Baker McKenzie has advised Copenhagen Infrastructure Partners, through its Copenhagen Infrastructure II and Copenhagen Infrastructure III funds ("CIP") as sponsors, on the USD 3 billion project financing of the 589 MW Changfang Xidao Offshore Wind Farm Project in Changhua County, Taiwan.
The project financing was provided by 21 international and Taiwan local banks and life insurance companies and supported by seven export credit agencies and development banks. It is the largest offshore wind project financing in Taiwan to date.
Baker McKenzie acted as Taiwan local legal counsel, with its Singapore member firm Baker McKenzie Wong & Leow as Singapore legal counsel and White & Case acting as international counsel. The lenders and export credit agencies were advised by Watson Farley Williams, Linklaters and Lee & Li. MUFG acted as international financial adviser and CTBC Bank acted as local financial adviser on the financing.Baker McKenzie also advised CIP on its original acquisition of the project in 2017, the continued development of the project and investments in the project made by two local Taiwanese life insurance companies, Taiwan Life Insurance Co., Ltd. and TransGlobe Life Insurance Inc.
The Baker McKenzie team was led by Partner Murray Bowler, who commented "The Changfang Xidao Project demonstrates that Taiwan's pipeline of offshore wind projects continues to be strongly supported by international and local Taiwan financial institutions. Of particular note here was the participation of Taiwan institutional investors, Taiwan Life and TransGlobe, as both equity investors and lenders. The rapid development of Taiwan's project financing and project investment sector will serve Taiwan well as it completes the current 5 GW round of projects scheduled to be completed by 2025 and then moves on to the next 10 GW round of projects proposed for 2026 - 2035."
Tiffany Huang, head of Projects, Taipei, commented "We are so pleased to see CIP's successful development and now financing of the Changfang Xidao Project. The project is a key pillar of the Taiwan government's plans to have 5 GW of offshore wind generation capacity constructed and in operation by 2025. The project is also set to make a major contribution towards achievement of the government's localization objectives."
The Baker McKenzie team advising on the acquisition, development, institutional investment and project financing of the Changfang Xidao Offshore Wind Farm Project comprised Tiffany Huang, Murray Bowler, Su-Fen Chen, Melanie Ho, Evangeline Wang, David Lin, Claudia Chen, Jun Chen, Tom Chou, Shinn-Yih Ho, Yiting Lin, Charlotte Chang, Alison Chen, Jady Kao and Hui-Heng Hong (from Baker McKenzie's Taipei office) and Kim Hock Ang, Jevgenia Serper, Nurul Sharafudin and Aaron Jones (from Baker McKenzie Wong & Leow in Singapore).