White & Case Advises Copenhagen Infrastructure Partners on 25 Percent Divestment in CFXD Offshore Wind Farm in Taiwan

Press Release
2 min read

Global law firm White & Case LLP has advised Copenhagen Infrastructure Partners (CIP), through its funds Copenhagen Infrastructure II K/S (CI-II) and Copenhagen Infrastructure III K/S (CI-III), on the divestment of a 25 percent stake in the 595 MW Changfang and Xidao (CFXD) offshore wind farm located off the coast of Changhua County in Taiwan.

"This transaction is a strong statement on the attractiveness of the Asian renewable energy market to investors as energy transition gains traction," said White & Case partner Chris Kelly, who leads the mergers & acquisitions practice in Asia-Pacific. "It demonstrates the broader trend of increasing interest from global investors seeking quality renewables assets in the Asian market."

White & Case partner Fergus Smith, who co-led the deal team, said: "This transaction represents another strong step forward in the development of the Asia offshore wind market. This sector continues to deliver very significant opportunities both for developers and secondary market investors across a number of countries in the region."

The 25 percent interest has been sold to Global Power Synergy Public Company Limited (GPSC), following a competitive auction process. GPSC will acquire the stake through its wholly owned subsidiary, Global Renewable Synergy Company Limited (GRSC). GPSC is majority owned (directly and indirectly) by PTT Public Company Limited, Thailand’s largest energy company.

The transaction is subject to customary closing conditions, filing for Foreign Investment Approval and filings with the Ministry of Economic Affairs, Taiwan R.O.C.

Scheduled to be completed by 2024, the CFXD offshore wind project will provide clean energy to more than 600,000 households in Taiwan. White & Case previously advised CIP on a US$3 billion (NT$90 billion) project financing of the CFXD offshore wind project, which achieved financial close in February 2020.

The White & Case team in Asia-Pacific which advised on the transaction was led by partners Christopher Kelly and Fergus Smith, and included partners Andrew Clark, Candice Ota and Anthony Vasey, local partner James Hsiao, counsel Peiwen Chen and Hilary Cure, and associates Connie Ng, Donovan Ang, Michael Li, Nettie Choo, Andrew Baker, Kevin Chen, Dion English, Callum Fitzpatrick, Ostiane Goh-Livorness, Ruveena Kaliannan, Audrey Lim, Ee Lynn Tan and Gabby Wong. 

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