Clifford Chance, Tsar & Tsai Law Firm, Lee and Li and Linklaters advised on completion of NTD58.9 billion (USD1.96 billion) refinancing for the Formosa 2 offshore wind farm, located off the coast of Miaoli county in northwestern Taiwan.
This landmark transaction — the first offshore wind refinancing in both Taiwan and the Asia-Pacific region — was achieved in around four months from official launch to financial close, Formosa 2 said in a LinkedIn post.
Formosa 2 is under the management of a joint venture betweenTaiwan-based energy company Synera Renewable Energy Group (51%) and London-headquartered offshore wind company JERA Nex bp (49%), with a total installed capacity of 376 megawatts.
Partner Janice Lin and associate partner Ellen Peng led the Tsar & Tsai team.
“We advised the finance parties on the documentation, signing and closing process and post-closing matters,” Lin told Asia Business Law Journal.
She said the key focus included the treatment of Taiwan law security.
The finance parties comprised 17 of Taiwan’s financial institutions, including eight state-owned banks, 10 international banks, and four export credit agencies (ECAs), said Peng.
A complete list of all the banks involved was not published in Formosa 2’s official LinkedIn post.
Lee and Li advised on Taiwan law for Synera Renewable Energy Group and JERA Nex bp, while Clifford Chance’s team – headed by partners Matt Buchanan and Chad Bochan, and counsel Tom Capel – counselled on the international aspects of the deal.
Ying Fu, partner and Asia co-head for energy and infrastructure at Linklaters, advised the lenders, comprising banks and financial institutions .
