Shinfox Energy posted a loss of NT$12.17 billion ($393 million) for the first nine months of 2025 as the Foxlink Group subsidiary recognized upfront costs on an offshore wind project where construction expenses have surged beyond initial budgets.
The company logged a third-quarter loss of NT$7.74 billion ($250 million) after accounting for advance payments on a Taiwan Power offshore wind project, bringing cumulative losses through September to NT$12.17 billion. Chief Executive Officer Richard Hu apologized to investors and resigned, with Chairman Terry Kuo assuming his role temporarily.
Shinfox’s subsidiary Foxwell Energy won Taiwan Power’s 300-megawatt Phase 2 offshore wind contract in 2020 for NT$56.5 billion ($1.82 billion). The project, now 94.68% complete, has received NT$39.8 billion ($1.28 billion) in payments but faces mounting costs from weather disruptions and industry-wide inflation.
The company cited a Rystad Energy analysis showing Taiwan offshore wind construction costs climbed 20% to 40% between 2020 and 2025. Adverse weather conditions prevented marine work 39% of the time in the third quarter alone, according to Sunnysea. The company has requested additional funding from Taiwan Power, with negotiations ongoing.
Foxwell secured a 93.5-day extension in October and expects to complete the project in 2026. The delays echo broader challenges in Taiwan’s offshore wind sector, where pandemic disruptions and geopolitical tensions have inflated costs and stretched timelines across multiple developments.
Parent companies Foxlink and Yongxin Investment Holdings, which own 24.87% and 44.16% stakes respectively, must recognize proportional losses. Foxlink said core operations remain unaffected, pending board approval of financial statements.
