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| Fri, 10th Jul 2020 7:56:00 |
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Orsted inks huge renewable energy deal with semiconductor giant TSMC |
ck | Getty Images
Danish energy firm Orsted and TSMC, a Taiwan-headquartered semiconductor company which supplies businesses such as Apple, have signed a deal described as “the world’s largest renewables corporate power purchase agreement.”
Announced Wednesday, the 20-year deal will see TSMC – also known as Taiwan Semiconductor Manufacturing Company – purchase all the energy produced by Orsted’s yet-to-be-built 920-megawatt offshore wind farm off Taiwan.
Located in the Taiwan Strait, the wind farm, known as “Greater Changhua 2b & 4,” will be Orsted’s third offshore facility in Taiwan. It is currently building the “Greater Changhua 1 & 2a” offshore wind farm, which will have a capacity of 900 MW, and co-owns the 128 MW Formosa 1 project.
In simple terms, a renewable corporate power purchase agreement, or PPA, refers to a deal where an energy producer sells power to a business at a fixed price over a set period of time.
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