Taiwan’s Energy Administration has started the process to terminate the administrative contract for the 700 MW Youde offshore wind project developed by Shinfox Energy after the developer failed to complete payment of its outstanding performance bond.
On 24 August 2026, the Energy Administration confirmed that the required payment had not been completed. The Youde project company had paid 50% of the performance bond when the administrative contract was signed, while the remaining half was due one year later.
The authority requested payment of the outstanding amount on 18 May 2026 and again on 12 June 2026. A final deadline was set in August, but the remaining payment was still outstanding after the deadline passed. The Energy Administration then moved into the contract termination procedure, and the developer submitted a response during that process.
Youde was among five offshore wind projects allocated capacity under Taiwan’s Offshore Wind Block Development Phase 3.2 selection in August 2024. The 700 MW project was selected alongside the 800 MW Formosa 6, the 600 MW Fengmiao 2, the 360 MW Formosa 3/Haiding 1 and the 240 MW Deshuai.
Formosa 6 is associated with Synera Renewable Energy, while Fengmiao 2 is associated with Copenhagen Infrastructure Partners. Formosa 3/Haiding 1 involved Corio Generation and TotalEnergies, while Deshuai was associated with Enervest.
Taiwan’s Ministry of Economic Affairs said in May 2025 that contract applications had been submitted for all five projects. Development rights for Formosa 3 and Deshuai were later cancelled after their developers failed to meet requirements.
The government has since incorporated provisions for sites affected by cancelled or terminated contracts into its offshore wind framework. Following a meeting on 2 July 2026, the Energy Administration said sites from terminated projects would be included within the scope of expansion capacity as revisions to the Phase 3 selection mechanism and administrative contract arrangements were being finalised.
The Ministry of Economic Affairs published the Phase 3 administrative contract framework on 23 July 2026. Separate contracts are provided for allocated and expansion projects, with the framework setting out developer responsibilities, obligations and liability arrangements.
Shinfox Energy was delisted from the Taiwan Stock Exchange in June 2026 after its net worth became negative following substantial financial losses. Taiwanese media reported that the losses included those recorded by its offshore wind engineering subsidiary Foxwell Energy.
Foxwell Energy is building the 300 MW Taipower Offshore Wind Project Phase II, also known as TPC Changhua Phase II, after securing the development tender from Taipower in June 2020.
