Renewable Energy Industry: Korean Version of Green New Deal Begins in Earnest
In July, we expect the announcement of the four following major renewable energy initiatives: 1) expansion of small-scale solar power plant installations (including agricultural and home solar power installations); 2) large-scale offshore wind power and solar power complex projects (via government agencies and green finance schemes); 3) the proposal of new resident-friendly policy measures and the beefing up of existing related policies; and 4) improvements to the Renewable Energy Certificate (REC) program.

We suggest taking a selective approach when selecting out renewable energy players for investment. With Korea, EU countries, and several other countries promoting initiatives aimed at strengthening and expanding the renewable energy industry as part of their post-covid-19 era policy plans, the valuations of related companies are primed to rise rapidly. But, we caution against simply choosing investment targets based upon high expectations for policy benefits alone. Rather, taking into consideration the timing of actual policy implementation, we advise selectively investing in companies that are not only to enjoy government policy support, but are also set to display further stable top-line growth in line with ongoing export expansion. We prefer Hanwha Solutions amongst solar industry players and CS Wind amongst wind power industry players.

4. South Korea Embarks On An Ambitious Renewable Energy Plan

5. Tender opens for LiDAR off South Korea
In South Korea, Jeonnam Development Corporation has just opened a tender for the manufacture and installation of a LiDAR system in 30-35m deep waters west of Sinan.
The system should be installed within six months of the contract being issued and should measure wind speed, direction, and density for 24 months. This will inform the feasibility study for offshore wind candidate areas. The contract value, including VAT is KRW 2,957,000,000 and the deadline for bids is 12th June 2020.

Back in March, Jeonnam Development Corporation commissioned geotechnical surveys for two areas (Sinan and Yeonggwang), one of which will be developed. The contract was won by Dongshin ENG Co., Ltd., beating 99 other candidates, with surveys carried out in March and April.

South Korea is targeting 12 GW of offshore wind by 2030. 4C Offshore’s Project Opportunity Pipeline includes around 7 GW of projects due to enter construction before the end of the decade, but there is mounting interest in floating wind off the south coast where wind resources are stronger.

6.Korea Western Power Invests in 240 MW Swedish Wind Farm with NH-Amundi
State-run Korea Western Power will co-invest with NH-Amundi Asset Management in a 240-megawatt wind farm project in Sweden.

According to the two firms" memorandum of understanding, they would build 56 wind turbines in Ange Municipality in northern Sweden within the year.

A 29-year sales contract has also been sealed for the project to provide power to an unnamed regional electricity market.

NH-Amundi has an undisclosed investment in the project through its infrastructure fund. At the same time, Korean Western Power will act as the deal"s strategic investor, taking charge of the resulting asset"s operation and management.

NH-Amundi has invested in midstream pipelines, new and renewable energy turbines, and terminals. As of Friday, its assets stand at 3.99 trillion won, the fifth biggest in terms of volume among Korean asset managers.

On the other hand, Korea Western Power is eyeing to establish up to 8-gigawatt capacity in overseas assets by 2030.

7. S. Korea, Germany to bolster ties in transition towards renewable energy
South Korea said Tuesday it has agreed with Germany to expand ties in a wide array of energy-related projects, including the decommissioning of nuclear plants, in line with their quests to utilize more sustainable resources.

The cooperation came as a follow-up to an agreement reached by Industry Minister Sung Yun-mo and German counterpart Peter Altmaier in Berlin last year, in which they vowed to bolster cooperation in the energy segment.

Seoul and Berlin will especially focus efforts on cooperating deeper on their shift towards renewable energy, while phasing out nuclear energy.
Under the South Korea"s ongoing energy vision, the portion of renewable sources, including wind and sunlight, in its power generation portfolio will jump to a whopping 20 percent by 2030, reaching around 30-35 percent in 2040.

South Korea, which depended on nuclear power plants for 26 percent of its energy in 2019, currently plans to gradually reduce nuclear power by refraining from building new plants.

Germany shares a similar vision with South Korea.

The European nation currently plans to shut down all of its reactors in 2022.

Accordingly, the bilateral cooperation will pave the way for South Korean and Germany to beef up exchanges in the nuclear-decommissioning industry, according to the ministry.

The two countries are both making efforts to reduce their coal-based power generation as well, with Germany planning to break away from the resource by 2038. South Korea also vowed to "significantly reduce" its consumption of coal.

8. Macquarie is an Australian investment bank and financial services company,which has supported over 110 green energy projects across the UK, and is currently developing up to 1.5 GW of floating offshore wind in South Korea and 2.4 GW of offshore wind in Taiwan.
9. Jan De Nul Loads First Taiwan-Bound Jackets in South Korea 
Jan De Nul has loaded the first jacket foundations built in South Korea for the 109.2 MW Taiwan Power Company Offshore Windfarm Phase 1 Project.

Jan De Nul will transport a total of 21 four-legged jacket foundations from Samkang’s fabrication yard in South Korea to the installation site offshore Taiwan in the coming weeks.

The jackets will be shipped in five batches of three to five units on a self-propelled semi-submersible transport vessel. Jan De Nul signed a contract with Taiwan-based Hung Hua Construction for the overseas transport of the jackets.

During the load-out operations at the yard of Samkang, the crew on board of the transport vessel remains isolated from all activities near and on shore in order to avoid all risk of contamination with COVID-19, Jan De Nul said.

Once in Taiwan, the jackets will be custom cleared before travelling to their final destination approximately 8 kilometres off the coast of Fangyuan in Central Western Taiwan, where Jan De Nul is responsible for their installation.

Each jacket will be anchored to the seabed by four pin piles of 3.1 metre diameter each. The accompanying pin piles have already started arriving in Taiwan.
Jacket Foundations

The jackets for the TPC Offshore Windfarm measure between 55 and 62 metres in overall length. The heaviest unit weighs approximately 1,100 tonnes, and the combined total weight is approximately 22,000 tonnes.

Each jacket includes a 7.2-metre transition piece (TP) with a diameter of 5.4 metres to support towers carrying the Hitachi 5.2 MW turbines.

A jacket also comes equipped with two davit cranes for cargo hoisting and two boat landings to enable personnel access. The jackets are equipped with specialized offshore accessories such as navigation lights, foghorns, cameras, etc.

Jan De Nul Group initiated the fabrication process in the summer of 2019. The first jacket was completed by the second half of April 2020.

The TPC Offshore Windfarm Phase 1 is being developed by the consortium of Jan De Nul and Hitachi on behalf of Taiwan Power Company.

Jan De Nul is responsible for the design, fabrication, and installation of the foundations, the installation of the wind turbines, the supply and installation of the onshore and offshore cables, as well as for the upgrading of the substation.

Hitachi is in charge of manufacturing, assembly, operation and maintenance, and other works related to the 5.2 MW offshore wind turbines with a downwind rotor.

The wind farm is scheduled to be completed by the end of the year.
10. The Independent Power Producer Association, the Korea New & New Renewable Energy Association and the Korea Wind Energy Industry Association recently submitted a written proposal to the Ministry of Trade, Industry and Energy regarding its plan to change the Renewable Portfolio Standard (RPS).

In the current RPS, power companies purchase electricity produced by new and renewable energy businesses at a fixed price and the fixed price is the sum of system marginal price (SMP) and renewable energy certificate (REC). Regardless of a change in the SMP, the REC is calculated in accordance with the fixed price and, as such, investment predictability is high.

However, the predictability is likely to decrease as the ministry is planning to calculate the SMP based on a market price with the REC fixed. At present, power companies determine the fixed price in accordance with the SMP at the time of their contract with new and renewable energy businesses. Meanwhile, according to the ministry’s plan, the reference is the SMP at the time of commercial operation initiation. In other words, unpredictable investment occurs between contract conclusion and commercial operation initiation.

The time lag is two years according to the industry. “Power generation requires large-scale investments and estimated profit calculation is a must, and yet it is impossible to predict what will happen in two years given the nature of the SMP, which is highly affected by external variables,” a power company explained, adding, “No large-scale investment will be made in the new and renewable energy sector although the government is planning to raise the ratio of the sector to the entire power industry to 40 percent by 2034.”

According to power companies, the ministry’s plan is to reduce the deficit of Korea Electric Power Corp. (KEPCO). The unit cost of new and renewable energy-based power generation is relatively high and this means KEPCO’s costs cannot but increase along with the amount of the generated power. Last year, KEPCO spent approximately 1.8 trillion won on REC purchase. However, the SMP is likely to fall in the long term with the LNG price, which determines the local SMP, having dropped with the international oil price. In other words, KEPCO’s deficit can be reduced by the SMP-based calculation.

The government is considering backdating the new RPS to last year’s contracts. This means a new and renewable energy investment of approximately 86 trillion won may fail, including 5.4 GW of photovoltaic projects, 13 GW of wind power projects and 11 GW of photovoltaic projects on salt-affected reclaimed land permitted so far. “The backdating will suffocate the industry and we will respond to it by administrative litigation if necessary in that it is against the principle of good faith and the statutory principle of non-retroactivity,” said a power company.

Japan Offshore Wind news:
Japan Offshore Wind news:
1.Japan Opens First Floating Wind Farm Auction

Japan has issued a call for developers interested in building and operating a floating offshore wind farm off Goto City, Nagasaki Prefecture.

The invitation for developers to participate in the auction opened on 24 June and will close on 24 December, 2020.

Two of Japan’s ministries, the Ministry of Economy, Trade and Industry; and the Ministry of Land, Infrastructure, Transport and Tourism, plan to select the winner of the auction around June 2021.

The floating wind farm must have the capacity of no less than 16.8 MW, and the Feed-in-Tariff for the project is set at JPY 36 (EUR 0.3) per kWh.

This is Japan’s first offshore wind auction since the new Renewable Sea Area Utilization Law came into power in April 2019.

The area off Goto was one of the eleven zones identified by the two ministries and the Port Authority of Japan as potentially suitable for the development of offshore wind farms.

2. JERA, Today it was announced that JERA will form a joint venture to develop offshore windfarms with France"s state-owned firm ADEME Investissement and French floating wind technology supplier Ideol. The final agreement is aimed by the end of the year in order to finance the development phase of at least 2 GW of floating offshore projects based on Ideol"s technology.

Satoshi Yajima, the Executive Officer of JERA"s Business Development Department said: "JERA is enchanted to support the most promising floating foundation on the market and to be a part of its future inevitable success. We are positively assured by IDEOL`s high local content technology and we envision commercial scale projects around the globe through this partnership.”

1. TEPCO Renewable Power Reveals Big Spend on Offshore Wind
TEPCO Holdings’ renewable energy unit, which commenced business operation as an independent company on 1 April under the name TEPCO Renewable Power, has revealed a big investment in offshore wind projects.

The company plans to invest JPY 1-2 trillion (EUR 8.22 billion to EUR 16.44 billion) in 6-7 GW of offshore wind and hydroelectric projects by 2035.

For offshore wind, TEPCO Renewable Power’s key geographical markets of interest are Southeast Asia and North America, the company’s president Seiichi Fubasami told Reuters in an interview.

TEPCO announced the separation of its renewables business in August 2019.

The parent company then stated that making a new entity out of the unit would clarify responsibility and authority needed to make quick decisions about large-scale investments, and flexibly procure capital required for them.

Shortly after it started doing business independently in April, TEPCO Renewable Power joined a consortium that will bid for the development of an offshore wind project in Akita Prefecture, Japan.

The project is planned to have a capacity of up to 480 MW and to be operational by 2026. 

TEPCO Holdings launched its first commercial offshore wind turbine, installed south of Choshi, in January 2019. The same month, the company signed a memorandum of understanding (MoU) with Ørsted to cooperate on offshore wind projects.

The two companies have since been working to establish a framework and organizational structure for joint development of the 370 MW Choshi project, located off Choshi City in the Chiba prefecture.

In March, the partners announced they will bid in Japan’s Round 1 of offshore wind auctions to build the Choshi Offshore Wind Farm.

1. RWE unveils plan to enter Japan"s offshore wind tender with Kyuden Mirai (Utility company in Japan) 
German giant and local partner to prepare to enter tender for Yurihonjo City development area

2.Japanese industrial conglomerate Sumitomo ties up for offshore wind push.
Development consortium bid for East Sea acreage caps busy week as industry players jockey in emerging regional market.

1. Japan Goto Island floater in the frame for first Japanese offshore wind auction
Japan’s first auction for offshore wind may take place as soon as September, but will be a floating wind project, not a bottom-fixed windfarm
Representatives of a law firm closely involved with the process and with the offshore wind industry in Japan as a whole said the Goto Island floating wind project, a small, 21-MW project, will probably now be the first project for which an auction takes place in Japan, but others will quickly follow.

Baker McKenzie co-head of its projects group and renewable and clean energy group Ean Mac Pherson and Naoki ‘Nick’ Eguchi, head of the firm’s banking and finance practice group, said that although the small-scale project is not representative of the type of project that will form the bulk of the first round of offshore wind projects in Japan – which will be bottom-fixed – the Goto Island project in the far south of the country is likely to be the subject of Japan’s first auction because it is in Japan’s first designated promotion zone in ‘general waters.’ 

In addition to Goto Island, another 10 promotion zones have been proposed, mostly but not exclusively on the country’s east coast.

Akita, Noshiro Mitane and Oga, and Akira Yurihonjo on the west coast and Chosi/Chiba on the east coast are regarded as the most promising and most likely to secure designated promotion zone status in the near-term, enabling auctions to take place.

Mr Eguchi said it is the ambition of the Japanese Government to auction 1 GW of offshore wind capacity a year from 2020 onwards, which translates into an ambitious target of 10 GW of projects auctioned by 2030.

2. Cheoy Lee Building WFSV Pair for Japanese Wind Farms
Currently under construction at Cheoy Lee Shipyards" Hin Lee (Zhuhai) Shipyard facility are two 27-meter wind farm support vessels (WFSV) to support operations and maintenance of the Akita and Noshiro offshore wind farms, in the Akita Prefecture region of Japan.

The first WFSV is set to be launched in December this year, with the delivery to the operator Akita Offshore Wind Corporation (AOW) in early 2021.

AOW"s Akita Noshiro Offshore Wind Farm Project is the first large-scale commercial offshore wind project in the country with an expected combined output of 139 MW.

Marine engineering firm BMT said it undertook metocean data studies which have enabled the vessel design to be tailored to the local conditions, ensuring the maneuverability, performance and redundancy of the vessel are optimum for its operational environment.

The design is a fully classed vessel, built to ClassNK rules. Fitted with BMT’s patented Active Fender System, they are capable of carrying 12 technicians and three crew and will provide technician transfers allowing AOW to carry out efficient operations and maintenance activities off the shores of Japan.

Powered by four engines with four waterjets, the vessel will provide good fuel efficiency during different modes of operation as well as unrivaled redundancy, designer BMT said. The new 27-meter WFSV will travel at up to 25 knots, with a deadweight capacity of 30 metric tons.

3.  Japan"s TEPCO unveils global offshore wind ambition under $18bn clean energy drive
Utility sees 7GW offshore wind portfolio as renewables unit grows capacity by 70%

Tokyo Electric Power (TEPCO) is planning to build up a 7GW offshore wind portfolio as part of an $18bn renewable energy drive, the company’s president told media.

TEPCO wants to develop offshore wind farms in Japan and abroad in conjunction with partners, said Seiichi Fubasami. The company has previously said it sees a 3GW opportunity at home.
TEPCO in late May joined an eight-company consortium to develop offshore wind in Japan, where the government is due to start holding annual auctions for large-scale development from this year.

The utility – best-known globally as the operator of the ill-fated Fukushima nuclear plant – has also linked with global sector pacesetter Orsted to bid in Japan.

Fubasami named offshore wind and hydrogen as the main focuses of a 2trn yen ($18bn), 10-year plan by TEPCO Renewable Power to increase its capacity by 70% from a current base that’s dominated by hydropower.

The plan could include issuance of a green bond.

4. BMT’s first design of WFSV for operation in Japan
The optimised design for a windfarm support vessel (WFSV) under the Japanese flag adds to BMT’s expanding portfolio of WFSV’s operating worldwide and establishes a presence for BMT in the country’s fast-growing offshore wind sector

BMT have recently designed their first two WFSV’s, specifically designed for operation in Japan. Currently in build by Cheoy Lee Shipyards at their Hin Lee (Zhuhai) Shipyard facility, the two 27m WFSV’s add to BMT’s growing portfolio with the shipyard.

BMT have designed the new 27m vessel specifically for operations and maintenance of the Akita and Noshiro offshore wind farms, in the Akita Prefecture region of Japan. The farm is the first large-scale commercial offshore wind project in the country with an expected combined output of 139 MW. BMT undertook metocean data studies which have enabled the vessel design to be tailored to the local conditions, ensuring the manoeuvrability, performance and redundancy of the vessel are optimum for its operational environment.

“As the first utility-scale offshore wind project in Japan, BMT are pleased to secure this vessel design order and to support Akita Offshore Wind Corporation (“AOW”) in the development and operation of the Akita Noshiro Offshore Wind Farm Project,” said James Lewis – BMT Specialised Ship Design sector lead for Offshore Energy.

“As Japan progresses towards a clean energy future powered by offshore wind, BMT are ready to play our part, along with the rest of the AOW partners.” added Mr Lewis.

The design is a fully classed vessel, built to Class NK rules, ensuring the highest of build standards. Fitted with BMT’s patented Active Fender System™, they are capable of carrying 12 technicians and 3 crew and will provide safe, comfortable and reliable technician transfers allowing AOW to carry out efficient operations and maintenance activities off the shores of Japan.

Powered by four engines with four waterjets, the vessel will provide good fuel efficiency during different modes of operation as well as unrivalled redundancy. The new 27m WFSV will travel at up to 25 knots, with a deadweight capacity of 30 tonnes to meet ever expanding O&M requirements for wind turbines.

The first 27m WFSV is set to be launched in December this year, with the delivery to the operator in early 2021.

5. Japan’s First CTVs Under Construction
Two wind farm support vessels (WFSVs) are currently being built for the Akita Noshiro project, the first large-scale offshore wind farm in Japan established on a commercial basis.

The two 27m WFSVs, designed by BMT, are being constructed by Cheoy Lee Shipyards at its Hin Lee (Zhuhai) Shipyard facility.

The first vessel is set to be launched in December this year, with the delivery to the operator in early 2021.

BMT said it undertook metocean data studies which enabled the vessel design to be tailored to the local conditions, making sure the maneuverability, performance and redundancy are optimum for the operational environment.

“As the first utility-scale offshore wind project in Japan, BMT are pleased to secure this vessel design order and to support Akita Offshore Wind Corporation (“AOW”) in the development and operation of the Akita Noshiro Offshore Wind Farm Project,” said James Lewis, BMT Specialised Ship Design sector lead for Offshore Energy.

Fitted with BMT’s Active Fender System, the WFSVs are capable of carrying 15 persons.

The new vessel is powered by four engines, will travel at up to 25 knots, and have a deadweight capacity of 30t to meet O&M requirements for turbines.

Akita Noshiro is being developed by Akita Offshore Wind Corporation, a special purpose company set up by a consortium led by Marubeni.

The 140 MW project will comprise 33 Vestas V117-4.2MW typhoon variant turbines. Commercial operations are scheduled to begin in 2022/2023.

6. Japan’s Tepco Plans $18 Billion Green Power Push by 2030
Tepco Renewable Power, plans to help fund its new ventures through a green bond offering that may exceed 10 billion yen and is likely to come before March, according to President Seiichi Fubasami. Offshore wind and hydro generation are the unit’s primary focuses as it seeks to develop 7 gigawatts of green power capacity in Japan and overseas in partnership with other companies.

Despite being home to numerous engineering firms that export power generation infrastructure, Japan doesn’t yet have a commercial offshore wind farm and will need to lean on other countries’ expertise to build out capacity.

Feed-in tariffs for Japan offshore wind projects will be set at auctions that have yet to be scheduled. Still, Fubasami said he expects the domestic farms to be the “most profitable” among the unit’s clean power ventures. The company aims to develop as much as 3-gigawatts of domestic offshore wind capacity in the next decade.

Developing that type of clean electricity is seen as key to meeting a government target of obtaining nearly a quarter of the nation’s power from renewables by 2030, up from 17% in the year that ended in March, 2019. Natural gas generated 38% with coal at 32% and nuclear at 6.2%.

Tepco Renewable Power aims to boost profits to 100 billion yen ($913 million) in 2030, from 40 billion yen in the year that ended in March, Fubasami said. Domestic offshore wind projects will contribute to about 20% of that future profit, with overseas offshore ventures adding 10%. Hydroelectric projects in and outside Japan will contribute about 15% each, with the remaining 40% coming from existing generation.

7. Consortium formed for offshore wind power project in Japan
Sumitomo Corporation, Inpex, Japan Petroleum Exploration, JR-EAST Energy Development, Kato Construction, Narita Construction, TEPCO Renewable Power and Venti Japan have formed a consortium to take on an offshore wind power project near the cities of Noshiro, Mitane and Oga in Akita Prefecture, Japan for which a public tender is scheduled.
Sumitomo Corporation has since 2018 been conducting environmental impact assessments, seabed surveys, wind condition studies and other research with the understanding of local governments and the cooperation of local fishermen. The consortium as the operating body will be making preparations for submitting a proposal for proprietary use and taking full advantage of the knowledge and know-how of its member companies to step up the process toward commercialisation.

8. Palfinger enters Japanese offshore wind market
Palfinger PF8000 fixed boom cranePalfinger has been commissioned to deliver 33 fixed boom cranes for the the Akita and Noshiro offshore wind farms in Japan. Palfinger signed a crane supplier agreement with the wind farm construction company Kajima Corporation / Taiko Trading.
All 33 wind turbine platforms will be equipped with the PF8000 fixed boom cranes with an outreach of 2.4 meters and a safe-working-load (SWL) of 1 ton.The Akita Noshiro offshore wind farm project comprises two wind farms, with a total capacity of 139MW, extending across 730 hectares. Both will be located in the Akita Prefecture coastal zone, one at Akita port, the other at Noshiro port. The commercial operations are scheduled to begin in 2022/2023.

9.Principle Power Gains Ground In Japan
Takashi Uchida, the president of Tokyo Gas, recently stated that: “Tokyo Gas has been diversifying into power generation over the last few years and building a portfolio of renewable energy projects around the world. We have a strategic interest in offshore wind to expand our domestic and international power business and to lead to achieve zero CO2 emissions.”

He further explains that Principle Power has the perfect strategic point that goes to establishing a company’s ambition. The corporation aims to deploy large-scale commercial wind projects in Japan and eventually expand operations worldwide

Principle Power recently portrayed its dedication in the market as an independent technology company. This advancement has made it possible for Principle Power Japan to receive voting membership in Japan’s Wind Power Association (JWPA). Principle Power is also an associate of the Japan Offshore Wind Task Force (JOWTF), a joint initiative launched by JWPA and the Global Wind Energy Council (GWEC) to stimulate Japan’s offshore wind market.

During the equity round proceedings, Green Giraffe represented Principle Power’s interests as a specialist in renewables. As it stands, Tokyo Gas is Japan’s primary provider of city gas and generates 2.8GW of the total power generated. Looking at this, it is evident that Japan’s renewable future looks promising.

10. Tokyo Gas Invests In Principle Power, A Leading Floating Wind Power Technology Company
Tokyo Gas announces that it has become one of the primary investors and shareholders of Principle Power, Inc. (President: Joao Metelo, "Principle Power"), a leading technology service provider in the field of floating type offshore wind power generation that develops and owns proprietary WindFloat® technology. The investment amount by Tokyo Gas exceeds 2 billion yen.

The patented WindFloat® technology, which Principle Power has substantiated over the past 10 years, has significant stability in various maritime conditions and is expected to be widely adopted by floating offshore wind projects around the world. In Europe, it has already been deployed to a project featuring the largest wind turbines ever to be installed on a floating foundation. In Japan, where shallow sea beds are limited, floating technology is expected to bring about expansion of wind resources converting areas with deep water into sites for power generation. Tokyo Gas expects that WindFloat® will be at the forefront of such progression, and Tokyo Gas will actively engage in the development of floating offshore wind projects inside and outside of Japan by utilizing WindFloat®.

The group"s management vision of Tokyo Gas, "Compass 2030", embodies a target to grow its renewable power generation capacity globally to 5GW by 2030.

11. 2020 will be an inflection point in the national full-scale development of offshore wind after a new law took effect in April 2019 allowing offshore turbines to operate for up to 30 years.Over 2,916 MW of projects are in the EIA process, which will get ready for construction within 5-7 years. 1,398 MW of them are offshore wind projects. 7,178 MW of projects got FIT approval by June 2019, and 277 MW of them are offshore wind Projects

12.  Renova readies Japanese offshore wind farm
Renova, Inc. is finalising its contracting and Environmental Impact Assessment (EIA) for its Akita Yurihonjo offshore wind farm ahead of Japan"s upcoming offshore wind auction in H2 2020.

The Akita Yurihonjo  project is being developed by Akita Yurihonjo Offshore Wind GK (AYOW), a joint venture company owned by RENOVA, Cosmo Eco Power Co., Ltd., JR-EAST Energy Development Co., Ltd. and Tohoku Electric Power Co., Inc. Amidst the outbreak of COVID-19 in Japan, Renova established an office in Yurihonjo in order to raise local awareness surrounding its project and increase its local presence in Yurihonjo.

The wind farm has been under development since 2015 and a project plan was drawn up based on the Second Phase of Akita Prefectural Strategy for New Energy Industries formulated by Akita Prefecture in 2016. AYOW began wind condition measurements of the site in 2016 and commenced seabed ground surveys in the following year. In 2017, AYOW also began carrying out the procedures for environmental impact assessments and holding briefings to explain the project to local stakeholders.

AYOW is currently engaged in dialogues with local residents, fishermen and other local stakeholders, while at the same time holding consultations on how the wind farm will contribute to the local community, conducting environmental impact assessments and various other surveys, and examining technical specifications.

The final Environmental Impact Assessment (EIA) report (last stage of the Japanese EIA procedure) is expected to be published in June for public consultation.

According to Renova, selection of a Balance of Plant EPC contractor is currently in the final stages. The contract scope is inclusive of engineering, supply, installation and commissioning for the entire project (excluding turbines). MHI Vestas was recently selected as the preferred supplier for the project and is expected to deliver around 74 typhoon classed units; potentially the V174-9.5 model. Renova is also in talks with the regional power distributor (Tohoku Electric Power  - partner in AYOW) to secure the grid connection.

Located off the coast of Yurihonjo city in the Akita Prefecture, Japan the wind farm is expected to have a power generating capacity of approximately 700 MW, making it one of the largest offshore arrays in Japan.

13.Offshore Wind Consultants Settling in Japan
Offshore Wind Consultants (OWC) is setting up an office in Tokyo to support the Japanese offshore wind market.

OWC stated that it had previously worked in Japan’s offshore wind sector from its office in Taipei, Taiwan.

“The Japanese government has announced big ambitions when it comes to renewables in general and offshore wind specifically. We want to be part of that vision and be available for offshore wind developers here, while also contributing towards local job and value creation,” said Will Cleverly, OWC Managing Director. “Setting up an office in Japan is an obvious next step for us.”

To head up the new office, OWC appointed Isao Terasawa as its first country manager, coming from Mott MacDonald’s Japan office where he held the role of general manager.

According to OWC, Terasawa was involved in several offshore wind projects in Japan, including the Akita, Kashima and Hibikinada offshore wind farms.

14. IX Wind opens office in Tokyo
IX Wind has opened an office in Tokyo Japan. The office will be manned by Rob van Veen, a Dutch/British national living in Tokyo.
In 2018 the company already opened an office in Taipei, Taiwan. IX Wind will be using its presence in Japan, and Taiwan as a springboard for entering the APAC renewables market, servicing developers, investors, banks, and insurance companies.

15.  Seajacks International awarded foundation installation contract in Japan
Seajacks Japan, a wholly owned subsidiary of Seajacks International (UK) has been awarded a contract with Kajima Corporation for the transport and installation of wind turbine foundations at the Akita Port and Noshiro Port offshore wind farms in Japan.
The project is being developed by Akita Offshore Wind Corporation (AOW). The Akita and Noshiro Port projects will consist of 33 MHI Vestas V117 – 4.2MW offshore wind turbines installed 2km of the Akita Prefecture coastline. Installation is scheduled to commence in 2021 and Seajacks will mobilise ‘Seajacks Zaratan’, to execute the works.

16.Ramboll wins offshore wind contract in Japan
Ramboll engineers will perform the detailed foundation design for a new offshore wind farm in Japan.
The special conditions in Japan and the extreme natural forces have great influence on the foundation design made by Ramboll. The company that will employ a Ramboll design team for a period of approximately one year is Obayashi Corporation.

17. Penta-Ocean and DEME Offshore sign MoU for offshore wind projects in Japan

Penta-Ocean and DEME Offshore sign MoU for offshore wind projects in Japanenta-Ocean Construction (Japan) and DEME Offshore (Belgium) have concluded a memorandum of understanding (MOU) regarding cooperation for the construction of offshore wind farms in Japan.
As a first step, the companies will start with the introduction and development of technologies that are deemed useful and beneficial to the Japanese market, leading to joint execution of offshore wind farm projects in Japan.

18.Japan Renewable Alert 46: 1. Japan Preparing for First Offshore Auction under New Act 2.
(1) Implementation of Offshore Renewable Energy Act
As we reported in our Renewable Alert Letter 40, the Act of Promoting Utilization of Sea Areas in Development of Power Generation Facilities Using Maritime Renewable Energy Resources (Act No. 89 of 2018; the “Act”) was promulgated on December 7, 2018, and took effect as of April 1, 2019. The Act aims to promote the utilization of general sea areas for renewable energy power generation while maintaining harmonization with other maritime policies, and is expected to advance Japan’s offshore wind market.

Under the Act, the Minister of Economy, Trade and Industry and the Minister of Land, Infrastructure, Transport and Tourism are to designate “promotion areas (sokushin-kuiki)” for which the organizer of the power generation project is to be selected through a public auction, and such selected organizer is to obtain a FIT approval and exclusive utilization permit for the relevant sea area. After designating a certain area as a promotion area, the government is to formulate for each promotion area the “public auction exclusive utilization guidelines” (the “Utilization Guidelines”) (Article 13 paragraph 1 of the Act) designating how to decide the applicable FIT price (paragraph 2 item 8), criteria on which to evaluate applicant businesses (item 15) and other items and select the applicant who has filed the best suitable “public auction exclusive use plan” (paragraph 3).

In July 2019, the government announced four “prospective areas,” and as of December 27, 2019, designated the sea area off the coast of Goto City in Nagasaki Prefecture, one of the four prospective areas, as a promotion area under the Act. On April 17, 2020, the government published the draft Utilization Guidelines for the Goto project (the “Draft”) and is now soliciting public comments to the Draft until May 16, 2020 (see here, only provided in Japanese). Although the outline of Utilization Guidelines in general has already been shown in the “guidelines for practice of the exclusive utilization through public auction in general sea area” (the “Practice Guidelines”) published on June 11, 2020, the Draft is drawing great attention from developers and investors because it will be the first set of actual Utilization Guidelines under the Act.

(2) The Outline of the Draft
? Basic Terms of the Auction

Each set of Utilization Guidelines is to designate items provided under Article 13 paragraph 2 of the Act. Among the items are the type of power source, power output, requirements for applicants, method of determining the FIT price and the FIT term, which are to be determined by respecting the opinion of the Procurement Price Calculation Committee (the “Committee”) (Article 13 paragraph 4).

The Draft, based on the discussion at the 55th session of the Committee held on February 4, 2020, states that the target project is to be a floating offshore wind project, the maximum output is to be 21,000 kW, the output of the power generation facility is to be a minimum of 16,800kW and the FIT price is to be JPY36/kWh (pp. 6, 7). Among the requirements listed in the Draft for applicants to participate in the auction are that applicant businesses (i) need to be Japanese entities, (ii) have experience with maritime civil engineering works inside or outside of the country, and (iii) have obtained a letter of intent from a financial institution that has experience with project finance in Japan or similar experience (pp. 14, 70 and 71).

? Evaluation Criteria
Under the Act, the criteria on which to evaluate applicant businesses will be determined and shown in the Utilization Guidelines after consultation to the governor(s) of relevant prefecture(s) and academic experts (Article 13 paragraph 2 item 15, paragraph 5). The Draft laid out the following criteria (pp.40 et seq. of the Draft), based on the discussion at the Joint Session, which by and large coincide with the basic concepts in the Practice Guidelines.

Applicants are to be evaluated and given up to a maximum of 240 points, consisting of up to 120 points for each of the two categories of (i) the price and (ii) the feasibility of the project proposal. As the procurement price for the Goto project is to be set at the single price of JPY36/kWh, all applicants are to be given 120 points for the category of the price, and the applicants are to compete with one other based on the evaluation of project feasibility. The project feasibility will be evaluated based on the “capacity to perform the project” (80 points) and the “coordination with the local stakeholders and impact on the local economy” (40 points). The “experience” of applicants constitutes 30 points of the “capacity” category. In evaluating the “experience” of the applicant, the experience of the whole applicant group, including the experience of the “project operators” organizing and executing the project (such as members of the SPC) and that of the EPC contractors or O&M providers, will be taken into consideration. As there are few examples of offshore wind projects in Japan to date, experience with (i) installation of wind turbines, (ii) general maritime civil engineering works and (iii) operation of wind power projects are to be assessed when evaluating the experience of applicants, and whether the relevant experiences took into account natural or social circumstances in Japan will be considered in evaluating the “experience” of the applicant.

? Assignment of the Project Rights
The Act allows amendments to the selected plan only when it is likely to contribute to further improvement of the public interest or due to unavoidable reasons (Article 18 paragraph 2 item 2). The above expert panel discussed appropriate requirements for changes to the members of the consortium or the SPC operating the project under such provision, balancing the necessity to keep the evaluation described above credible and the necessity to lower the costs of offshore projects by allowing businesses to operate in a reasonable manner. The Draft, reflecting such discussions, shows that such amendment to the plan should be cautiously examined if the effect of the change is to be considered material such as (i) the change of the entity which has the largest portion of the voting rights, (ii) the exit of the project operators or (iii) a change resulting in the ratio of the voting rights held by the entities that have been under evaluation in the selection process being under a certain standard (less than two-thirds prior to the COD, one-half or less subsequent to the COD), whereas a change of the entities is to be allowed in principle if such change does not fall under any of the above material changes (pp. 51 and 52).

? Information Provided by the Government
The government is to provide certain information useful for participating in such public auction. The Draft provides information regarding the port to be used for the project and the fee for such use. The government also began, as of April 22, 2020, to provide information regarding interconnection, including the amount of the construction charge and other relevant information in response to a disclosure application by businesses meeting the requirements for participation in the auction (see here, only provided in Japanese).
(3) Future Outlook
According to the available statistics, the global introduction of offshore wind power, which was 1.5GW in 2008, has increased dramatically to reach 23.1GW in 2018[i], and some expect that the number can even reach 228GW in 2030 and 1,000 GW in 2050[ii].
In Japan, the government newly created the Act to catch up with such worldwide trend and is getting ready to conduct the first offshore wind auction pursuant to the Act. This move by the Japanese government is overall welcomed by many developers and investors inside and outside of the nation, but there are still unresolved issues at this early stage. For instance, the current practice is based on the assumption that the result of the research and investigation of potential sea areas and the securement of interconnection rights are to be conducted by businesses. Businesses have no choice but to offer the result of their expensive research and investigation for free and to agree to offering interconnection rights for the price that may not necessarily be equivalent to the market value, being unable to be sure whether they will be selected through the auction process. It is still not clear how the government is going to protect businesses that have made initial investigations in advance while at the same time promoting further participation of other bidders in a fair and reasonable way under the current practice.
Once the Utilization Guidelines are determined, businesses are compelled to make their decision on whether they will accept all the conditions laid out in the Utilization Guidelines or will not participate in the relevant auction process at all. Since the Utilization Guidelines for the Goto project will be the first precedent for offshore projects in the future, businesses who wish to expand their business in the Japanese offshore market are advised to thoroughly review the Draft and submit their opinions in order to help ensure the appropriateness of the auction process and the whole practice, regardless of whether they intend to participate in the auction for the Goto project.

18. Sif Starts Production of Akita-Noshiro, Saint Nazaire Foundations
Sif has started the production of monopile foundations for the Akita-Noshiro and Saint-Nazaire offshore wind farms in Japan and France, respectively.

According to the company’s latest trading update, the production started during the first quarter of 2020, when Sif also delivered monopiles and transition pieces to the Triton Knoll and Borssele 1, 2, 3, 4 and 5 projects.

Sif signed a final contract with Kajima Corporation for the Akita-Noshiro project at the beginning of March. Under the contract, the company is in charge of manufacturing 33 monopiles and 33 transition pieces, which together make 25 KTon of steel.

For the French Saint-Nazaire offshore wind farm, Sif received the order in December 2019. The order was placed by Eiffage Métal for 80 monopiles and primary steel for 80 transition pieces.

In the first quarter of this year, Sif’s throughput stood at 35 Kton and mainly consisted of the Borssele 1, 2, 3, 4 and 5, and Triton Knoll projects, according to information in the company’s trading update.

“The throughput of 35 Kton reflects both the effects the set-up activities for these projects and the impact the COVID 19 outbreak had on our production process during the last month of the quarter”, said Fred van Beers, Sif’s CEO.

Sif’s order book for the remainder of the year stands at approximately 135 Kton. The company expects that this is where it will stay and assumes that its production level for the full year will be 170 Kton, due to current worldwide circumstances.

19. Japanese energy major JXTG Holdings names new president

Katsuyuki Ota was appointed president of JXTG Nippon Oil & Energy in June 2018. Since then, he has been leading the development of new businesses, including domestic power retailing and an offshore wind power business in Taiwan.
10. Blix and DOB Academy develop offshore wind development course for Japan, Asia
Commissioned by Nagasaki Ocean Academy (NOA), Blix has developed a two-day course on offshore wind farm development in cooperation with DOB-Academy. 
It will be handed over to a select group of professors who will be teaching the course in Japan. Based on existing projects and in consultation with Asian partners, this course is specifically suitable for gaining knowledge on the development of offshore wind farms in Korean, Japanese and Taiwanese waters. All the teaching material of the course is adapted to the wishes and design of NOA. The course teaches professionals about the development of an offshore wind farm, through lectures and interactive cases.

20. Japan-based power company, JERA has announced its membership to the World Forum Offshore Wind (WFO) and its Floating Offshore Wind Committee (FOWC).
21.  Japan’s First Commercial Offshore Wind Project with a Capacity of 140MW Is Set to Enter Operation in 2022
Japan is an island country where the terrain is mostly rugged and most of the population is densely settled along the coastlines. Since around 70% of Japan is mountainous, developing renewable energies there can be very challenging due to the lack of flat and unoccupied land for large-scale wind and solar projects. Indeed, local project developers tend to have little choice but to select sites in the mountains or the seas. Nevertheless, the Japanese government is proactively diversifying its energy mix and has introduced many related initiatives. The country now has many offshore wind farms in the pipeline, with the first commercial-scale project anticipated to enter operation in 2022.

Japan has sped up the adoption of renewable energies in the recent years and passed several legislations that established generation targets. On July 3, 2018, the Japanese government unveiled “the Fifth Strategic Energy Plan” that calls for expanding the share of renewables in the country’s energy mix from 16% at the time to 22-24% by 2030. In the target year, the contributions of hydro, solar, biomass, wind, and geothermal energies to the domestic electricity generation should come to 9.2%, 7%, 4.6%, 1.7%, and 1.1% respectively.

Regarding wind power, the 2030 target translates to a cumulative generation capacity of 10GW. Since Japan is densely populated and has a complex topography, erecting an array of wind turbines in any part of the country will be a difficult, if not impossible, task. Hence, the Japanese government has decided to channel much of the resources for the development of the domestic wind market to offshore wind farms. Following the launching of the Fifth Strategic Energy Plan, Japan’s parliament in the November of the same year passed “the Act for the Promotion of the Use of Marine Areas for the Development of Marine Renewable Energy Generation Facilities.” The act enables the government to parcel out areas along the country’s coastlines for wind farm tenders. The lease term for these designated sites can be extended to a maximum of 30 years. The act also established a new government agency that will create and enforce a standard for the operation and management of offshore wind farms.

The Japanese government formally announced 11 sites designated for wind power auctions in July last year (2019). These locations were selected because of their strong development potential. The first round of wind power auctions is scheduled for the second half of this year (2020). Kato Jin, president of Japan Wind Association, said that 20-30 organizations have signed up to compete for the upcoming tenders. Kato also declared that 2020 will be “a turning point” in the development of Japan’s offshore wind sector.

The 11 chosen sites are off the coasts of the following prefectures: Akita, Aomori, Chiba, Nagasaki, and Niigata. Eager to get into the action, dozens of entities that will be bidding in the first-round auctions have already begun geological surveys at four sites that have been prioritized by the government.

Akita is expected to be first among the coastal prefectures to accommodate a commercial-scale offshore wind project. Marubeni, a major Japanese conglomerate, is currently preparing to initiate the construction of 33 wind turbines in the waters next to the Port of Akita and the Port of Noshiro (which is also in the same prefecture). The turbines will be supplied by MHI Vestas, a joint venture between Mitsubishi Heavy Industries and Vestas Wind Systems. The planned generation capacity of the Akita-Noshiro project, which is being developed through a subsidiary called Akita Offshore Wind, reaches 140MW. The project is scheduled to enter operation at the end of 2022 and will supply power to as many as 47,000 homes in the region.

The funding of the Akita-Noshiro project has also brought together many domestic and foreign financial institutions. The lead arranger of the loan agreement were MUFG Bank, Mizuho Bank, and Sumitomo Mitsui Banking. The senior lenders include SG CIB. Daniel Mallo, managing director and head of natural resources and infrastructure for Asia Pacific at SG CIB, said that the Akita-Noshiro project serves as an excellent template for the funding of offshore wind farms and represents a big step forward for Japan’s offshore wind sector.

While the Akita-Noshiro project is set to be Japan’s first commercial-scale offshore wind project, the country’s largest electricity supplier TEPCO and domestic financial services group ORIX are also working on their respective offshore wind projects located in the waters around Chiba Prefecture (near the city of Chosi). The generation capacity of TEPCO’s wind farm is planned at 370MW, and that of ORIX’s wind farm is expected to reach 200MW. Both projects are scheduled to enter operation in 2025.

TEPCO has also teamed up with several organizations, including domestic renewable firm RENOVA, to build one of the largest offshore wind projects in Japan. This particular project, which will have a capacity of 700MW, is located off the coast of Akita Prefecture as well. Currently, no other offshore wind farm under development in Japan can match its scale.

Japan’s offshore wind sector is anticipated to experience accelerating growth in the future because of the support from the government as well as the entry of foreign investors and project developers. This March, TEPCO and Denmark’s Ørsted, which has been a leader in the sector, formally agreed to establish Choshi Offshore Wind Farm KK. This joint venture will be submitting proposals for wind farms in the designated sites along the shores of Chiba Prefecture.

22. US private equity firm Bain Capital, first entered Japan in 2006 with an office in Tokyo. Since then, the firm has invested in 17 local companies, including Japan Wind Development.

Vietnam Offshore Wind news
1.  Add $702 million wind farm to national power plan: central province

Ha Tinh Province has requested the Ministry of Industry and Trade to add its VND16.2 trillion ($702 million) Ky Anh MK wind farm to the national power development plan.
Tran Tien Hung, Chairman of the central province’s People"s Committee, has sent a request to Prime Minister Nguyen Xuan Phuc and the Ministry of Industry and Trade (MoIT) seeking approval to integrate its Ky Anh MK wind farm project into the national power development plan for the period of 2011-2020 with a vision to 2030.

The project, invested by the MK Central Solar Power JSC, will have a total generation capacity of 1,139 gigawatt-hours (GWh) per year, contributed by four plants with the capacity of 100.8 megawatts (MW) each.

The province hopes to have the first plant start operating in June 2022, second in December the same year, and the third and fourth ones in June and December 2023, respectively.

As of March, Vietnam had 11 wind farms with a capacity of 377 MW out of the total of 78 that have been approved with a combined capacity of 4,800 MW.

Vietnam now aims for 10.7 percent of its total electricity output to be generated from renewable sources, mainly solar and wind, by 2030, up from the 6 percent it had targeted earlier.

1. Vietnam - prime minister requests moit to supplement more wind power projects into the electricity development plan and to extend the deadline of fit rate

1. Ayala, partner push 2 wind projects in Vietnam (AC Energy, UPC to develop Vietnam wind projects) 
Following recent equity acquisition in an Australian renewable energy firm, the joint venture of AC Energy of the Ayala group and Hong Kong-based UPC Renewables, will be stepping up for two new wind farm projects in Vietnam.
The Ayala firm announced that the two wind project installations, sited along the Mekong Delta in southern Vietnam, will have aggregate capacity of 60 megawatts.

The wind power facilities are targeted to reach commercial commissioning in the third quarter of 2021, so it could be aptly timed to avail of the 8.5-US cents per kilowatt hour (kWh) feed-in-tariff (FIT) being offered by the Vietnamese government for such RE technology developments.

“The projects will utilize wind turbines from Vestas delivered in different power ratings with site-specific towers for both projects,” the Ayala energy firm said.

As emphasized, AC Energy will have 50-percent voting stake in the two projects and will be carried out by its wholly owned subsidiary AC Energy Vietnam Investments 2 Pte. Ltd.

As sealed off in the project development contracts, Vestas Asia Pacific will provide an active output management service agreement stretching up to 20 years.

Clive Turton, president of Vestas Asia Pacific, said the Vietnam project will feature the tallest towers and will “showcase Vestas’ ability to optimize the value proposition for our client and develop site-specific solutions for all wind sites.”

Patrice Clausse, chief operating officer of AC Energy International, asserted that the deployment of the Vestas wind turbines in the Vietnam projects would be a “game-changer that will enhance the competitiveness of wind energy.”

The AC Energy-UPC Renewables tandem for wind farm developments in Vietnam is a continuation of their investment journeys that started in the Philippines – via the 81MW wind farm project in Pagudpud, Ilocos Norte which was also incentivized with FIT previously dangled by the Philippine government. And that was followed by another joint venture wind project of 75MW in Indonesia.

Brian Caffyn, chairman and chief executive officer of UPC Renewables, noted that via this reinforced partnership with the Ayala company, “we look forward to building these innovative projects in Vietnam as our first projects in the country.”

He added “the synergies between UPC Renewables and AC Energy continue to allow us to advance innovative and challenging renewable energy projects in the Asia Pacific region and we look forward to working with AC Energy again to advance wind energy in Vietnam.”

2. Ha Tinh gives green light to 696.5 million-USD wind power plant
The People"s Committee of the north central province of Ha Tinh has approved a wind power project with a total investment of over 16.2 trillion (696.5 million USD).

The project is studied, invested and built by the MK Central Solar Power JSC in Ky Anh district.

The project consists of four plants, each of which has a capacity of 100.8MW. The generation capacity of the whole project is 1,139 GWh per year.

It is expected to be put into operation between June 2022 and December 2023.

The plant is built based on advantages, policies and natural potential of the province when using renewable and eco-friendly energy sources.

The project will contribute to increase the provincial budget revenue, the national electricity supply and energy security.

However, due to the current survey location and the study of construction investment projects have not been included in the list of power sources under the national power grid development plan for the period 2011-2020 with a vision to 2030.

Therefore, Chairman of the provincial People"s Committee Tran Tien Hung has just signed a document to submit to the Prime Minister and the Ministry of Industry and Trade to consider and approve the Ky Anh MK wind power plant project into the national electricity development plan for the period of 2011-2020 with a vision to 2030.

3. BMS moves into Vietnam
Danish crane and access and heavy lift group BMS has formed a strategic alliance with Vietnam’s Dang Gia corporation.

The Alliance between BMS Heavy Cranes and Dang Gia’s crane sales and rental division is aimed at the provision of heavy cranes and lift planning for upcoming heavy lift projects in the country, including a number of wind power projects. As part of the strategic alliance, BMS will provide Dang Gia with a number of 750 tonne Liebherr LG 1750 truck cranes and other equipment.

The company said: “We currently supply cranes from 600 to 1,350 tonnes for wind projects across Europe, Russia, the USA, Australia, Taiwan and now Vietnam. A number of LG1750’s will be soon on their way to Vietnam to start the first projects together with Dang Gia Corp.”

4. Vestas signs pact for three Vietnam wind farms
Vestas Wind Systems AS has secured its largest wind turbine order in Vietnam.

It has signed a deal for 144 megawatts of wind power in three wind parks in the Quang Tri Province.
The order was placed by Power Construction Co. No. 1 in partnership with Renova Inc., a Japanese renewable energy company, for the planned Lien Lap, Phong Huy and Phong Nguyen wind parks.
The deal calls for a total of 36 turbines in the mountainous terrain of Quang Tri Province.
The facilities are expected to achieve commissioning in the third quarter of 2021.
The order also includes a 10-year output management service agreement.

5. Copenhagen Offshore Partners Opens Vietnam Office
Copenhagen Offshore Partners, a Danish company providing project development, construction, and operational management services to offshore wind projects, has opened its new office in Hanoi, Vietnam. 

The office is located within the French Quarters, a central area close to key government ministries, embassies, and the national grid operator. The first two Vietnamese employees joining the new office are Khanh Duong and Giang Phung.

“I’m very excited to be working with one of the most experienced global offshore wind developers, and pioneering large-scale offshore wind projects in Vietnam. The market presents good opportunities for renewable energy developers”, says Khanh Duong, Development and Commercial Manager. He will be responsible for progressing the market opportunities and lead project development activities. 

Giang Phung, who joined as Finance Manager, said:”I’m proud to use my skills and experience to progress Vietnam’s transition into renewables”.

"Copenhagen Offshore Partners are actively developing offshore wind power projects in Vietnamese waters.  Copenhagen Offshore Partners look forward to working with government, local suppliers and communities to realize Vietnam’s renewable energy goals," the company said.

6. Foreign firms gobble up renewable energy plants in Vietnam

Foreign investors have acquired dozens of solar and wind power plants in Vietnam, but officials say this is a normal practice in a market economy.
Thai energy firm Gulf Group recently increased its ownership in two solar power plants in the southern province of Tay Ninh from 49 percent to 90 percent.

The plants, TTC 1 and TTC 2, were jointly invested in by Gulf and Vietnam’s Thanh Thanh Cong (TTC) company last year.

Gulf also owns 95 percent of some wind power projects in the southern province of Ben Tre.

Another Thai firm, Super Energy Corporation, has also been acquiring stakes in a series of solar power plants in southern provinces.

The company said in March that it would invest $475 million in four solar power plants in the southern province of Binh Phuoc and will own a controlling share in these projects.

Other investors from Singapore, China and the Philippines have gained ownership in dozens of solar and wind power plants in Vietnam via stake acquisitions or business ventures.

Industry insiders say the foreign firms are drawn to the incentive feed-in-tariffs (FITs) of 9.35 cents for 20 years for projects completed before June 30 last year.

Hoang Tien Dung, head of the Electricity and Renewable Energy Authority under the Ministry of Industry and Trade, said foreign entities acquiring renewable projects was a legal and normal market mechanism.

Big international energy corporations do not usually start a project from the beginning due to the large amount of time it takes to acquire land and seek approval from local authorities, he said.

This is why local companies, with better understanding of regulations and policies, will have more advantages in doing these initial steps, he added.

The big corporations, meanwhile, have deep pockets and advanced technology at hand to invest in large projects or a group of small projects to lower operating costs, Dung said.

But there are concerns that some small Vietnamese investors have taken advantage of the regulations and obtained permission for renewable projects only to sell them quickly to foreign investors for a profit.

Prime Minister Nguyen Xuan Phuc has recently demanded that the industry ministry look into this issue.

As of May this year, 92 solar power and 10 wind power projects are operating commercially in the country with a total capacity of nearly 6,000 MW, according to the ministry.

Vietnam last month approved a new, lower feed-in-tariff for renewable power at 7.09 cents, 24 percent less than the incentive FIT of 9.35 cents.

The ministry is studying a bidding mechanism for renewable energy projects in the future so they can compete with more traditional projects using coal and gas.

7. Vietnam ranks low in clean energy adoption
In the bottom half of a global, clean energy transition ranking, Vietnam languishes far behind many of its neighbors.
Vietnam placed 65th out of 115 economies in 2020 Energy Transition Index, released by World Economic Forum (WEF), down nine spots from last year to continue lagging behind many other Southeast Asian countries.

The ranking measured countries and territories on how well they are able to balance energy security and access with environmental sustainability and affordability based on 40 indicators grouped into two sub-indices.

In Southeast Asia, Vietnam ranked lower than Singapore (13th), Malaysia (38th), Brunei (49th), Thailand (53rd), and the Philippines (57th).

8. Vietnam chose Vestas for 2 wind projects
Vestas published an official statement on A 67 MW order for two projects in Vietnam, from their Asia Pacific platform in Singapore on 24 April 2020.

Vestas will supply, transport, install and commission a total of 16 V150-4.2 MW wind turbines delivered in different power ratings to optimise the projects’ energy output. The customised tower solution takes the turbines to 162m hub heights and opens up new wind resources by allowing access to higher and more consistent wind speeds.

Clive Turton, President of Vestas Asia Pacific said “These projects feature the tallest towers in Vietnam and showcases Vestas’ ability to optimise the value proposition for our client and develop site-specific solutions for all wind sites. With the strong traction we are gaining in the country over the last few months, I am confident that we will be playing a big part in the future development of Vietnam’s renewable energy market”

Located in a wetland area of the Mekong Delta in southern Vietnam and surrounded by aquaculture shrimp farms, the sites’ limited space and complex infrastructure requires a specific transportation and installation solution to construct the projects. To successfully execute the projects, Vestas has developed a solution using a specialised tower crane to significantly reduce the hardstand space necessary to erect the turbines.

The order also includes a 20-year Active Output Management 5000 (AOM 5000) service agreement, designed to maximise energy production for both sites. With a yield-based availability guarantee, Vestas will provide the customer with long-term business case certainty.

The project and customer are undisclosed at the customer’s request.

The projects are planned to achieve commissioning in the third quarter of 2021.

9. MOIT proposes extension of current fit rate for wind power projects

MOIT issued Official Letter No.3299/BCT-DL (“the Letter”) on supplementation of wind power projects into the Power Development Planning.
MOIT is expecting to develop renewable energy centers in areas with good wind potential and are capable of releasing capacity (when new transmission capacity is added);

(1). The current FiT rate expires on November 2021; MOIT proposes to extend this deadline to 31 December 2023;

(2).  After 2023, MOIT proposes wind energy projects to apply auction, bidding methods;

(3). MOIT to assume the responsibility of calculating new FiT rate for wind power projects, applicable from 1 November 2021 to 31 December 2023 in case the Prime Minister doesn’t agree to extend the current FiT rate.

It can be seen that the Government has continuously encouraged the development of wind and solar power projects – the most recent is the issuance of Decision No.13/2020/QD-TTg that published the new, attractive FiT rate for solar power plants. In other words, there are a lot of rooms for investors looking to participate in renewable energy development

To promote the development of renewable energy sources is a feasible and effective solutions to counter power shortage issue because renewable energy projects can be constructed quickly and promptly for operation in the period of 2021-2023, while taking advantage of the country’s natural potential without relying on imported fuels and is eco-friendly.

The need to extend the deadline for current FiT rate is essential because the projects waiting to be included in the Revised PDP VIII is unlikely to have commercial operation date before November 2021, because:

(4). The supplement into PDP for new wind power sources was suspended for more than 1 year (from October 2018) because there were no guidelines to implement the Planning Law;

(5).  The construction of wind power projects takes more time than that of solar power projects. For feasibility study reports, investors must carry out wind measurement for at least 12 months. Moreover, wind turbines are mostly imported from abroad, which costs investor extra time, especially there is unexpected delay of equipment delivery.

10.Actors driving the development of wind power. Many factors are driving the development of wind power. First, Vietnam will face a severe shortage of energy in the near future--the accessible sources of fossil fuels (oil, gas and coal) are limited, and the exploitation of this traditional energy in Vietnam will continue to be more difficult and costly. Second, Vietnam mainly relies on coal-fired power plants that require a substantial amount of investment capital. Local banks are unable to finance large-scale coal fired projects and foreign banks appear to be less and less willing to finance coal-fired power plants due to environmental and other concerns. It is likely that large-scale coal power plants in particular will not be completed within the government’s approved schedule due to the shortage of finance. Third, climate change and human negligence in the construction and management of hydro power plants has begun to limit Vietnam’s traditional reliance on hydropower.  Vietnam had paid much attention to disasters which have occurred in developed countries. They involve oil spills and nuclear power plants. Previously, it was largely unchallenged that nuclear power was clean, safe and efficient.  In fact, the plan to develop a 4,000-MW nuclear power plant in Ninh Thuan was abolished soon after the Fukushima accident.  Fourth, the development of renewable energy (including wind power) is beginning to thrive on the significant reduction of investment costs and the introduction of new technologies. Fifth, since Vietnam has insufficient means to store oil and gas, Vietnam will face an energy shortage if the global price of oil and gas rises.  Finally, the retail price of electricity sold by Electricity Group of Vietnam (“EVN”) to end-users will gradually and continually increase. In the meantime, the price of renewable energy has become more competitive.
The long-term alternative solution is to find sources of energy that are cleaner, safer and more sustainable. Renewable energy (solar, wind, biogas and biodiesels) is now commercially viable. It explains why both domestic and foreign investors have a larger interest in development of wind power projects. There is now a clear opportunity for investors to explore in new “blue ocean” areas. A combination of wind power within an existing solar project is an option for solar power projects to generate additional income and to use land more efficiently. Offshore and floating wind farms open a new industry to develop Vietnam’s wind power offshore. These new markets may first be pursued by foreign investors that have advanced technologies, experience and large financial capabilities. Even so, there appears to be room for pioneers and serious players.        
Vietnam’s conditions for wind power. Engineers and industry leaders have long concluded that Vietnam has particularly good conditions for wind power. Central and southern provinces are particularly well suited to the generation of wind power.  A few wind farms are already operating in Binh Thuan, Quang Tri, and Bac Lieu provinces.  Other projects in Ninh Thuan, Binh Thuan, Quang Tri, Baria-Vungtau, Ben Tre, Soc Trang, Binh Dinh, Tra Vinh, Thanh Hoa, Quang Ngai provinces, etc., are in various stages of implementation. 
Vietnam’s policy. The policy on wind power is set out mainly in Decision 428[1], Decision 37[2], Decision 2068[3], Circular 02[4] and Circular 96[5]. According to premises set out in Decision 2068, the output of electricity generated by wind power will substantially increase, but will represent a small percentage of Vietnam’s projected total power. 

Licensing procedures. Wind power projects are especially encouraged projects. Even so, the licensing process for wind power projects is rather deliberate.  In the first step, the investor must choose a suitable location. The proposed location may overlap or conflict with approved planning (eg, mining, resorts, etc). In such cases, the investor needs to work with the People’s Committee at the municipal level and with the local Department of Industry and Trade in order to be sure that the proposed location is suitable. 
If the proposed project is not on the Government’s list of permitted projects, the investor must register it with local authorities and the Ministry of Industry and Trade (“MOIT”).  There is a process to register a proposed project.  The investor must present tests of wind capacity which cover at least 12 consecutive months at the proposed location. If the test results show significant promise, the investor is required to prepare a pre-feasibility study and submit it to the MOIT or to the Prime Minister for consideration. If the proposed project is approved, it will be added to the list of permitted projects. 
The next step is to prepare a feasibility study and to submit it to the MOIT for evaluation.  If approved, the local licensing authorities will issue an investment certificate.  After that, the investor will sign a power purchase agreement and a grid connection agreement with EVN. The Investor must also obtain a construction permit and the other licenses necessary to construct, complete and operate the project.  The process to find a suitable location and to obtain all necessary licenses will take more or less 24 months. 
Technical requirements. Generally, turbines used in wind farms must be new and they must meet Vietnamese, IEC[6] or equivalent standards. Their date of manufacture, up to the date of installation, must not exceed five years.  Use of second-hand turbines must be approved by the MOIT.  Old equipment and outdated technology may be rejected. These requirements will affect the initial capital expenditure and production costs.
Subsidies and financial support. Although commercial wind power has been developed in several countries and although costs are falling, the production cost of wind power remains high. Subsidies are normal.  The price of wind power may eventually become more competitive as the cost of electricity from traditional sources increases (due to the increase of the price of gas and coal) and the investment costs of wind power plants decrease (thanks to the development of technology). In the meantime, and to be competitive in the present, the young industry still needs government subsidies.
Wind power is unlimited, and it is well-known as zero-carbon energy. Wind projects are especially encouraged by the Government.  They are entitled to exemption and reduction of land rental and land levies. They can also qualify for favorable state loans and tax incentives.  

In addition to the above tax incentives, the Government assures that the entire output of wind power farms will be purchased at a price of US cents  8.5 per kWh (applicable to onshore wind farms) and US cents  9.8 per kWh (applicable to offshore wind farms) pursuant to a standard power purchase agreement between EVN and the wind farm. Of note, these prices will apply for 20 years, but they will apply only to wind power projects that are able to commence their commercial operation before November 1, 2021. Subject to conditions and circumstances as the deadline approaches (eg, development of technology, Vietnam’s energy demand, etc.), these prices may increase or decrease or remain the same after November 1, 2021.  There is experience that the tariff for onshore and offshore wind farm were originally capped at US cents 7.8 per kWh.  But the current prices were actually increased as of November 1, 2018.[7]
Under Decision 37, the Government commits to provide financial support of US cent 1 per kWh to EVN through the National Environment Protection Fund. This means that, in fact, EVN needs to pay only US cents 7.5 per kWh and US cents 8.8 per kWh for energy generated by onshore wind farms and offshore wind farms, respectively.  The price paid to subsidized wind power developers is higher than the average price that EVN currently pays for energy generated from traditional sources.     
In addition to the Government’s subsidy, there is another form of support.  Wind farm investors may also receive additional income from the Clean Development Mechanism (“CDM”) pursuant to the Kyoto Protocol of which Vietnam is a signatory. Of course, qualifying conditions must be met. 
Government support to the industry. These tax incentives and the favorable tariff may or may not be sufficient for the young industry.  Government support and sensible policies are crucial.  Other countries provide government subsidies and financial support.  Vietnam can continue to learn from them: production tax credits for each kWh generated by wind farms, a reasonable allocation of the premium of wind power’s price to monthly invoices billable to end-users (instead of using state budgets to subsidize), prolongation of grace periods to enjoy incentives, tax credits, etc.  
The Government also needs to consider other forms of support: (i) creating favorable conditions and simplifying the licensing process for wind power projects; (ii) reserving sufficient land and sea areas for wind farms; (iii) perfecting comprehensive regulations on public-private partnerships in respect of infrastructure projects in general and wind power projects in particular; (iv) encouraging other ancillary production sectors, such as the production of turbines, towers and transformers; (v) granting tax incentives to individuals and contractors who work at wind power plants, (vi) VAT exemption or reductions for wind power; (vii) shaping sensible regulations on power purchase agreements between EVN and wind farms.  Any of these measures are welcome by private investors and the public.  In return, Vietnam will have security and diversification of energy and a source of energy friendly to the environment. 

11. Japan"s Renova takes part in 144 MW wind portfolio in Vietnam
Japanese renewable power producer Renova Inc announced on Friday it is taking part in the construction of 144 MW of onshore wind parks in Vietnam.

The Tokyo-based company has entered into a 40/60 partnership with local power producer Power Construction Joint Stock Company No. 1, also know as PCC1, to implement three onshore wind projects with an individual capacity of 48 MW.

Located in Quang Tri province, these facilities -- Lien Lap, Phong Huy and Phong Nguyen -- are scheduled to commence construction this month and be up and running by the end of October 2021. These plants will sell their output at a feed-in tariff (FiT) of USD 0.085 (EUR 0.078) per kWh.

This move, Renova"s first international renewable energy project, is in line with the company"s plan to become Asia’s renewable energy leader, it said.

In Japan, Renova has more than 600 MW in operational and under construction photovoltaic (PV) and biomass power plants, and approximately 700 MW of large-scale offshore wind projects in development, it noted.

12. Vestas Wind Systems A.S. has secured a new order for two wind projects totaling 64 megawatts in Vietnam, 

13.Vietnam has potential for 160 GW of offshore wind energy
The Danish Energy Agency (DEA) and the Vietnamese Electricity and Renewable Energy Authority are working together on input for a roadmap for offshore wind power development in the south-east Asian country that has estimated potential for 160 GW. The report aims to help the Vietnamese government take steps to streamline the development process for wind farm projects.

The efforts were discussed at a webinar organised by DEA and the Vietnamese authorities today, which included participants from the Vietnamese Ministry of Industry and Trade, Electricity and Renewable Energy Authority and representatives from Vietnam’s four coastal provinces.

DEA deputy director general Martin Hansen said: “The organisation of the high-level offshore wind webinar is a testament to the extraordinary government-to-government energy partnership, Vietnam and Denmark has developed since 2013.

“I am delighted to see that cooperation and activities within offshore wind energy are on track despite the coronavirus pandemic.

“Vietnam has a huge potential for offshore wind power, which could play a key role in the green transition of the country.”

DEA has been engaged by Vietnam to support the country’s 10-year power development plan.

The Input to Roadmap consolidates the quantitative findings of various background analyses that have been carried out.

These include resource mapping and site selection, LCOE estimation and transmission grid analysis, among others, and supplements them with regulatory, consent and permitting, support scheme, supply chain elements to arrive at a set of recommendations aimed at kick-starting the offshore wind power industry in Vietnam.

China News:
1.  LOC gets job on 400-MW Chinese offshore wind project
London-based marine and engineering consultancy LOC Group will provide marine warranty services for the development of the 400-MW Jieyang Shenquan 1 offshore wind project in Chinese waters.

The company said today it won the contract to deliver a document review, marine assurance and on-site inspections for all critical marine operations. In addition, it will inspect the proposed support fleet and conduct risk assessment and management meetings ahead of critical marine operations.

The Jieyang Shenquan 1 project, owned by State Power Investment Group and Guangdong Electric Power Co Ltd, includes the installation of 73 units of 5.5-MW wind turbines in the South Sea area of Shenquan Town, Jieyand City. Furthermore, an offshore booster station will be built and connected to the turbines via 16 circuits of submarine cable.

LOC expects to commence work on the project this August.

Taiwan News
1.  Fugro IOVTEC Lands Hai Long Contract
Fugro IOVTEC has won the contract to carry out geotechnical site investigations at Hai Long 2 and Hai Long 3 offshore wind farms in Taiwan.

Fugro IOVTEC is a joint venture between the Taiwan-based International Ocean Vessel Technical Consultant (IOVTEC) and Fugro.

With a combining capacity of 1044 MW, the Hai Long Offshore Wind Project will start connecting to the grids by the end of 2024.

The project will follow Fugro’s “Triple A” approach of acquiring, analysing and advising on Geo-data, and the contract will take around 10 months to complete.

Leveraging the in-country DP vessel, Avatar Triumph, Fugro IOVTEC will also import a geotechnical vessel, Fugro Voyager, to support this project.

The Hai Long offshore wind farms are being co-developed by Northland Power Inc, Yushan Energy and Mitsui & Co. Fugro IOVTEC will acquire Geo-data at 32 wind turbine locations and the site investigation will be carried out in two phases: seabed and downhole.

The seabed phase will be performed using Fugro’s SEACALF continuous drive system; the Fugro Voyager, Fugro’s dedicated geotechnical drilling vessel, will be deployed for the downhole phase.

“We welcome this excellent opportunity to work for Hai Long and showcase Fugro IOVTEC’s Geo-data expertise in the renewables sector,” said Jerry Paisley, Fugro’s Business Line Director for Asia-Pacific.

“Offshore wind farm developments in the region and especially in Taiwan are going through an accelerated and ambitious pace, and Fugro is proud to be part of these developments that support our vision to create a safe and liveable world.”

2. Siemens Gamesa Renewable Energy (SGRE) and Hai Long Offshore Wind (Hai Long) announce that the new SG 14-222 DD offshore wind turbine is intended to be used at the upcoming 300 MW Hai Long 2 project in Taiwan. 
The deployment of the new turbine for the rest of the 1,044 MW Hai Long pipeline is also being considered.
The exact number of units for the first 300 MW of the project remains to be confirmed based on site-specific conditions. 
The preferred supplier agreement as published in November 2019 remains subject to contract and final investment decision from the consortium partners, Canadian independent power producer Northland Power Inc. and Taiwan-based developer Yushan Energy, jointly owned by Mitsui & Co., Ltd. in Japan and Yushan Energy Pte. Ltd. in Singapore.
The Hai Long offshore wind power plant was awarded through the 2018 grid allocation mechanism in Taiwan. The project site is located approximately 50 kilometres off the coast of Changhua County. 
The first 300 MW will serve as an anchor for Siemens Gamesa to expand its local footprint and supply base in Taiwan into a regional industrial hub.
As announced separately, nacelle production for the 300 MW Hai Long 2 project will begin in Taichung in 2024, and turbine installation will follow thereafter.

3. AMP Capital funds construction of 376-MW Formosa II wind farm off Taiwan.

Australian infrastructure investor AMP Capital said on Monday it has provided USD 145 million (EUR 132.4m) in mezzanine debt for the 376-MW Formosa II offshore wind farm project in Taiwanese waters.

The debt facility was extended to US-based Stonepeak Infrastructure Partners, which last summer bought 95% of Swancor Renewable Energy Co Ltd. The latter is part of the consortium behind the offshore wind scheme with a 25% stake. Other participants in the project include Japan"s JERA Co and a unit of Australia’s Macquarie Group Ltd (ASX:MQG).

“Infrastructure investment in Asia is growing at pace to meet the demands of rising populations and expanding economies. Renewable energy in Asia is a sector where we see a long-term opportunity [..],” said Simon La Greca, AMP Capital’s head of infrastructure debt in Asia. This is the Aussie investor’s first deal in Taiwan, it said.

To be located off the coast of Miaoli County in the Taiwan Strait, the Formosa II plant will be powered by 47 units of Siemens Gamesa’s SG 8.0-167 DD turbines, which are expected to go online in 2021. The output of the machines will be supplied to state-owned Taiwan Power Company under a 20-year fixed-price power purchase agreement (PPA).

Swancor is the developer of the 128-MW Formosa I offshore wind project, which was put on stream in 2019.

4. Stonepeak Enters Mezzanine Debt with AMP to Back Taiwan Offshore Wind Investment
Stonepeak Infrastructure Partners has entered a USD 145 million mezzanine debt agreement with AMP Capital to support the acquisition of Swancor Renewable Energy and the construction of the Formosa 2 offshore wind farm in Taiwan.

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