France’s TotalEnergies has emerged as the mystery buyer who scooped up the stake of Japan’s JERA in the Formosa 3 project. Corio Generation will continue to be the majority shareholder. 

“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 and Total Energies already develop 5 other wind farm projects together in France, the UK and South Korea according to the press release. In Taiwan Total, an oil major keen to boost its green portfolio, already owns a 23% stake in the Yunlin OWF. 

Formosa 3 is a “leftover” Round 2 project and 600MW of it has already been awarded in Taiwan’s Round 3.1 auctions in 2022 and is slated for completion in 2026. Corio, JERA and Taiwan’s Synera Renewable Energy recently finished wind turbine installation

Unredacted first reported in October that JERA was bailing out of the Formosa 3 project. Insider sources at the time cited internal disagreements with Corio Generation as well as unwillingness to face the increasing uncertainties of the Taiwanese market. According to a report by Nikkei Asia Review, this includes geopolitical uncertainties.