Clifford Chance and Tsar & Tsai Law Firm have advised on an NTD55 billion (USD1.7 billion) incremental financing package for the Hai Long offshore wind project in Taiwan.
The financing will be provided through NTD-denominated debt facilities. It brings together the project’s original seven export credit agencies, existing lending syndicate and the National Credit Guarantee Administration, as well as 17 new financial institutions. This increases the number of financial institutions backing the project to 35.
Clifford Chance advised the lenders and export credit agencies. Partner Ross Howard and counsel Tom Capel led the team, with support from lead associate Didi Hu, associates Haeyoung Kim and Seika Osafune, and graduate lawyer Benjamin Batten.
Co-head of the infrastructure sector Matthew Buchanan, counsel James Thornton and associate Jeanette Lee handled due diligence matters, while counsel Adam Wood and senior associate Allison Tan advised on hedging matters.
Tsar & Tsai Law Firm advised the Hai Long offshore wind project, with a team comprising partner Janice Lin, associate partner Ellen Peng and associate Simon Lee.
Construction was underway and was expected to become one of Asia’s largest offshore wind projects on completion, Clifford Chance said. Tsar & Tsai said Japan’s Mitsui & Co, Canada’s Northland Power and Malaysia’s Gentari had jointly invested and developed the project.
