Orrick
Deal News | Mar 20, 2025 | Orrick
Orrick played a crucial advisory role in securing approximately NT$103 billion (US$3.1 billion) financing for Copenhagen Infrastructure Partners (CIP) from a consortium of over 20 entities, including export credit agencies, commercial banks, and hedge providers. This funding is designated for the development of the 495MW Fengmiao 1 offshore windfarm, which is notable for being the first offshore wind project in Asia to rely solely on corporate power purchase agreements (CPPAs) for revenue, thus operating with a zero-subsidy model. The landmark transaction achieved financial close in March 2023 after the signing on March 14. The windfarm, located off the west coast of Taichung County, Taiwan, is set to start commercial operations by 2028 and sets a new precedent in the renewable energy sector. The legal and advisory team from Orrick was led by Adam Smith, with significant contributions from a team spanning London and Singapore, showcasing their expertise in structured finance and international arbitration.
Sectors
- Renewable Energy
- Project Finance
- Legal Advisory
Geography
- Taiwan – The location of the Fengmiao 1 offshore windfarm project and significant focus of the transaction.
- Asia – The article mentions the milestone of the first zero-subsidy offshore wind project in Asia.
Industry
- Renewable Energy – The article discusses the development of a major offshore windfarm, indicating its significance in the renewable energy space.
- Project Finance – Focuses on the structuring and financing of the Fengmiao 1 project through complex financial arrangements and stakeholders.
- Legal Advisory – Orrick's role as a legal advisor for the lenders in this transaction highlights the legal industry's involvement in major infrastructure projects.
Financials
- NT$103 billion (US$3.1 billion) – Total financing secured for the development of the Fengmiao 1 offshore windfarm.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Orrick | Advisor | Company | Provided legal advisory services for the ECAs and lenders in the windfarm project financing. |
| Copenhagen Infrastructure Partners (CIP) | Project Developer | Company | Secured financing for and will oversee the development of the Fengmiao 1 windfarm. |
| Copenhagen Offshore Partners (COP) | Construction leader | Company | Responsible for leading the construction phase of the windfarm project. |
| Export Credit Agencies | Lender | Company | Part of the consortium providing financial backing for the project. |
| United Microelectronics Corporation | Offtaker | Company | Entered into a CPPA with the project company. |
| Sino-American Silicon Products Inc. | Offtaker | Company | Among the companies that signed CPPA agreements with the project. |
| Far EasTone Telecommunications Co., Ltd. | Offtaker | Company | One of the CPPAs participants for the windfarm project. |
| MediaTek | Offtaker | Company | Agreed to a CPPA with the project company, supporting revenue generation. |