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Taiwanese offshore wind farm project receives financing
China Steel Corporation and Copenhagen Infrastructure Partners have been advised on the project financing of an offshore wind farm off the coast of Changhua County, Taiwan.
Jerome Doraisamy
Firm: White & Case LLP (China Steel Corporation and Copenhagen Infrastructure Partners).
“It is supported by a consortium of 20 financial institutions including the Bank of Taiwan, Mega International Commercial Bank, CTBC Bank, Taiwan Cooperative Bank, First Commercial Bank, Land Bank of Taiwan, Hua Nan Commercial Bank, Chang Hwa Commercial Bank, Taishin International Bank, Taipei Fubon Commercial Bank, E.SUN Commercial Bank, KGI Bank, The Export-Import Bank of the Republic of China, Taiwan Business Bank, Bank of Kaohsiung, The Shanghai Commercial & Savings Bank, Credit Agricole Corporate and Investment Bank, Sumitomo Mitsui Banking Corporation, Mizuho Bank and MUFG Bank,” the firm noted.
Area: Corporate.
Value: US$1.6 billion.
Key players: The White & Case team was led by partners Fergus Smith, Brendan Quinn, Andrew Clark and Candice Ota, local partner Charles McConnell, with support from lawyers Nettie Choo, Donovan Ang, Callum Fitzpatrick, Audrey Lim, Sean Curran, Yushu Xie, Winifred Lu, Shafinas Djuanda, Wei Bin Quek, Chenez Dyer Bray, Henry Carlson, Dion English and Gabby Wong.
Deal significance: Mr Smith said: “This is the first time an offshore wind project in Taiwan has been financed primarily by Taiwanese state owned and commercial banks, making it a watershed project for the Taiwan offshore wind sector.
“This signals an unlocking of a deeper pool of domestic capital for offshore wind projects in Taiwan, which is a welcome development for the large pipeline of projects that support Taiwan’s ambitious path to net zero emissions by 2050.”
Mr Quinn added: “White & Case has supported clients on the acquisition, development and/or project financing of over 28 offshore wind projects in Asia-Pacific – reflecting the increasing importance of this emerging sector in the region.”
Mr Clark supported this: “Our team successfully navigated a range of new challenges on this project, including proactively developing a new market practice for the Asia-Pacific offshore wind sector in order to successfully tap the broader source of funding.”
Jerome Doraisamy
Jerome Doraisamy is the editor of Lawyers Weekly. A former lawyer, he has worked at Momentum Media as a journalist on Lawyers Weekly since February 2018, and has served as editor since March 2022. He is also the host of all five shows under The Lawyers Weekly Podcast Network, and has overseen the brand's audio medium growth from 4,000 downloads per month to over 60,000 downloads per month, making The Lawyers Weekly Show the most popular industry-specific podcast in Australia. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of Minds Count.
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