White & Case Advises Copenhagen Infrastructure Partners on 589 MW CFXD Offshore Wind Project in Taiwan

Global law firm White & Case LLP has advised Copenhagen Infrastructure Partners through its funds Copenhagen Infrastructure II (CI II) and Copenhagen Infrastructure III (CI III) on the US$3 billion (NT$90 billion) project financing of the 589 MW Changfang & Xidao offshore wind project located off the coast of Changhua County, Taiwan.

"The success of Copenhagen Infrastructure Partners in the Taiwan offshore wind sector is a strong statement about the growing strength of the sector," said White & Case partner Brendan Quinn, Head of Project Finance in Asia-Pacific. "It also provides a further demonstration of the increasing activity of global infrastructure funds seeking quality assets in the Asian market."

White & Case partner Fergus Smith said: "Financial close on the Changfang & Xidao offshore wind project is another important step on the march toward Taiwan’s 15.5 GW installed offshore wind capacity target by 2035."

White & Case partner Andrew Clark, Head of Projects in Asia-Pacific said: "This transaction builds on our team’s success advising on the €2.7 billion financing of the Yunlin offshore wind project, which closed in May 2019. Our team has now advised the sponsor, lenders and equity investor on the three largest offshore wind projects in Taiwan to reach financial close."

Scheduled to be completed by 2024, the Changfang & Xidao offshore wind project will provide clean energy to more than 600,000 households in Taiwan.

The project is supported by export credit agencies Atradius (Netherlands), EKF (Denmark), K-SURE (Korea), NEXI (Japan), UKEF (United Kingdom) and GIEK (Norway) as well as KfW IPEX-Bank, 21 international and local commercial banks and Taiwanese life insurance companies Taiwan Life and TransGlobe Life. MUFG acted as financial advisor and CTBC as the local financial advisor for the project debt financing.

The White & Case team in Asia-Pacific that advised on the transaction was led by partners Brendan Quinn, Fergus Smith and Andrew Clark, with support from lawyers Alexis Fong, Candice Ota, Hilary Cure, Chenez Dyer Bray, Nettie Choo, Donovan Ang, Callum Fitzpatrick, Philippa Cordi, Ee Lynn Tan, Sarah Oh, Ostiane Goh-Livorness, Kevin Lee, Kevin Chen and Yushu Xie.

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