Green Giraffe Advisory supported the Formosa 4 (fixed-bottom offshore wind) and Formosa 5 (floating offshore wind) projects in the Taiwan Round 3 Phase 1 tender submission
In 2022, Green Giraffe supported Synera Renewable Energy (SRE), formerly Swancor Renewable Energy in the tender submission to Taiwan’s first auction round for the Phase 3 Zonal Development of Offshore Wind. In particular, Green Giraffe prepared the financial model, ran a debt market sounding and supported SRE in the bid preparation and offtake strategy.
Formosa 4 was awarded 495 MW of development capacity by Taiwan’s Ministry of Economic Affairs, alongside six other projects with COD expected to be in 2026/2027. This is the first zero-bid auction in Taiwan, projects will therefore rely on corporate PPAs. Formosa 5, a floating offshore wind project adjacent to Formosa 4, stands out as the only floating offshore wind farm that has passed the preliminary EIA review and the first floating wind site to attend grid auction in Taiwan and the entire APAC region.
