White & Case advises Copenhagen Infrastructure Partners on divestment in Fengmiao 1 offshore wind farm

Global law firm White & Case LLP has advised Copenhagen Infrastructure Partners (CIP), through its fund Copenhagen Infrastructure V, on the divestment of a 10 percent stake in the 495 MW Fengmiao 1 offshore wind farm located off the coast of Taichung County in Taiwan, to Mitsui O.S.K. Lines (MOL), a Japanese shipping company with global operations.

"This strategic transaction highlights the high level of international investor confidence in Taiwan's renewable energy market and demonstrates the region's continued strength as a key hub for offshore wind development in Asia," said White & Case partner Chris Kelly, who co-led led the Firm's deal team. "The successful divestment underscores the value created by CIP during the development phase and recognizes its strong track record in delivering world class offshore wind projects in Taiwan."

White & Case partner Fergus Smith, who co-led the deal team, said: "CIP's ability to execute this important equity sell down for Fengmiao 1 in the current challenging market conditions affirms the continuing strength and attractiveness of the Asia offshore wind sector."

Kelly said: "The addition of MOL, one of Japan's leading shipping companies operating around 900 vessels globally, as a co-investor brings valuable maritime expertise to the Fengmiao I project. Its extensive experience in offshore operations and social infrastructure businesses complements CIP's renewable energy development capabilities and the partnership aligns with MOL's strategic expansion into the renewable energy sector, strengthening the project's operational foundations as it progresses toward completion in 2027."

The project is financed through a combination of equity and senior loans from a consortium of 27 international and Taiwanese banks and financial institutions, with partial guarantees from four export credit agencies and Taiwan's National Credit Guarantee Administration. The transaction is subject to customary closing conditions, including filing for Foreign Investment Approval and filings with the Ministry of Economic Affairs, Taiwan R.O.C.

The White & Case team which advised on the transaction was led by partners Christopher Kelly (Hong Kong) and Fergus Smith (Singapore) and included associates Jacobus du Plessis and Elloise Campbell (both Singapore).

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