White & Case Advises on US$1.6bn project financing of Ørsted’s and Cathay Life’s 583MW Greater Changhua 4 Offshore Wind Farm

Global law firm White & Case LLP has advised the finance parties, comprising export credit agencies and commercial lenders, on the US$1.6 billion project financing of the 583MW Greater Changhua 4 Offshore Wind Farm in Taiwan, as part of Ørsted's 50 percent equity divestment to Cathay Life.

White & Case partner Fergus Smith, who co-led the Firm's deal team, said: "As the first offshore wind project in Asia to be 100 percent backed by corporate offtake, this project is an important landmark for the offshore wind sector and the broader renewable sector in Asia. The project lights the way for a new phase of large-scale offshore wind development in the region."

The project financing reached financial close on December 12, 2024. The Greater Changhua 4 site is part of the 920MW offshore wind farms Greater Changhua 2b and 4, which Ørsted is currently constructing and expects to complete by the end of 2025. Following Cathay Life's investment, the project will be co-owned by Ørsted and Cathay Life Insurance (each having a 50 percent ownership share), representing the largest investment made by a Taiwan life insurer into an offshore wind farm to date.

White & Case partner Brendan Quinn, who co-led the Firm's deal team, said: "This transaction underscores our continued commitment to supporting the growing offshore wind sector in Taiwan. It is also a strong demonstration of the increasing importance of domestic sources of capital as the Taiwan offshore wind sector continues to grow and mature."

The finance parties included six export credit agencies: Credendo, National Credit Guarantee Administration, Export Finance Australia, Export & Investment Fund of Denmark, Korea Trade Insurance Corporation and UK Export Finance and fifteen commercial lenders, including international, domestic and Taiwan state-owned banks.

The White & Case team which advised on the transaction included partners Fergus Smith (Singapore), Brendan Quinn (Melbourne) and Tim Kennedy (Sydney), counsel Dominik Kepinski (Melbourne) and associates Nettie Choo, Gabby Wong, Callum Fitzpatrick, Emily Cameron (all Singapore), Donovan Ang and Annie Tran (both Melbourne), Nana Kwon (Seoul), Soo Choi (Sydney) and Katie Morgan (London).

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