Japan's Mitsui OSK, others to buy 25% stake in Taiwan's Formosa-1 wind farm

FILE PHOTO: The logo of Mitsui O.S.K. Lines is seen at the company
FILE PHOTO: The logo of Mitsui O.S.K. Lines is seen at the company's headquarters in Tokyo, Japan September 11, 2020. REUTERS/Kim Kyung-Hoon

TOKYO (Reuters) - Japan's Mitsui OSK Lines, Toho Gas and Hokuriku Electric Power will buy a stake of 25% in Formosa International Investment from Australia's Macquarie Group to enter Taiwan's offshore wind power business.

The Japanese firms said the deal takes them into the overseas offshore wind power market, with the aim of gathering industry knowledge to help expand their renewable energy business. They did not disclose the terms.

Formosa International Investment fully owns an operator of the 128-MegaWatt (MW) Formosa 1 offshore wind power farm, Taiwan's first of commercial size.

The three firms will form a special purpose company in Taiwan for the deal, with Mitsui OSK and Toho Gas holding stakes of 37.5% each, while Hokuriku will have 25%.

The deal is expected to be completed after complying with necessary procedures, including approvals from Taiwan authorities.

(Reporting by Yuka Obayashi; Editing by Clarence Fernandez)

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