Macquarie and local partner Swancor pressed the start button for the 376MW Formosa 2 offshore wind farm in Taiwan, confirming Siemens Gamesa as turbine supplier after announcing financial close for the NT$62.4bn ($2bn) project.

Macquarie Capital – which currently owns 75% of Formosa 2 through its Green Investment Group (GIG) unit – said the project, due online in 2021, will be financed through a consortium of 20 institutions, international and Taiwanese.

The developers confirmed Siemens Gamesa as supplier of its SG 8.0-167 DD turbines to the project, with a 20-year service agreement.

Construction at the project site off Miaoli will begin next year, adding Formosa 2 to the existing Formosa 1, which became Taiwan’s first major offshore wind farm when it was completed earlier in October.

Formosa 2 has a 20-year power deal from Taiwan utility Taipower and a feed-in tariff of NT$58 ($186) per MWh.

The project is due to see big changes in its ownership structure. Macquarie has agreed to sell a 49% stake in Formosa 2 to Japan’s JERA, while control of Swancor Renewable Energy is due to pass to New York investment group Stonepeak.

GIG global head Mark Dooley said: "Taiwan is fast becoming Asia’s foremost offshore wind market and we are proud to be playing a leading role in its offshore wind story."