Offshore Wind Farms
Taiwan launched a pipeline of offshore wind farms (OSW) as part of its initiative to promote renewable energy, reducing its reliance on coal and nuclear power, in order to meet its climate change reduction goals.
UK Export Finance (UKEF), the UK Export Credit Agency, together with some other ECAs, have been supporting the development of OSW farms tendered by Taiwan.
UKEF supported some UK Exporters involved in, amongst others, the 600MW Changfang & Xidao OSW farms and the 600MW Changhua OSW farm, by providing a 100% guarantee cover to international and local Taiwanese banks lending to the project companies.
Audrey Caulliez-Louis assisted the ECA on these transactions as a Consultant and was responsible for:
• Assisting with the signing and condition precedents process for the Changfang and Xidao project
• Assisting with the full process for the Changhua project: assisting with the Term Sheet and origination efforts, coordinating the process internally and capacity-building with the various UKEF departments on the project risks and possible mitigants, analysing the financial model and running sensitivities, leading the due diligence efforts to prepare the transaction for credit assessment and coordinating the documentation process with the various counterparties (Sponsors/Taiwanese authorities/international banks, local banks and other ECAs on board).
Other ECAs involved in the provision of financing were Atradius (Netherlands), EKF (Denmark), Euler Hermes (Germany) and KSURE (South Korea) for Changfang, and Atradius (Netherlands), EKF (Denmark), and KSURE (South Korea) for Changhua.
US$ 5.2 billion
Assistance with Offshore Wind (OSW) farm deals origination and structuring