Australian finance group AMP Capital made its first foray into Taiwan’s offshore wind sector as part of the deal to acquire on of the nation’s pioneer developers.

AMP Capital will provide $145m of mezzanine debt to US private equity group Stonepeak, which is acquiring Swancor Renewable Energy and its interests in the 376MW Formosa 2 wind farm.

Stonepeak agreed a deal in 2019 to acquire 95% of SRE from parent chemical group Swancor, which was among the local pioneers of offshore wind in Taiwan.

AMP Capital joins a growing roll-call of international investors taking positions in Taiwanese offshore wind via equity or debt, including its compatriot Macquarie and Japan’s JERA.

The nation has emerged as the most important new Asian market for offshore wind outside China, with further tenders planned to add to 5.5GW already awarded.

AMP Capital’s head of infrastructure debt in Asia, Simon La Greca said: “The transaction represents our first infrastructure debt investment in Taiwan – it’s a key milestone for our business and delivers a unique, quality asset for our clients around the world.

“Infrastructure investment in Asia is growing at pace to meet the demands of rising populations and expanding economies. Renewable energy in Asia is a sector where we see a long-term opportunity – alongside water, transport and telecommunications infrastructure – in supporting this growth.”

Wind

Australia's AMP Capital joins Taiwan offshore wind rush with Stonepeak deal