Greater Changhua 1 offshore wind

Amsterdam Capital Partners (Amscap), that merged with Voltiq in July 2022, has advised Caisse de dépôt et placement du Québec (CDPQ), a global investment group, on the approximately US$2.7 billion HoldCo senior debt financing of its co-investment in the Greater Changhua 1 offshore wind farm. This transaction marks the first HoldCo debt financing executed in the Asia Pacific offshore wind market.

In December 2020, CDPQ, together with minority local investor Cathay PE, entered into a share purchase agreement to acquire 50% of Greater Changhua 1 from Ørsted, a leading Danish multinational power company. Ørsted will continue to own the remaining 50%, while also contracting with the project company to construct and operate the project.

Having recently obtained investment approval from the Taiwanese authorities, completion of the share sale and financial close under the HoldCo financing occurred in early November 2021. Proceeds of the HoldCo financing are used by the investors to pay the consideration for the share purchase and fund their portion of construction and development costs.

Amscap acted as Financial Advisor to CDPQ and assisted with the commercial negotiations of the construction and operations contracts with Ørsted as well as all equity and Holdco debt financing documents. Amscap will remain involved as financial advisor to the borrower after financial close and perform the asset management services in respect of the debt servicing.