Participation to Taiwan offshore wind business

ENEOS Holdings, Inc.

Outline

ENEOS Corporation (“ENEOS”), a core energy company of the ENEOS Group, acquired 6.75% stake in Yunneng Wind Power Co., Ltd. (“Yunneng”), which participates in the construction and operations of an offshore wind farm in Taiwan. This is the first time that ENEOS will participate in the electric power generation business and offshore wind farm business in Taiwan.

By December 2021, Yunneng Wind Power plans to construct a 640MW wind farm offshore of Yunlin County and sell power to Taiwan Power Company over a 20-year period, using a feed-in tariff scheme under Taiwan’s Renewable Energy Development Act.

ENEOS intends to acquire expertise of the offshore wind power business, which has great potential not only in Taiwan but also in other parts of the world and contribute to the realization of a low-carbon society through the development of renewable energy business.

Description

Japan, surrounded by sea, has a great potential of offshore wind. In November, 2018, “New Offshore Use Act for Offshore Wind Projects” was enacted and implementation of other related laws are also in progress. Considering current situation of offshore wind power development, ENEOS is considering offshore wind development in Japan aggressively.

In order to obtain expertise of offshore wind power generation, ENEOS decided to participate in offshore wind power business in Taiwan in April 2019.

A 27% stake (ENEOS accounts for 6.75%) in Yunlin Holdings, the holding company of Yunneng Wind Power, was acquired from wpd group, a leading German wind farm developer, by Starwind Offshore GmbH (“Starwind”), which was established jointly among ENEOS, Sojitz Corporation, The Chugoku Electric Power Co., Inc., Chudenko Corporation and Shikoku Electric Power Co., Inc.

The project supports Taiwan’s plan to introduce a total of 5,500MW of offshore wind power capacity by 2025 along the west coast of the region, which has been designated as the development area.

By accumulating experience of offshore wind power generation business in Taiwan, where climate and geographical condition is similar to Japan, we are planning to make use of offshore wind development expertise from Yunlin Project to offshore wind development in Japan.