HSF advises Swancor Renewable Energy on Taiwanese mega-scale offshore wind projects

Leading international law firm Herbert Smith Freehills has advised Swancor Renewable Energy, the offshore wind developer owned by Stonepeak Infrastructure Partners, on its offshore wind farm projects Formosa 4 and 5 in Taiwan.

The transaction also marks the formation of a new wind power consortium by Swancor to develop these mega-scale wind power projects in Taiwan.

Swancor is Taiwan’s first offshore wind power developer, and will partner with Tien Li Offshore Wind Technology, Yeong Guan Energy and J&V Energy Technology to jointly develop the Formosa 4 and 5 offshore wind projects. The partner companies combine turbine technology and manufacturing capability with expertise in the construction, operation and management of wind power projects.

“The transaction stages the remarkable comeback of Stonepeak as a pioneer in accelerating large offshore wind power projects after its earlier sequel investments in Swancor’s Formosa 1 and 2 projects,” said Asia Head of Energy Hilary Lau.

“it’s also an important step in Taiwan’s green energy transition, with local companies uniting to develop international-standard power projects.”

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets, with approximately US$37 billion of assets under management as of 31 March 2021.

“We’re seeing a sharp uptick in the scale and complexity of specialist fund activity in the energy sector across Asia, and particularly in renewable assets,” said infrastructure partner Glynn Cooper.

“As governments and lenders shift capital and focus to the energy transition, funds are also increasing or remodelling their involvement from early stage investment to larger and larger projects.”

Hilary led the transaction with assistance by associates Charles Wong and Christie Wu and trainee solicitor Victor Tai.

Further support was provided by Asia Head of Competition Adelaide Luke and senior associate Howard Chan.

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