China Steel Corp (CSC) recently announced that its board of directors approved a US$198.69 million investment in a wind energy venture to embrace global carbon-neutral trends.
CSC is the country’s largest steelmaker and according to Taipei Times, the plan is to invest fresh capital into the steelmaker’s offshore wind subsidiary which is a joint venture with Denmark’s Copenhagen Infrastructure Partners.
As part of Taiwan’s second round of offshore wind investment, the company’s 300 megawatts Chong Neng offshore wind farm is slated to join the grid in 2024.
The company said that in addition to the development of Chong Neng, China Steel is “actively pursuing steel material and construction opportunities in the offshore wind industry.”
“Our involvement in Chong Neng is a way for us to participate in the formation of a Taiwanese supply chain in offshore wind,” it said.