Baker advises Taiwan’s largest offshore wind farm financing

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Baker McKenzie counselled Copenhagen Infrastructure Partners (CIP) on its US$3 billion project financing of the 589MW Changfang Xidao Offshore Wind Farm Project in Changhua county, Taiwan.

The transaction was executed through Copenhagen Infrastructure II and Copenhagen Infrastructure III funds as sponsors. Funding was provided by 21 international and Taiwan banks, life insurance firms, as well as seven export credit agencies and development banks, and is the largest offshore wind project financing in Taiwan to date.

The lenders and export credit agencies were advised by Watson Farley Williams, Linklaters and Lee & Li. Mitsubishi UFJ Financial Group (MUFG) acted as international financial adviser and CTBC Bank acted as local financial adviser on the financing.

Baker McKenzie served as Taiwan local legal counsel, with its Singapore member firm, Baker McKenzie Wong & Leow, acting as Singapore legal counsel. International counsel was represented by White & Case.

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 by two local Taiwanese life insurance companies, Taiwan Life Insurance and TransGlobe Life Insurance.

The Baker McKenzie team advising on the acquisition, development, institutional investment and financing of the project comprised Tiffany Huang, Murray Bowler, Chen Su-fen, Melanie Ho, Evangeline Wang, David Lin, Claudia Chen, Chen Jun, Tom Chou, Ho Shinn-yih, Lin Yiting, Charlotte Chang, Alison Chen, Jady Kao and Hong Hui-heng (all from Baker McKenzie’s Taipei office); and Kim Hock Ang, Jevgenia Serper, Nurul Sharafudin and Aaron Jones (from Baker McKenzie Wong & Leow in Singapore).

CIP, founded in 2012, is a fund management company with five funds and about US$8.4 billion under management. It specializes in infrastructure investments, particularly wind power.