Taipei-based International Ocean Group (IOG), has taken full ownership of offshore wind farm services firm CWind Taiwan, its joint venture with Global Marine Group’s CWind established in 2018.
The move allows for better integration of CWind Taiwan into IOG’s portfolio, which also includes IOVTEC, Taiwan International Windpower Training Corporation (TIWTC), Fugro IOVTEC, and IOG Shipyard, IOG said in a release.
The buyout is said also to further bolster IOG’s commitment to local talent development, supply chain investment, and the green agenda of Taiwan’s Government, society, and the Asia-Pacific offshore wind market.
CWind has by selling its stake in the jv given IOG the IP right and integrated management system, exclusive use of the brand name in the Asia-Pacific region along with the key personnel.
“As the sole owner of CWind Taiwan, IOG can seamlessly integrate the company within our existing portfolio, creating synergies across our operations. This move will enable us to offer enhanced services to our clients, delivering on their project requirements while maintaining the European standards of safety that CWind Taiwan has been renowned for over the past five years,” said Ethan Wang, chief operating officer at IOG and CWind Taiwan general manager.