【New News】Fishery-Photovoltaic Project Delayed; United Group Exits Early, Ting-Chieh Power Illegally Convenes Shareholders' Meeting Under FSC Investigation

The Tainan fishery-photovoltaic coexistence project has been delayed, placing developers under severe financial pressure. Financial institutions that initially joined with great fanfare are now exiting prematurely. Ting-Chieh Power, a joint venture between Micro Power Energy and the United Group, saw United Venture Capital unilaterally convene a shareholders' meeting last year to amend the company’s charter and prematurely redeem NT$800 million in preferred shares—a highly irregular move. These preferred shares were entirely held by the United Green Energy Private Fund. As United Group owns 90% of Ting-Chieh Power, this action constitutes a clear violation of the Companies Act regarding director conflict-of-interest avoidance. The severity surpasses even the past case of Kuo Ming-chieh, former CEO of Cathay Bank, who concurrently served as an independent director at an investee company.

The Tainan photovoltaic scandal has severely damaged the credibility of fishery-photovoltaic projects. Subsequent construction at Ting-Chieh Power continues to stall, compounding financial strain. As previously reported exclusively by New News, Micro Power Energy has taken on heavy debt to build the 160MW Ting-Chieh Power project. The company’s guarantee commitment to Ting-Chieh Power amounts to NT$5.325 billion. Despite United Venture Capital holding 90% of the equity, Micro Power is shouldering 50% of the guarantee liability—an imbalance so severe that even Micro Power’s independent directors have expressed concern.