The Singapore office of Watson Farley & Williams LLP has acted for DBS Bank Ltd, in various capacities, and DBS Bank Ltd, Taipei Branch, as lender, regarding term loan and performance bond facilities of up to approximately NT$2.4bn in aggregate to finance the project and development costs for a 70.2 MW solar power project to be located in Chiayi County, Taiwan
The project, which was won by Vena Energy following a competitive tender in 2017, is understood to be Taiwan’s largest private ground mount utility scale solar project to date.
The facility, which was structured on a project finance basis, was provided to Vena Energy Taiwan Solar Energy Limited, a subsidiary of Vena Energy.
Vena Energy is the largest independent power producer (IPP) in the Asia-Pacific region, producing over 11 GW in operation, under construction and in development in Australia, Japan, India, Indonesia, the Philippines, South Korea, Taiwan and Thailand.
The project, which has created more than 600 jobs locally, covers an area of 79.5-hectares. The energy generated by the project will meet the electricity demands of approximately 28,000 households, reducing around 60,000 tonnes of greenhouse gas emissions, and save up to 380,000 litres of water per year and will be sold under a long term Power Purchase Agreement (PPA).
The WFW Singapore Finance team advising the lender was led by Partner Shawn Er (Picture), assisted by Associates Sheila Ng and Goh Ee Ling. Lee & Li, acted as their Taiwanese counsel.
Law Firms: Watson Farley & Williams;