February 12, 2018 / 8:49 AM / 7 months ago

Germany's EnBW expands to Taiwan in renewable expansion push

FRANKFURT (Reuters) - German utility EnBW on Monday said it took stakes in three offshore wind projects in Taiwan with a volume of about 2 gigawatt, marking the first such investment outside Europe in the group’s renewables expansion.

FILE PHOTO: Flags of German power supplier EnBW Energie Baden-Wuertemberg AG are pictured at the company's headquarters in Karlsruhe, Germany March 17, 2015. REUTERS/Ralph Orlowski/File Photo

EnBW said it acquired 37.5 percent in each of the three projects, adding it had therefore entered a partnership with energy infrastructure investor Macquarie and Taiwan-based chemicals and composite material maker Swancor.

No financial details were disclosed. EnBW, Germany’s fifth-largest listed energy group, has said that it plans to invest more than 5 billion euros (£4.42 billion) to expand its renewables business by 2025.

“In moving into project development in Taiwan, we have opened the latest chapter in our offshore wind activities,” Dirk Guesewell, head of generation portfolio development at EnBW, said in a statement.

“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.”

EnBW rivals including Danish offshore wind market leader Orsted have already expanded into Taiwan, which expects the local offshore wind market to grow to $4 billion in 2025.

Reporting by Christoph Steitz; Editing by Maria Sheahan

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