€2.7 Billion Financing of Yunlin Offshore Wind Farm in Taiwan

White & Case LLP has advised the export credit agencies (ECAs) and a large syndicate of international and Taiwanese commercial banks on the €2.7 billion (NT$94 billion) project financing of German developer wpd AG’s Yunlin offshore wind project in Taiwan.

The 640 MW Yunlin project is the largest offshore wind farm in Asia-Pacific to reach financial close to date. Located eight kilometers off the coast of Yunlin County in western Taiwan, it comprises 80 Siemens Gamesa turbines of the 8 MW class and is being developed by wpd in two phases, with the first phase scheduled to be commissioned by 2020 and the second phase in 2021. The Yunlin project is 73 percent owned by wpd and 27 percent owned by a Sojitz Corp-led consortium.

The finance parties include ECAs EKF (Denmark), Euler Hermes (Germany) and Atradius (Netherlands), coverage provider KfW IPEX-Bank and commercial banks consisting of Sumitomo Mitsui Banking Corporation (also financial adviser for the project), BNP Paribas, Cathay United Bank, Commerzbank, Crédit Agricole Corporate and Investment Bank, CTBC Bank, Deutsche Bank, DBS Bank, E-SUN Commercial Bank, ING Bank, Mizuho Bank, MUFG Bank, Natixis, OCBC, Siemens Bank, Société Générale, Standard Chartered Bank and Taipei Fubon Bank.

The White & Case team in Asia-Pacific and Germany that advised on the transaction was led by partners Brendan Quinn (Picture), Fergus Smith, Florian Degenhardt and Andrew Clark, supported by Alexis Fong, Alena Kosmin, Beate Treibmann, Andrea Castle, Paul Marshall, Mikio Kobayashi, Candice Ota, Donovan Ang, Hilary Cure, Callum Fitzpatrick, Dion English, Matthias Grigoleit, Matthias Bochum, Max Sergelius, Kirsty Ha, Yushu Xie and Naomi Midha.

Involved fees earner: Donovan Ang – White & Case; Matthias Bochum – White & Case; Andrea Castle – White & Case; Andrew Clark – White & Case; Hilary Cure – White & Case; Florian Degenhardt – White & Case; Alexis Fong – White & Case; Matthias Grigoleit – White & Case; Mikio Kobayashi – White & Case; Alena Kosmin – White & Case; Paul Marshall – White & Case; Naomi Midha – White & Case; Candice Ota – White & Case; Brendan Quinn – White & Case; Max Sergelius – White & Case; Fergus Smith – White & Case; Beate Treibmann – White & Case;

Law Firms: White & Case;

Clients: Atradius DSB; BNP Paribas; Cathay United Bank; Commerzbank AG; Crédit Agricole Corporate and Investment Bank; CTBC Bank Co., Ltd.; DBS Bank; Deutsche Bank; E.SUN Commercial Bank, Ltd.; EKF Denmark’s Export Credit Agency; Euler Hermes; ING Bank; KfW IPEX-Bank GmbH; Mizuho Bank; MUFG Bank, Ltd.; Natixis; OCBC Bank; Siemens Bank GmbH; Société Générale; Standard Chartered Bank; Sumitomo Mitsui Banking Corporation; Taipei Fubon Commercial Bank Co Ltd;

Author: Michael Patrini