EnBW acquires 37.5 percent stake in each of three offshore wind projects in Taiwan

Karlsruhe. EnBW Energie Baden-Württemberg AG is rigorously pursuing its growth path in renewables and, for the first time, is now targeting international offshore wind markets outside of Europe. Together with Australian investor Macquarie Capital and Taiwanese project developer Swancor Renewable, the Company is to press ahead with the development of three offshore wind projects in Taiwan. For this purpose, EnBW has acquired a 37.5 percent stake in each of three offshore wind projects in Taiwan with a potential total volume of approximately 2,000 MW. The acquisition is subject to the approval of the Cartel Authority in charge.

The new partnership initially focuses on securing grid connection capacity for the three projects in Taiwan’s Changhua region. Each of the three partners contributes its individual strengths and capabilities, which show an ideal complementary fit: Macquarie Capital as an internationally experienced investor that has a longstanding business relationship with EnBW, Swancor Renewable as the Taiwan-based partner able to contribute its local network and EnBW as an experienced developer and operator of offshore wind farms. Under the agreed division of responsibilities, EnBW will take on the majority of the technical project development. For this purpose, EnBW has already provided its own personnel on site in Taiwan for the joint team, which is supported by experts from the EnBW offshore office in Hamburg. A local skilled workforce will is also be established, with employees trained and qualified by EnBW.

“Over recent years, EnBW has accumulated valuable know-how in planning, developing, constructing and operating offshore wind farms. With 336 megawatts in operation, 610 megawatts in construction and a further 900 megawatts planned, we are evolving into one of the leading offshore wind developers and operators . We are pleased to be able to contribute this expertise to the highly effective partnership with Macquarie Capital and Swancor Renewable now and to move the projects forward in future with these two strong partners”, emphasises Dirk Güsewell, Head of Generation Portfolio Development at EnBW.

EnBW intends to expand renewable energies to form one of the main pillars of its business by 2020. It is well on track to achieving this: Renewable energies – and notably offshore wind power – already make a key contribution towards implementing its strategic repositioning today. EnBW also plans to continue driving ahead this expansion beyond 2020 and to further extend its good market position. With a view to long-term growth, EnBW will invest over 5 billion euros in the further expansion of renewables through to 2025. In the process, it is targeting selective internationalisation as a supplement to its core market of Germany.

“In moving into project development in Taiwan, we have opened the latest chapter in our offshore wind activities. The expertise that we have built up in the offshore wind sector in the last few years is in demand worldwide, and we want to export it. That is why we are also directing our sights at new international offshore wind markets that offer growth opportunities and an attractive economic environment, so that in a first step we can start by developing selected projects ready for construction”, said Dirk Güsewell.

Taiwan holds strong potential for renewable energies. After deciding to phase out nuclear power by 2025 – with nuclear energy accounting for some 20 percent of power generation in the past – Taiwan aims to make up for the resulting shortfall by expanding renewable energies and most of all offshore wind power. Taiwan has set ambitious targets in this regard: 5.5 GW of Offshore wind power is to be ready by 2025. Allocation of the necessary grid connection capacity is planned for the first half of 2018.

About Macquarie

Macquarie Group (ASX: MQG, ADR: MQBKY) is a global financial services provider. It acts primarily as an investment intermediary for institutional, corporate and retail clients and counterparties around the world. Founded in 1969, Macquarie employs more than 13,900 people in 25 countries. At 30 September 2017, Macquarie had assets under management of $A473.6billion.

Macquarie Capital provides corporate finance advisory and capital market services to corporate and government clients involved in public and private mergers and acquisitions, debt and equity fund raisings, private equity raisings and corporate restructuring. Macquarie - and its managed funds - is one of the world’s largest investors in renewable energy. Our support for the renewable energy and clean technology sectors is part of a broader commitment to infrastructure. Macquarie has more than $A136 billion of infrastructure assets under management globally and co-invests alongside the world’s leading institutional investors including public sector pension funds. For further information about Macquarie’s renewable energy credentials please visit www.macquarie.com/renewables.

About Swancor

Swancor (TWSE: 3708) is a leading fine chemical and composite material maker. Swancor focuses on environmental protection and green energy materials including anti-corrosion resin, wind blade resin and carbon fiber composite with leading market shares in China and Taiwan. Formosa Plastic (TWSE: 1301) and Goldwind Technology (HKSE: 2208) are strategic partners in relative fields.

Swancor Renewable, a wholly owned subsidiary of Swancor, has been engaged in Taiwan offshore wind power business since 2013. Phase I 8MW of Formosa I, Taiwan’s first offshore wind farm, is already in commercial operating. Phase II 120MW will be built in 2019.

About EnBW

EnBW Energie Baden-Württemberg AG is one of the largest energy supply companies in Germany and supplies electricity, gas, water and energy-related products and services to around 5.5 million customers with a workforce of 20,000 employees. EnBW is the only entity in Germany which is the 100% owner of one of the four high-voltage grid operators in Germany, TransnetBW, EnBW already responded to the fundamental changes due to the German Energiewende with a radical reorganisation of the company in 2013. The EnBW 2020 strategy envisages the expansion of renewable energies to make them one of the main pillars of the EnBW business. Offshore wind power will play a central role in this process.

For further information please contact:

EnBW
Friederike Eggstein, presse@enbw.com, +49 721 63 12320

Macquarie Media Relations
Ida Cheung, ida.cheung@macquarie.com +852 3922 3615

Swancor Renewable
TM Tsai, tm.tsai@swancor.com +886 2 2775 1387