Japanese energy group JERA will buy into another big offshore wind project in Taiwan after agreeing to take a 49% stake in the 376MW Formosa 2 project.

JERA, which agreed to buy the stake from Macquarie, will become the largest shareholder in the project. The Australian finance group will own 26% and Taiwan’s Swancor – which has agreed the sale of its stake to US private equity group Stonepeak – the remaining 25%.

JERA is already a minority partner in the 128MW Formosa 1 that on Wednesday was completed to become Taiwan’s first commercial offshore wind farm.

The Japanese company agreed to buy the Formosa 2 stake for an undisclosed sum, backed by Development Bank of Japan.

Formosa 2 plans to deploy 47 turbines off the coast of Miaoli County by the end of 2021. The project, which has lined up Siemens Gamesa to supply its 8MW turbines – has a 20-year power deal from Taiwan utility Taipower and a feed-in tariff of NT$58 ($186) per MWh.

JERA said it will play a “key role” in the project as major shareholder using its experience from Formosa 1.

“JERA has newly established an operation base in Taiwan to expand business activity and dispatch engineers to contribute to the project and to gain knowledge and experience in construction and operation of the offshore wind power generation.”