Global law firm White & Case LLP has advised the sponsors, China Steel Corporation and Copenhagen Infrastructure Partners (through its Copenhagen Infrastructure IV fund), on the development and NTD 45 billion (US$ 1.6 billion) project financing of the 298MW Zhong Neng offshore wind project located off the coast of Changhua County, Taiwan.
White & Case partner Fergus Smith, who co-led the Firm's deal team, 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."
"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," said White & Case partner and head of the Firm's Global Power Industry Group Brendan Quinn, who co-led the Firm's deal team.
"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," said Head of Projects for Asia Pacific and White & Case Partner, Andrew Clark.
The financing of the Zhong Neng offshore wind project is expected to reach financial close shortly. 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 White & Case team in Asia-Pacific that advised on the transaction 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.
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