TAIPEI (Taiwan News) — The Taiwan Stock Exchange will delist Shinfox Energy on June 23, making it Taiwan’s first green energy company to be removed from the exchange and potentially affecting about 32,000 shareholders.
Shinfox Energy, a major participant in Taiwan’s offshore wind industry, is being delisted after suffering heavy losses and failing to secure additional funding, per Liberty Times. Signs of financial trouble emerged in 2025 when its subsidiary, Foxwell Energy, reported losses of NT$12.1 billion (US$380 million) during the first three quarters of the year, largely tied to its contract for the Offshore Wind Generation Project Phase Two, per UP Media.
Global Views magazine reported on May 20 that workers on a project managed by Shinfox Far East Co., another Shinfox subsidiary, displayed banners demanding payment from Taiwan Power Co., Foxwell, and Shinfox Far East. On the same day, KMT Legislator Yang Chiung-ying (楊瓊瓔) said that despite a 2025 completion target, Foxwell had installed only one of the project’s 31 wind turbines while spending 96% of its advance payments.
Industry observers have pointed to the company’s bidding strategy as a key factor behind its difficulties, per Mirror Media. Foxwell won the Phase Two contract in 2020 with a bid of approximately NT$60 billion, significantly below industry estimates of roughly NT$80 billion.
Huang Ching-wen (黃敬文), director of the renewable energy team at Niras Taiwan, said Shinfox made critical errors in assessing project risks by accepting a contract that many experienced foreign developers declined to pursue.
Shinfox Chair Gou Tai-chiang (郭台強) acknowledged the scale of the challenge, noting that the company had capital of only NT$2.7 billion when its subsidiary secured a NT$63 billion contract from Taipower. Citing the company’s Youde Offshore Wind Farm project, Gou said projects costing NT$150 billion and requiring 20 to 30 years to recover investments are difficult for most Taiwanese offshore wind developers to manage.
Asked how much funding Foxwell needed to complete the Phase Two project, Gou said the company could secure approximately NT$17 billion if Taipower released the remaining contract payments and additional compensation approved in 2025, per Mirror Media. He said that amount would exceed the estimated NT$10 billion needed to finish the project.
Industry sources, however, said Taipower is not obligated to release additional payments if Foxwell fails to meet contractual construction milestones.
Gou said he has been discussing the possibility of relinquishing leadership of the Youde Offshore Wind Farm project to other companies, per Mirror Media. Regarding the Phase Two project, he suggested Taipower could terminate Foxwell’s contract and complete the remaining installation work itself, which he described as the project’s final stage.
Economic Affairs Minister Kung Ming-hsin (龔明鑫) said the Phase Two offshore wind project would ultimately be completed, adding that Shinfox had not yet contacted the ministry regarding the Youde project, per NOWNews.
Vice Minister of Economic Affairs Lai Chien-hsin (賴建信) said on May 14 that Foxwell had completed approximately 96% of the Phase Two project, although about one-third of the undersea cable installation and wind turbine work remained unfinished, per CNA.
Asked about Shinfox’s impending delisting, Taipower Chair Tseng Wen-sheng (曾文生) said on May 20 that Taipower’s contract was with Foxwell, not Shinfox, per ETtoday. He added that it remained unclear whether Shinfox’s delisting stemmed primarily from losses incurred by Foxwell or from other projects, per Liberty Times.
Walsin Lihwa Chair Chiao Yu-lon (焦佑倫) said Taiwan’s offshore wind sector faces three major challenges: insufficient developer experience, insufficient capital, and inadequate preparation time and misconceptions about localizing the supply chain, per Liberty Times. He said costs should decline as the industry expands.
Chiao also called on the government to apply stricter standards when selecting future developers, saying regulators should closely examine companies’ financial strength, execution capabilities, and overseas track records.
