Linklaters has advised Danish energy company Ørsted on the sale of a 50 percent stake in its Greater Changhua 4 offshore wind project in Taiwan for approximately $1.64 billion to Cathay Life Insurance, which turned to Greenberg Traurig for advice.
White & Case advised the finance parties on the project financing for the deal.
The deal represents the first major direct equity investment by a Taiwanese life insurer in the offshore wind market and is seen as a significant step in attracting local capital to Taiwan's growing offshore wind sector, supporting the country's energy transition goals.
The 583MW Greater Changhua 4 project is part of Ørsted's larger 920MW offshore wind farm development, which is expected to be completed by the end of 2025. Ørsted will retain the remaining 50 percent stake in the project.
The transaction's financing package involves support from six export credit agencies, including the first-ever guarantee for offshore wind financing from Taiwan's National Credit Guarantee Administration.
"This landmark investment by Cathay Life, the largest made by a Taiwan life insurer in an offshore wind farm, sets a new green investment paradigm in Taiwan," said an Ørsted executive in a statement.
The cross-jurisdictional Linklaters team was led by partner Ying Fu with support from consultant James McLaren, partners Richard Ginks, Richard Coar, Xylia Sim, and Alistair Fraser, solicitor Derek Loh, and managing associates Paul Grethe-Watanabe, Isabella Peplinski, Joowon Lee, and Matt Watson.
Greenberg Traurig's team advising Cathay Life Insurance and Cathay Power was led by shareholder William Wu, supported by shareholder Jared Raleigh and associate Stephanie Sijie Li. Additional team members included shareholders Joseph Kim, Graeme McLellan, and Sophie Allen, of counsel Richard Hughes, and associates Ji Hyung (Jay) Lee, Ping Hsu, and Nickie Pickernell.
The White & Case team advising the export credit agencies and commercial lenders included partners Fergus Smith (Singapore), Brendan Quinn (Melbourne) and Tim Kennedy (Sydney), counsel Dominik Kepinski (Melbourne) and associates Nettie Choo, Gabby Wong, Callum Fitzpatrick, Emily Cameron (all Singapore), Donovan Ang and Annie Tran (both Melbourne), Nana Kwon (Seoul), Soo Choi (Sydney) and Katie Morgan (London).
