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Clifford Chance advises CDPQ on US$2.7 billion investment in Taiwan Offshore Wind Farm

27 January 2021

Clifford Chance advises CDPQ on US$2.7 billion investment in Taiwan Offshore Wind Farm

Clifford Chance has advised global institutional investor Caisse de dépôt et placement du Québec (CDPQ) on its NT$75 billion (approximately US$2.7 billion) co investment in the 605MW Greater Changhua 1 Offshore Wind Farm (Greater Changhua 1) in Taiwan.

CDPQ, together with established local investor Cathay PE, will acquire 50 percent of Greater Changhua 1 which is currently owned and being developed and constructed by Ørsted.

The 50-50 partnership is the first of its kind in the Asia Pacific offshore wind sector and will help stimulate further opportunities in the Taiwanese market. It also represents CDPQ’s first direct investment in Taiwan through its Infrastructure team, which has a long track-record in the renewable energy sector.

Greater Changhua 1 will be located off the coast of Changhua County and will have a capacity of approximately 605MW, supplying clean power to over 650,000 Taiwanese families. Construction is underway and is scheduled to be completed in 2022.

Clifford Chance advised CDPQ and the SPV purchaser on the bid and acquisition process for the 50 percent interest in the wind farm, the negotiation of the construction, operations and other commercial arrangements and the holdco financing of the purchase price and construction funding.

Partner Ross Howard offered, "We'd like to congratulate CDPQ, Ørsted and Cathay PE on this unique transaction which mobilises global capital to support Taiwan's transition to a low carbon economy. We're delighted to have been able to deliver our firm's global expertise in the offshore wind sector as well as our deep understanding of the burgeoning Taiwanese market."

The Clifford Chance team was led by partner Ross Howard (Singapore), supported by lead associates Jordan Knowles (Singapore) and Dominik Kepinski (Perth). They were supported by cross-practice, multijurisdictional team comprising partner Valerie Kong (Singapore), senior associates Leonhard Rudolph (London), Irina Steinberg (London) and Elizabeth Wood (Singapore), associates Mark Hee (Singapore) and Emma Clarke (London). Partner Paul Landless and senior associate Miles Binney (Singapore) provided hedging advice.

Clifford Chance regularly advises on market-leading renewables transactions around the world including Taiwan's landmark Formosa 1 and Formosa 2 offshore wind farms, OTPP's US$1.25 billion investment in EquisIberdrola on Swedish offshore wind partnership, and Global Infrastructure Partners on the acquisition of a 50% stake in Hornsea 1 wind project.