Partners Group has shelved the sale of Formosa Solar Renewable Power, a 550 MW solar portfolio in Taiwan, according to four sources familiar.

The process, launched last year, had attracted a preferred buyer that was in exclusive talks with the seller, the sources and a fifth source familiar said.

However, the sale was pulled after the buyer failed to provide a financing package and reneged on its intention to commit, said two of the sources.

Swiss-based fund manager Partners Group is expected to relaunch the sale later this year, subject to market conditions, the sources said.

Bank of America is running the process.

Formosa Solar has approximately 200 MW in operational solar capacity. Over half of the operating capacity is contracted under long term corporate power purchase agreements, a sixth source familiar said.

Formosa Solar was established in 2016 when Partners Group bought a controlling stake for more than USD 200m. Taiwan’s Cathay Life Insurance also bought a minority stake through a Partners Group-managed vehicle.

Formosa Solar, with 497 project sites, has committed to investing TWD 50bn (USD 1.5bn) in Taiwan and developing over 1 GW of solar plants.

Partners Group and Bank of America declined to comment. Formosa Solar did not respond to a request for comment.
[Editor’s note: The article has been amended post-publication to note that Bank of America declined to comment.]