11/05/2019 | News release | Distributed by Public on 11/04/2019 20:01
Clifford Chance advises on financing of Formosa 2 offshore wind farm
Leading international law firm Clifford Chance has advised Macquarie Capital and Swancor Renewable as the lead sponsors on the NT$62.4 billion (US$2 billion) financing of the development and construction of the Formosa 2 offshore wind farm in Taiwan.
The 376-MW Formosa 2 offshore wind farm will be one of Taiwan's largest offshore wind farms once constructed, and is expected to generate enough electricity to power 380,000 homes annually.
Matt Buchanan, Singapore partner and Head of Construction for Asia Pacific, said, 'The sector specific complexity and cross-border nature of offshore wind projects such as Formosa 2 highlights the depth and specialism within our Asia Pacific team and our unrivalled ability to support clients right through each stage of a project.'
Nicholas Wong, Singapore partner and co-head of the firm's Worldwide Projects Group said, 'We are delighted to advise on Formosa 2, building on our work on Formosa 1 and cementing our position as the global law firm of choice in project finance, specifically in renewables and offshore wind.'
Matt and Nicholas led a cross-border team in Singapore, Sydney and Perth which included partner Nadia Kalic, counsel Chad Bochan and Danielle Delbridge, senior associate James Clark, and associates Malcolm Ong, Laurence Wong and Christine Yassa. Lee & Li provided Taiwan law advice to the sponsors.
Clifford Chance regularly advises on market-leading renewables transactions in Asia Pacific. In addition to advising on the 128-MW Formosa 1 offshore wind project, Taiwan's first commercial scale and Asia Pacific's first project financed offshore wind farm, the firm has also advised Partners Group on its 100% acquisition AU$200 million equity investment in the 226MW Murra Warra Wind Farm (Stage 1) renewable energy project in Australia and Global Infrastructure Partner's US$5 billion acquisition of Equis Energy's portfolio of renewable energy assets.