White & Case Guides $1.6bn Ørsted and Cathay Life Offshore Wind Financing
Deal News | Dec 17, 2024 | White & Case
Global law firm White & Case LLP played a significant advisory role in the project financing of the Greater Changhua 4 Offshore Wind Farm in Taiwan, a venture marking the first Asian offshore wind project entirely supported by corporate offtake agreements. The project, a collaboration between Ørsted and Cathay Life, represents a pioneering step in renewable energy expansions in Asia. With the financing culmination set for December 12, 2024, the project exemplifies a significant Taiwan-based investment in offshore wind by Cathay Life, a leader in the life insurance sector. White & Case advised various finance parties, including export credit agencies and commercial lenders, underscoring the burgeoning role of domestic capital in Taiwan’s growing offshore wind market. The legal team, guided by partners Fergus Smith and Brendan Quinn, highlighted this transaction as an essential landmark for the sector, illustrating the increasing importance of sustainable energy investments in Asia.
Sectors
- Renewable Energy
- Financial Services
- Legal Services
Geography
- Taiwan – The Greater Changhua 4 Offshore Wind Farm is located in Taiwan, and it signifies a major investment in the region's offshore wind sector.
- Global – The firms and financing parties involved are from various countries, reflecting a global reach.
Industry
- Renewable Energy – The article discusses the financing of an offshore wind farm project, which is a part of the renewable energy sector.
- Financial Services – Financial services are involved as the article covers the project financing by commercial lenders and export credit agencies.
- Legal Services – Legal services are highlighted as White & Case LLP provides legal advisory for the financing project.
Financials
- US$1.6 billion – The total project financing for the Greater Changhua 4 Offshore Wind Farm.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| White & Case LLP | Legal Advisor | Company | A global law firm providing advisory services on the project financing. |
| Ørsted | Target Company/Project Developer | Company | A leading company in renewable energy and developer of the Greater Changhua 4 Offshore Wind Farm. |
| Cathay Life Insurance | Co-owner/Investor | Company | A Taiwan-based life insurance company investing in the offshore wind farm. |
| Credendo | Finance Party/Export Credit Agency | Company | One of the export credit agencies involved in project financing. |
| Export Finance Australia | Finance Party/Export Credit Agency | Company | An export credit agency involved in project financing. |
| Export & Investment Fund of Denmark | Finance Party/Export Credit Agency | Company | An export credit agency involved in project financing. |
| National Credit Guarantee Administration | Finance Party/Export Credit Agency | Company | An export credit agency involved in project financing. |
| Korea Trade Insurance Corporation | Finance Party/Export Credit Agency | Company | An export credit agency involved in project financing. |
| UK Export Finance | Finance Party/Export Credit Agency | Company | An export credit agency involved in project financing. |
| Brendan Quinn | Co-lead Partner at White & Case | Person | Partner at White & Case, involved in the transaction. |
| Fergus Smith | Co-lead Partner at White & Case | Person | Partner at White & Case who co-led the deal team. |
| Tim Kennedy | Partner at White & Case | Person | Partner at White & Case involved in the transaction. |