【Swancor Renewable Energy】Announcement of the content of the significant information disclosure press conference held by the Company
Swancor Renewable Energy announced that its consolidated financial report for Q1 2026 showed a negative net worth. The company's financial structure was severely impacted by losses from offshore wind power projects and loan recall demands from financial institutions. It has proposed four key improvement strategies: attracting strategic investment, asset monetization, loan extension, and cost control.
📋 Article Processing Timeline
- 📰 Published: May 13, 2026 at 09:00
- 🔍 Collected: May 14, 2026 at 08:00 (23h 0m after Published)
- 🤖 AI Analyzed: May 14, 2026 at 09:03 (1h 3m after Collected)
1. Date of occurrence of the event: May 13, 2026
2. Company name: Swancor Renewable Energy Co., Ltd.
3. Relationship with the company (please enter the company or subsidiary): The Company
4. Mutual shareholding ratio: Not applicable
5. Reason for occurrence:
Swancor Renewable Energy (6806) announced today (13th) its consolidated financial report for the first quarter of 2026. The financial report, reviewed and certified by accountants, showed that the company's net worth was negative NT$182,233 thousand. The company emphasized that it will continue to prioritize safeguarding the rights and interests of shareholders and stakeholders.
Swancor Renewable Energy had previously recognized expected contract losses in its 2025 financial report, in accordance with accounting principles and prudence, for the "Offshore Wind Power Phase II Project - Wind Farm Procurement and Installation Case" undertaken by its subsidiary, Fuwei Energy Co., Ltd. (hereinafter referred to as Fuwei) for Taiwan Power Company (hereinafter referred to as Taipower). The auditors issued a report indicating "material uncertainty regarding going concern," which led some lending banks to assert acceleration clauses in their loan agreements or refuse to extend loans after maturity. The specific reasons for the significant challenges to the financial structure are as follows:
I. In the 2025 financial report, Swancor recognized substantial losses due to expected contract losses even after additional payments, leading some banks to tighten credit. Additionally, on March 30, 2026, the accountants issued an unmodified opinion with a "material uncertainty regarding going concern" paragraph in the audit report, and the Taiwan Stock Exchange announced that Swancor Renewable Energy's trading would be changed to "full delivery stock" starting April 7, 2026, and its credit rating was downgraded to "D." This caused bill finance companies and banks to not only stop providing new credit but also demand repayment of existing loans, resulting in a huge impact on the overall financial structure and a significant shortage of operating capital.
II. The wind turbine installation contractor demanded that Fuwei prepay all estimated engineering costs and additional amounts unilaterally claimed by the contractor. Both amounts must be reserved from the additional payments in Taipower's contract dispute mediation case, which significantly increased the company's short-term capital deployment pressure. The originally planned additional payments could not support Singapore BoWei Marine Engineering Co., Ltd. (hereinafter referred to as BoWei Marine) and could only be used for construction in 2026 and reserved for the wind turbine manufacturer.
III. After BoWei Marine transformed into a ship leasing company, due to factors such as lessees defaulting on rent payments, BoWei Marine's operating capital became even tighter.
In summary, Swancor Renewable Energy was impacted by the overall operating environment and changes in capital market liquidity. To protect the rights and interests of shareholders and stakeholders, the company's operating strategy was unable to support BoWei Marine's continued operations, and BoWei Marine was also unable to repay its debts. This led Swancor Renewable Energy and Fuwei Energy to recognize losses related to their endorsements and loans to BoWei Marine, causing the net worth attributable to the parent company's owners in the Q1 2026 financial report to turn negative.
Swancor Renewable Energy emphasized that the company will continue to advance Taipower's offshore Phase II project to ensure completion on schedule and with quality, and maintain close communication with Taipower, financial institutions, suppliers, and various partners to reduce the impact of external factors on operations. At the same time, to ensure stable operations and safeguard the rights and interests of employees, shareholders, and stakeholders, the management team has simultaneously launched four key strategic initiatives to achieve financial improvement goals through precise management:
1. Introduce strategic investment: Actively undertake private placement and introduce strategic partners to replenish working capital, repay loans, and strengthen the capital structure.
2. Asset monetization and disposal: Dispose of subsidiaries, evaluate the sale of ship assets and shares in some investee companies, monetize assets and adjust investment布局 (layout/arrangement), accelerate cash flow to increase the company's working capital, reduce capital occupation, and increase available funds.
3.争取展延活化資金 (Strive for extension to activate funds): Actively apply to original financial institutions for extension of existing loans and strive for installment repayment to increase flexibility in capital deployment.
4. Cost control and austerity: All subsidiaries of the group have strictly controlled capital expenditures and austerity measures to improve overall operational efficiency and reduce various costs and operating expenses.
Swancor Renewable Energy appreciates everyone's understanding and will continue to disclose information in accordance with relevant regulations, and prudently promote various operational and financial improvement measures to protect the rights and interests of shareholders, customers, employees, and partners.
6. Countermeasures: None
7. Other matters that need to be explained (if the entity of the event or resolution is a public company or above, this material information also meets the requirements of Article 7, Paragraph 9 of the Enforcement Rules of the Securities Exchange Act regarding matters that have a significant impact on shareholders' equity or securities prices): None
Keywords: Material Information
2. Company name: Swancor Renewable Energy Co., Ltd.
3. Relationship with the company (please enter the company or subsidiary): The Company
4. Mutual shareholding ratio: Not applicable
5. Reason for occurrence:
Swancor Renewable Energy (6806) announced today (13th) its consolidated financial report for the first quarter of 2026. The financial report, reviewed and certified by accountants, showed that the company's net worth was negative NT$182,233 thousand. The company emphasized that it will continue to prioritize safeguarding the rights and interests of shareholders and stakeholders.
Swancor Renewable Energy had previously recognized expected contract losses in its 2025 financial report, in accordance with accounting principles and prudence, for the "Offshore Wind Power Phase II Project - Wind Farm Procurement and Installation Case" undertaken by its subsidiary, Fuwei Energy Co., Ltd. (hereinafter referred to as Fuwei) for Taiwan Power Company (hereinafter referred to as Taipower). The auditors issued a report indicating "material uncertainty regarding going concern," which led some lending banks to assert acceleration clauses in their loan agreements or refuse to extend loans after maturity. The specific reasons for the significant challenges to the financial structure are as follows:
I. In the 2025 financial report, Swancor recognized substantial losses due to expected contract losses even after additional payments, leading some banks to tighten credit. Additionally, on March 30, 2026, the accountants issued an unmodified opinion with a "material uncertainty regarding going concern" paragraph in the audit report, and the Taiwan Stock Exchange announced that Swancor Renewable Energy's trading would be changed to "full delivery stock" starting April 7, 2026, and its credit rating was downgraded to "D." This caused bill finance companies and banks to not only stop providing new credit but also demand repayment of existing loans, resulting in a huge impact on the overall financial structure and a significant shortage of operating capital.
II. The wind turbine installation contractor demanded that Fuwei prepay all estimated engineering costs and additional amounts unilaterally claimed by the contractor. Both amounts must be reserved from the additional payments in Taipower's contract dispute mediation case, which significantly increased the company's short-term capital deployment pressure. The originally planned additional payments could not support Singapore BoWei Marine Engineering Co., Ltd. (hereinafter referred to as BoWei Marine) and could only be used for construction in 2026 and reserved for the wind turbine manufacturer.
III. After BoWei Marine transformed into a ship leasing company, due to factors such as lessees defaulting on rent payments, BoWei Marine's operating capital became even tighter.
In summary, Swancor Renewable Energy was impacted by the overall operating environment and changes in capital market liquidity. To protect the rights and interests of shareholders and stakeholders, the company's operating strategy was unable to support BoWei Marine's continued operations, and BoWei Marine was also unable to repay its debts. This led Swancor Renewable Energy and Fuwei Energy to recognize losses related to their endorsements and loans to BoWei Marine, causing the net worth attributable to the parent company's owners in the Q1 2026 financial report to turn negative.
Swancor Renewable Energy emphasized that the company will continue to advance Taipower's offshore Phase II project to ensure completion on schedule and with quality, and maintain close communication with Taipower, financial institutions, suppliers, and various partners to reduce the impact of external factors on operations. At the same time, to ensure stable operations and safeguard the rights and interests of employees, shareholders, and stakeholders, the management team has simultaneously launched four key strategic initiatives to achieve financial improvement goals through precise management:
1. Introduce strategic investment: Actively undertake private placement and introduce strategic partners to replenish working capital, repay loans, and strengthen the capital structure.
2. Asset monetization and disposal: Dispose of subsidiaries, evaluate the sale of ship assets and shares in some investee companies, monetize assets and adjust investment布局 (layout/arrangement), accelerate cash flow to increase the company's working capital, reduce capital occupation, and increase available funds.
3.争取展延活化資金 (Strive for extension to activate funds): Actively apply to original financial institutions for extension of existing loans and strive for installment repayment to increase flexibility in capital deployment.
4. Cost control and austerity: All subsidiaries of the group have strictly controlled capital expenditures and austerity measures to improve overall operational efficiency and reduce various costs and operating expenses.
Swancor Renewable Energy appreciates everyone's understanding and will continue to disclose information in accordance with relevant regulations, and prudently promote various operational and financial improvement measures to protect the rights and interests of shareholders, customers, employees, and partners.
6. Countermeasures: None
7. Other matters that need to be explained (if the entity of the event or resolution is a public company or above, this material information also meets the requirements of Article 7, Paragraph 9 of the Enforcement Rules of the Securities Exchange Act regarding matters that have a significant impact on shareholders' equity or securities prices): None
Keywords: Material Information