EOLFI and ACS – COBRA CONCESIONES, two major players in floating wind power, combine their forces in Taiwan
December 22 2017
EOLFI, a French developer specialised in floating wind projects, and Cobra Concesiones, a Spanish industrial company wholly-owned by ACS, have formed a partnership in Taiwan: on December 21, 2017, Cobra Concesiones finalised its shareholding in Eolfi Greater China, a subsidiary of EOLFI which has been active in Taiwan since 2012.
Pioneers and world leaders in the sector, the French and Spanish companies are both involved in developing floating pre-commercial wind farms in Europe:
EOLFI is developing the Groix & Belle-Ile pre-commercial wind farm project 28 km away from shore in Brittany (France): 4 x 6 MW floating wind turbines to be commissioned in 2021;
Cobra Concesiones is developing the Kincardine Offshore Windfarm Project which will have a total installed capacity of 50 MW located approximately 15 Kilometres offshore Aberdeen in Scotland. This project is expected to achieve final COD in Q1 2020.
In Taiwan, Eolfi Greater China has been developing a portfolio of five commercial floating wind farm projects with a target size of 500 MW each. Acquisition by Cobra Concesiones of a shareholding will secure and speed up the development of these commercial projects. When the operation is completed, Cobra Concesiones will be the majority shareholder in Eolfi Greater China.
“We are proud to count on Cobra Concesiones as a shareholder of Eolfi Greater China. This partnership marks a milestone in our development in Taiwan. Amongst other things, the partnership will give a boost to the W1N farm project already benefiting from a grid access approval by Taipower off Taoyuan, a farm expected to be commissioned in 2022 which should be the first commercial floating wind farm in the world. This project brings to fruition the strategic initiative that we engaged in 5 years ago when we entered Taiwan. EOLFI thus consolidates its role as a pioneer in floating wind turbines on a global scale.”
ALAIN DELSUPEXHE, CHAIRMAN OF EOLFI
“We are pleased to take up this torch and help speed up the development of Eolfi Greater China, confident in the backing of the Taiwan government and in the ability of the EOLFI team to collaboratewith us all the way in our strategy for MREs.”
LUIS REIN, CEO OF COBRA CONCESIONES
Global law firm Norton Rose Fulbright has advised both parties on this transaction with a team led by partner Anne Lapierre, assisted by of counsel Thomas Rabain and associate Pierre Thévenin-Montefiore.
Law firm Lee and Li, Attorneys-at-Law, with a team led by Julia K. F. Yung, also advised both parties on the Taiwanese law aspects of the transaction.