Hogan Lovells advises Cathay Private Equity on co-investment in Taiwan Offshore Wind Farm

Hogan Lovells advises Cathay Private Equity on co-investment in Taiwan Offshore Wind Farm

Press releases | 08 November 2021

Singapore, 8 November 2021 – Global law firm Hogan Lovells has advised Cathay Private Equity Ltd. Co. (Cathay PE), as the general partner of Cathay Sustainable Private Equity Fund Limited Partnership (Fund), on the Fund’s co-investment in the NT$75 billion (approximately US$2.7 billion) 605MW Greater Changhua 1 Offshore Wind Farm (Greater Changhua 1) in Taiwan.

Cathay PE, together with global institutional investor Caisse de dépôt et placement du Québec (CDPQ), will acquire 50 percent of Greater Changhua 1 which is currently owned and being developed and constructed by Ørsted. This is the first investment in an offshore wind project, directly or indirectly, by a leading Taiwan financial holding group.

This partnership is part of Taiwan's drive to generate 20% of its power needs through renewable energy by 2025, and will give rise to further opportunities in the Taiwanese market.

Greater Changhua 1 will be located off the coast of Changhua County and will have a capacity of approximately 605MW, supplying clean power to over 650,000 Taiwanese families. Construction is underway and is scheduled to be completed in 2022.

Hogan Lovells advised Cathay PE on the Fund’s bid for the project and the co-investment with CDPQ, including working with both CDPQ and Ørsted on the commercial contracts underpinning the project and support in securing the holdco financing.

The multi-disciplinary cross-border team from Hogan Lovells was led by Singapore partner Alex Wong and Hong Kong-based senior associate William Wu. The team also included Singapore partner Stephanie Keen, and counsel Danielle Wu.

Commenting on the project, Alex said “We would like to congratulate Cathay PE, CDPQ and Ørsted on this landmark project in Taiwan’s journey to a low carbon economy. We are delighted to have been part of the project and to have contributed our deep understanding of Asian and Taiwan energy markets to the deal.”