Macquarie Asset Management (MAM) has sold its 26% stake in Taiwan’s Formosa 2 offshore wind farm to Synera Renewable Energy Group (SRE Group), according to three sources familiar.

Stonepeak-backed SRE Group, an existing Formosa 2 shareholder, announced the deal in a LinkedIn post yesterday without naming the seller. The transaction brings SRE’s holding to a controlling 51% from 25%.

SRE Group, headquartered in Taipei, paid over TWD 8bn (USD 264.5m) for the additional equity stake, according to a fourth source familiar.

The news is a reversal of a previous announcement, in which MAM agreed to sell its stake to Taiwanese developer J&V Energy Technology for up to TWD 8.6bn. J&V Energy will continue to seek operational offshore wind asset investments, it said in a disclosure.

SRE Group prevented the deal with J&V Energy from concluding after it was signed, per rights contained in the shareholder agreement, one of the sources said. SRE Group exercised its right of first refusal to secure the stake, the LinkedIn post shows.

The move comes after SRE Group last year launched a process to trim its stake in Formosa 2, as well as Formosa 1.

MAM held the Formosa 2 stake through its Green Investment Group. Goldman Sachs advised MAM on the sale, one of the sources said.

Macquarie and Stonepeak declined to comment. Goldman Sachs, J&V Energy and Synera did not respond to requests for comment.

The 376 MW Formosa 2 project is located 4km-10km off the coast of northwestern Taiwan’s Miaoli county and comprises 47 turbines, spanning an area of 68.81km. It has been connected to the grid since March 2023, with the project covered by a 20-year power purchase agreement with Taiwan Power Company.

Japan’s JERA owns the remaining 49% in Formosa 2.

[Editor’s note: This report has been updated post-publication to show Stonepeak declined to comment.]