REG-TotalEnergies SE TotalEnergies and Corio Join Forces to Develop Offshore Wind in Taiwan

TotalEnergies SEAnnouncement

16/02/2023 08:00

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TotalEnergies and Corio Join Forces to Develop Offshore Wind in Taiwan


 * TotalEnergies and Corio will take forward Taiwan’s Formosa 3 offshore wind
project

 * Formosa 3’s Haiding 2 windfarm was awarded 600 MW in grid capacity in
December by the Bureau of Energy, as part of Taiwan’s Round 3 offshore wind
auction.

 * The Formosa 3 project comprises three proposed windfarms – Haiding 1, 2 and
3 – in Changhua county on the central-western coast of Taiwan.

 

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) and Corio Generation, two of
the world’s leading offshore wind and renewable energy developers, have
signed a joint venture partnership to develop the Formosa 3 offshore windfarms
in Taiwan. Under this agreement, Corio will remain the majority shareholder
and lead developer with 50% plus 10 shares overall in project.

The announcement comes after Taiwan’s Bureau of Energy confirmed in late
December 2022 that Formosa 3’s Haiding 2 windfarm had been successfully
awarded 600 MW grid capacity following the first phase of Taiwan’s Round 3
auctions.

The Formosa 3 project comprises three proposed windfarms – Haiding 1, 2 and
3 – in Changhua county on the central-western coast of Taiwan. The project
received Environmental Impact Assessment (EIA) approvals in 2018, with an
EIA-approved capacity of around 2 GW.

The windfarm development is expected to contribute to Taiwan’s ambitious
plans for the green energy transition and represents a multi-billion
investment from the partners and project lenders up to the end of
construction. Future investments will be made in proportion to the partners’
project shareholdings.

“We are very pleased to team up again with our strategic partner Corio, this
time to develop offshore wind in Taiwan. This marks a new step toward
supporting Taiwan’s energy transition, bringing sustainable, low-cost energy
to the country. It also demonstrates our dedication to build up our global
multi-energy business model through a series of investments to grow our
worldwide renewable portfolio from 17 GW in 2022 to 35 GW in 2025, in line
with our ambition to be one of the top 5 renewables developers by 2030.”
said Vincent Stoquart, Senior Vice-President Renewables at TotalEnergies.

“We are thrilled to welcome TotalEnergies as our partner in building
offshore windfarms in Taiwan. Our two companies have a longstanding
relationship and strong track record in developing projects across Europe and
Asia-Pacific and so we are absolutely delighted to be working together again
in Taiwan” said Jonathan Cole, CEO of Corio Generation. “Corio has one of
the largest offshore wind project portfolios worldwide with more than 20 GW in
development. As a transformative source of clean and reliable energy, we
believe offshore wind offers huge benefits to Taiwan’s communities and
economy. The Formosa 3 windfarms will support job creation and provide many
opportunities for local businesses to participate in the green energy
transition.”

The partnership announced today in Taiwan is the latest example of
TotalEnergies and Corio, combining their leading industrial, technical, and
financial expertise to pursue offshore wind opportunities across the world.

Other projects developed by TotalEnergies and Corio include:


 * The 2 GW West of Orkney Windfarm project in Scotland, UK

 * The 1.5 GW Outer Dowsing Offshore Wind project in England, UK

 * Over 2 GW of floating wind projects in South Korea

 * The 250 MW floating windfarm tender in France’s South Brittany region

 * The 500 MW floating windfarm tender in France’s Mediterranean region

This agreement is subject to the receipt of applicable regulatory approvals
from relevant authorities.

TotalEnergies and renewable electricity

As part of its ambition to get to net zero by 2050, TotalEnergies is building
a portfolio of activities in electricity and renewables. At the end 2022,
TotalEnergies' gross renewable electricity generation installed capacity is 17
GW. TotalEnergies will continue to expand this business to reach 35 GW of
gross production capacity from renewable sources and storage by 2025, and then
100 GW by 2030 with the objective of being among the world's top 5 producers
of electricity from wind and solar energy.

About TotalEnergies

TotalEnergies is a global multi-energy company that produces and markets
energies: oil and biofuels, natural gas and green gases, renewables and
electricity. Our more than 100,000 employees are committed to energy that is
ever more affordable, cleaner, more reliable and accessible to as many people
as possible. Active in more than 130 countries, TotalEnergies puts sustainable
development in all its dimensions at the heart of its projects and operations
to contribute to the well-being of people.

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About Corio Generation

Corio Generation is a Green Investment Group (GIG) portfolio company,
operating on a standalone basis. GIG is a specialist green investor within
Macquarie Asset Management, part of Macquarie Group.

Corio is a specialist offshore wind business dedicated to harnessing renewable
energy worldwide. With a unique blend of sector-leading expertise and deep
access to long-term capital, we work closely with our partners in the creation
and management of projects from origination, development and construction, and
into operations.

Corio’s global 20+ GW offshore wind development portfolio is one of the
largest in the world, spanning established and emerging markets, as well as
floating and traditional fixed-bottom technologies. These next generation
offshore wind projects will help form the backbone of the net-zero global
energy system while meeting the energy needs of communities and corporate
offtakers sustainably, reliably, safely and responsibly.

Prior to the launch of Corio in April 2022 as a specialist offshore wind
developer, the Taipei-based team played a pioneering role in helping to
establish Taiwan’s offshore wind sector. The team was instrumental in
delivering Formosa 1, Taiwan’s first offshore windfarm, and has in addition
supported the development of Formosa 2, now under construction.

Agreement

Under the terms of the joint venture agreement between TotalEnergies and Corio
Generation, shareholdings in the Formosa 3 windfarms are as follows:
 Formosa 3 windfarms    Corio Generation    TotalEnergies  
 Haiding 1              50.0000366%         49.9999634%    
 Haiding 2              50.0000481%         49.9999519%    
 Haiding 3              50.0000508%         49.9999491%    


Corio’s lead shareholding in Formosa 3 is supported by its development
partner Ontario Teachers’ Pension Plan Board.

Cautionary Note

This press release, from which no legal consequences may be drawn, is for
information purposes only. The entities in which TotalEnergies SE directly or
indirectly owns investments are separate legal entities. TotalEnergies SE has
no liability for their acts or omissions. The terms “Company” or
“TotalEnergies company” refer collectively to the company TotalEnergies SE
and the companies it controls directly or indirectly. Such terms are used
solely for the sake of convenience for purposes of the present communication.
Likewise, the words “we”, “us” and “our” may also be used to refer
to subsidiaries in general or to those who work for them. This document may
contain forward-looking information and statements that are based on a number
of economic data and assumptions made in a given economic, competitive and
regulatory environment. They may prove to be inaccurate in the future and are
subject to a number of risk factors. Neither TotalEnergies SE nor any of its
subsidiaries assumes any obligation to update publicly any forward-looking
information or statement, objectives or trends contained in this document
whether as a result of new information, future events or otherwise.

Media

TotalEnergies

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Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
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Corio Generation

Will Henley, Head of Communications

Phone: +44 7840 850 183

Email: will.henley@coriogeneration.com
(mailto:will.henley@coriogeneration.com)



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