BLP advises Macquarie in relation to the “Formosa III” offshore wind farm project in Taiwan
International law firm, Berwin Leighton Paisner (BLP) has advised Macquarie Capital (Macquarie) on the introduction of EnBW Energie Baden-Württenberg AG (EnBW) to its partnership with Swancor Renewable (Swancor) to jointly develop 2-GW of offshore wind projects in Taiwan, known as the Formosa III project.
Completion of the transaction is subject to a number of conditions precedent, including Taiwan Investment Committee approvals.
The partnership of Macquarie, Swancor and EnBW to develop Formosa III brings together a set of complementary strengths, capabilities and experience to deliver a major Asian offshore wind project.
Marius Toime, who led the BLP team advising Macquarie, commented that: “We are very pleased to have been a part of this transaction between some of the world’s leading developers of offshore wind projects. Taiwan has profound wind energy resources and the successful development of the Formosa III projects will not only contribute to Taiwan’s Thousand Wind Turbines strategic programme but also provide important opportunities for the national wind energy supply chain.”
Taiwan has set a target of 5.5 GW of offshore wind power to be ready by 2025, with the allocation of the necessary grid connection capacity planned for the first half of 2018. The deal marks the first such investment outside Europe as part of an expansion of renewable capacity globally.