Linklaters advises DONG Energy on acquisition of Taiwan’s first offshore wind project
Linklaters has advised Danish based DONG Energy on its acquisition of a 35 per cent interest in the Taiwanese offshore wind project Formosa I from local developer Swancor Renewable.
Following the deal, the new owners of Formosa I will be DONG Energy (35%), Macquarie Capital (50%), and Swancor Industries (15%). The project demonstrates a strong partnership between the three, combining Swancor’s local expertise, Macquarie’s strong track record in renewables, and DONG Energy’s 25 years of experience in the offshore wind sector. Completion of the transaction is subject to obtaining EU competition clearance and satisfying other conditions precedent.
Linklaters also advised DONG Energy on the provision of technical and advisory services to the project.
Asia has become a focus for Linklaters’ market leading global renewables business and has led to our current or recent involvement in projects covering the full spectrum of renewables energy technologies including onshore and offshore wind (Pakistan, Taiwan, Thailand), solar (Japan, India, Indonesia, Thailand), geothermal (Indonesia), hydropower (Laos, India, Indonesia, Pakistan), waste and waste-to-energy (Thailand).
James McLaren, partner, commented:
“We have a long established and market leading Green Energy group which has been at the forefront of market developments for some time. This includes combining local ‘on the ground’ expertise across Asia with international best practice in offshore wind and other renewables transactions. We are, therefore, delighted to have advised DONG Energy as the world’s largest offshore wind energy developer in its investment in Taiwan’s first offshore wind power project. This investment represents a real commitment to the Taiwanese market and the government’s offshore investment plans. It also represents an increased interest of European and other renewables players in this sector where interest in offshore wind power (and other low carbon energy solutions) is expected to grow in Asia at a significant rate over the coming years.”