Green Giraffe and Cathay United Bank co-mandated in Taiwan
Press release, 1 February 2018
Green Giraffe has been mandated as lead international financial advisor alongside Cathay United Bank as local financial advisor for the Hai Long 2 & 3 offshore wind projects in Taiwan.
Located in the Taiwan Strait, the projects could reach around 1 GW and are owned by Yushan Energy (40%) and Northland Power (60%). The projects have successfully passed the EIA (environmental impact assessment) in 2017 and will participate in the Taiwanese selection process and submit an application on March 30, 2018 with the aim to receive a feed-in-tariff and grid connection.
John Pires, Vice President, Head of M&A and Project Finance at Northland Power Inc. said “Northland Power Inc. is excited to once again work with Green Giraffe, our long-standing partner for offshore wind project finance advice. Similarly, we are equally excited to work with and start a new relationship with Cathay United Bank, one of Taiwan’s leading private banks. Along with our partner Yushan Energy Co. Ltd., we feel that Green Giraffe’s extensive offshore wind project finance experience, coupled with Cathay United Bank’s strong Taiwan banking knowledge, is an exceptional partnership that will position the Hai Long 2 and Hai Long 3 projects to succeed in Taiwan.”
These projects would directly contribute to Taiwan’s goal to develop up to 5.5 GW of renewable energy by 2025.
Tsung-hua Chen, Chief Executive Officer, of Yushan Energy Co. Ltd. indicated “Yushan Energy Co. Ltd. is very happy to be working with Green Giraffe and Cathay United Bank to develop the financing strategy for the Hai Long 2 and Hai Long 3 projects in Taiwan. Each of Green Giraffe and Cathay United Bank are leaders in their fields, with impressive experience, strong professionals and a track record of success. Together with our partner Northland Power Inc., we look forward to working with Green Giraffe and Cathay United Bank to bring the Hai Long 2 and Hai Long 3 projects long-term success in Taiwan.”