Law firm White & Case provides insights on a $3.3 billion funding arrangement for an offshore wind project in Taiwan.
White & Case Advises on Financing for Greater Changhua 2 Offshore Wind Farm
The Greater Changhua 2 Offshore Wind Farm, a project of Ørsted, is currently under construction off Taiwan's coast. This wind farm, with a capacity of 632 MW, is a significant step forward in Taiwan's continued expansion of its offshore wind capacity and its efforts to reduce its reliance on fossil fuels.
The financing for the Greater Changhua 2 Offshore Wind Farm involved a consortium of 25 banks and 5 Export Credit Agencies (ECAs), raising approximately TWD 90 billion (approx. DKK 20 billion) for its construction. White & Case acted as the legal counsel, advising on the financing transaction structure for the project.
Ørsted, the project owner and developer, secured over $3 billion in project financing from the consortium of banks and ECAs. The Greater Changhua 2 Offshore Wind Farm is part of Ørsted's partnership and divestment program.
The wind farm consists of the 295MW Greater Changhua 2a facility, which began commercial operations in 2023, and the 337MW Greater Changhua 2b project, scheduled for commissioning by the end of 2025. International, domestic, and Taiwan state-owned banks were among the lenders involved.
White & Case's team involved in the financing includes partner Brendan Quinn (Melbourne), partner Chris Settle (Melbourne), local partner Nathaniel Crowley (Hong Kong), counsel Alexis Fong (Melbourne), and associates Nettie Choo, Elloise Campbell (both Singapore), Annie Tran, Mikaylie Page, Emma Groves, Kate Moriarty (all Melbourne) and Nana Kwon (Seoul).
Other key players involved in the financing include Cathay Life Insurance, which has invested in related Greater Changhua 4 offshore wind assets advised by Baker McKenzie in financing aspects. White & Case has advised on seven successfully closed offshore wind projects in Taiwan, demonstrating its expertise in this field.
The Greater Changhua 2 Offshore Wind Farm is located 50-60 kilometres off Changhua County. This project is a testament to the collaboration between governments, financial institutions, and developers in supporting the transition to renewable energy.
- The Greater Changhua 2 Offshore Wind Farm, with its capacity of 632 MW, is a significant move by Taiwan in the field of environmental-science, aiming to reduce its reliance on fossil fuels and expand its renewable-energy sources.
- The $3 billion financing deal for the Greater Changhua 2 Offshore Wind Farm, a project of Ørsted, involves several banks, Export Credit Agencies, and financial institutions, demonstrating the business interests and investments in the climate-change mitigation efforts in the industry.
- White & Case's role in advising on the financing transaction structure for the Greater Changhua 2 Offshore Wind Farm project showcases the law firm's expertise in collaborating with renewable-energy companies and the financial sector to foster environmental and technological growth.
- The Greater Changhua 2 Offshore Wind Farm project has attracted investments from various banks and insurance companies, including Cathay Life Insurance, indicating the growing importance of the environmental sector in technology and finance.
- The Greater Changhua 2 Offshore Wind Farm has aided Taiwan in adopting science and technology to combat climate change, contributing to its overall economic growth and business strategy, while promoting the environmental and technological industries' expansion and sustainability.
