Offshore wind project in Taiwan receives $3.3 billion in financing, with the law firm White & Case providing advisory services.
White & Case has played a significant role in the development of Taiwan's renewable energy sector, having advised on the financing of seven successfully closed offshore wind projects in the country. The latest addition to this list is the Greater Changhua 2 Offshore Wind Farm, a 632 MW project led by Danish energy company Ørsted.
The Greater Changhua 2 Offshore Wind Farm, located off Taiwan's coast, is approximately 50-60 kilometers from Changhua County. The project consists of two parts: the 295MW Greater Changhua 2a facility, which began commercial operations in 2023, and the 337MW Greater Changhua 2b project, currently under construction and scheduled for commissioning by the end of 2025.
The financing for the Greater Changhua 2 Offshore Wind Farm is part of Ørsted's partnership and divestment program. The project involved approximately TWD 90 billion (about DKK 20 billion) from a consortium of 25 banks and 5 Export Credit Agencies (ECAs).
White & Case acted as the legal advisor on the project financing, with partner Brendan Quinn (Melbourne) leading the team. The team included 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).
The Greater Changhua 2 Offshore Wind Farm is a significant part of Taiwan's efforts to reduce its reliance on fossil fuels and expand its offshore wind capacity. This project is a continuation of Taiwan's expansion, contributing to its goal of generating 20% of its energy from renewable sources by 2025.
Other firms involved in related projects include Baker McKenzie, which advised on the financing and acquisition of a stake in Greater Changhua 4, a separate but related wind farm project also owned by Ørsted.
The Greater Changhua 2 Offshore Wind Farm is set to play a crucial role in Taiwan's renewable energy landscape, further strengthening its position as a leader in the Asia-Pacific region's offshore wind sector.
The Greater Changhua 2 Offshore Wind Farm, a significant contribution to Taiwan's renewable energy sector and its goal of generating 20% of its energy from renewable sources by 2025, received financing advice from White & Case, led by partner Brendan Quinn in Melbourne. This project, consisting of two parts, involved approximately TWD 90 billion and was supported by 25 banks, 5 Export Credit Agencies, and Danish energy company Ørsted. Baker McKenzie, another firm, advised on the financing and acquisition of a stake in Greater Changhua 4, a related wind farm project also owned by Ørsted. The Greater Changhua 2 Offshore Wind Farm, located off Taiwan's coast, is a key player in Taiwan's strategy to reduce reliance on fossil fuels and expand offshore wind capacity, thereby playing a crucial role in Taiwan's renewable energy landscape and the Asia-Pacific region's offshore wind sector. This development aligns with the global environmental science and law surrounding climate-change, emphasizing the importance of renewable energy and environmental-science in the finance and technology sectors for a sustainable future.
