London-headquartered law firm Linklaters has advised Denmark’s 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%).
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.
Linklaters’ Hong Kong-based partner James McLaren led on the transaction supported by counsel Kevin Crombie in Singapore and managing associate Alex Roberts in Shanghai.
”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,” said McLaren.
Formosa I comprises two phases. Phase I has a total capacity of 8MW and consists of two turbines that were installed in October 2016.
In Phase II, a further 120MW of capacity is planned to be constructed during 2019, subject to final investment decision.
Formosa I is located approximately 3 kilometres off the Coast of Miaoli County in North-West Taiwan.