Global law firm White & Case LLP has advised Copenhagen Infrastructure Partners (CIP) on the sale of a 10 percent stake in the Fengmiao 1 offshore wind farm. The farm, with a capacity of 495 MW, is situated off Taichung County’s coast in Taiwan. Mitsui O.S.K. Lines (MOL), a Japanese shipping company, acquired the stake.
“This strategic transaction highlights the high level of international investor confidence in Taiwan’s renewable energy market and demonstrates the region’s continued strength as a key hub for offshore wind development in Asia,” said Chris Kelly, a partner at White & Case who co-led the deal team. He noted that “the successful divestment underscores the value created by CIP during the development phase and recognizes its strong track record in delivering world-class offshore wind projects in Taiwan.”
Fergus Smith, another partner at White & Case who co-led the team, commented on CIP’s ability to sell equity amid challenging market conditions. “CIP’s ability to execute this important equity sell down for Fengmiao 1 in the current challenging market conditions affirms the continuing strength and attractiveness of the Asia offshore wind sector,” he stated.
Kelly further emphasized MOL’s role: “The addition of MOL, one of Japan’s leading shipping companies operating around 900 vessels globally, as a co-investor brings valuable maritime expertise to the Fengmiao I project.” He added that MOL’s experience complements CIP’s capabilities and aligns with MOL’s expansion into renewable energy.
The project financing includes equity and senior loans from 27 international and Taiwanese banks and financial institutions. It also involves partial guarantees from four export credit agencies and Taiwan’s National Credit Guarantee Administration. The transaction awaits customary closing conditions like Foreign Investment Approval filing and submissions to Taiwan’s Ministry of Economic Affairs.
The advisory team from White & Case was led by partners Christopher Kelly from Hong Kong and Fergus Smith from Singapore, with associates Jacobus du Plessis and Elloise Campbell also contributing from Singapore.
