UMC signs major renewable energy deal with CIP’s Fengmiao I By Investing.com

HSINCHU, Taiwan – United Microelectronics Corporation (NYSE:UMC; TWSE:2303), a leading global semiconductor foundry with strong financial performance according to InvestingPro: data, has signed a significant renewable energy contract with Fengmiao I Offshore Wind Farm, developed by Copenhagen Infrastructure Partners (CIP) through its flagship fund, CI V. The company maintains an impressive 67% gross profit margin and showed. stable financial health, continues to strengthen its position in the market.The deal, announced today, involves UMC buying more than 30 billion kilowatt hours of electricity from Fengmiao I over a period of at least 30 years, making it the largest renewable energy purchase in the company’s history. :

This landmark agreement is a strategic step for UMC as it works towards a target of 50% renewable energy by 2030, with the main ambition of achieving net zero emissions and 100% renewable energy by 2050. A healthy current ratio of 9.4 and an 18% return on equity provides solid support for these environmental initiatives. InvestingPro: The analysis reveals 8 additional key insights into UMC’s financial strength and market position. surpassing 2030 Consequently, UMC has revised its 2030 emissions reduction target from 25% to 42% to further accelerate its transition to net zero.

UMC Vice President TS Wu highlighted the importance of the agreement, noting that it represents UMC’s largest renewable energy deal to date and marks a major step on the company’s path to net zero emissions.Wu emphasized UMC’s commitment to sustainable development and the company’s ongoing efforts to reduce emissions and energy consumption, including installing highly efficient greenhouse gas reduction equipment and increasing the energy efficiency of its manufacturing processes.The company’s net zero roadmap is driven by science based on targets and includes a focus on active reduction of carbon emissions, full reliance on renewable energy and investment in net-zero technologies.

Thomas Wiebe Poulsen, president of APAC regional partner CIP’s flagship funds and Fengmiao offshore wind farm, expressed confidence in the partnership, noting that UMC’s decision to partner with Fengmiao I reflects the market’s confidence in CIP’s offshore wind to the ability to carry out projects.

UMC operates 12 factories with a combined capacity of over 400,000 wafers per month (12″ equivalent), all certified to the automotive quality standard 16949. The company’s focus on logic and various specialized technologies has contributed to this operational excellence to UMC’s impressive 33.7% year-to-date stock performance; InvestingPro: data that showed shares trading near 52-week highs, reflecting strong market confidence in the company’s strategy and performance.

The information in this article is based on a press release.

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