Japan’s Mitsui & Co to Invest in Taiwan Offshore Wind Project

Japanese trading conglomerate Mitsui & Co (Mitsui) said together with Northland Power (NPI), a global independent energy company in Canada, it will invest up to US$1.75 billion, in an offshore wind power generation project under construction in Taiwan.

Taiwan is targeting 2050 to achieve net-zero greenhouse gas emissions and aims to install 40 to 55 GW of offshore wind power generation capacity.

The Mitsui-backed project will contribute to achieving this goal and will supply the equivalent of the electricity consumed annually by more than 1 million households in Taiwan.

The project, located in an offshore area 45-70 kilometers off Changhua County involves the construction of 73 large wind turbines and consists of three sections, namely HL2A (generation capacity: 294 MW), HL2B (224MW), and HL3 (504 MW) (total: 1,022MW).

HL2A will sell electricity to Taiwan Power Company under a 20-year Power Purchase Agreement (PPA), and HL2B and HL3 will sell electricity to a private power user in Taiwan under a 30-year PPA.

This will be Mitsui’s most significant investment in a renewable energy project. Mitsui said the company hopes to accrue significant offshore construction knowledge to utilise in future offshore wind power developments in Japan and across Asia.