Law firms White & Case, Jones Day, Hogan Lovells, Linklaters, and Tsar & Tsai have represented the co-sponsors on the financing and development of the Hai Long Offshore Wind Power Project in Taiwan.
Clifford Chance is the international counsel to the project financiers, while Lee and Li has advised the lenders on Taiwanese issues.
The project is the largest limited-recourse offshore wind financing in Asia to date, with a project cost of $6.4 billion. It will be funded to the tune of $3.6 billion by global financial institutions, including Japan Bank for International Cooperation, Nippon Export and Investment Insurance.
The transaction also marks the first large-scale offshore wind financing in Asia backed with a corporate power purchase offtake (CPPA).
Mitsui’s investment, loan and guarantee amount will extend to approximately $2.6 billion, the trading company said in a statement.
The White & Case team advising Japan’s Mitsui & Co on the transaction was led by partners Paul Harrison and Julien Bocobza in Tokyo and included partners Jun Usami (Tokyo) and Tzi-Yang Seow (Hong Kong, Singapore).
The cross-border Linklaters team that advised Northland and Mitsui from Hong Kong, Singapore, Tokyo and London, was led by Asia head of energy & infrastructure John Maxwell, together with energy & infrastructure partners Mark Veitch, James McLaren, Ying Fu, Richard Coar, and Ilia Ditiatev.
A Clifford Chance team across Singapore, Sydney, Tokyo, Düsseldorf, Frankfurt, Amsterdam and London advised on the financing of the project, led by partners Ross Howard, Florian Mahler and Matthew Buchanan.
A Hogan Lovells team led by Hamburg partner Christian Knütel advised Yushan Energy.
The project is currency co-sponsored 60:40 by Northland and Yushan Energy. Mitsui owns a 50 percent stake in Yushan, giving it a 20 percent stake in Hai Long offshore wind project. Singapore-based Gentari International Renewables will acquire 49 percent of Northland’s ownership interest shortly after financial close.
The project comprises 73 large wind turbines to be located offshore Changhua County, Taiwan, with a combined generation capacity of 1,022 MW. It is anticipated to commence operations from the end of 2025.