Siemens said it would supply 30 4MW turbines to the project located off Miaoli county, in northwest Taiwan, if a positive final investment decision is made on the project.
The Formosa wind project is being developed by Formosa Wind Power, a subsidiary of Swancor, a Taiwanese power generation and turbine blade resin production firm.
In June, Siemens won the contract to supply the first 8MW phase of the project.
Siemens will manufacture two 4MW turbines to be installed in 2016 for the first phase. The second 120MW phase is due to be completed by 2020.
In 2013, Taiwan's Ministry of Economic Affairs (MOEA) signed an agreement with Formosa Wind Power and another developer, Fuhai Wind Farm, to test between four to six offshore wind turbines off the country's west coast.
In August, MOEA increased the country's offshore wind target from 3GW to 4GW by 2030, and the government also adjusted its feed-in tariff (FIT) for offshore wind.
The FIT now stands at TWD 7.109/kWh ($0.23/kWh) for the first ten years of operation, and TWD 3.459/kWh ($0.11/kWh) for the following ten years.
According to Windpower Intelligence, the data division of Windpower Monthly, Taiwan has 633MW of installed wind capacity, all onshore.