Linklaters advised Global Power Synergy Public Company Limited (GPSC) on its acquisition of a 25% interest in the Taiwanese 595MW Changfang and Xidao (CFXD) offshore wind project from Copenhagen Infrastructure Partners (CIP). The sale completed on 26 September 2022 following signing on 14 July 2021.
GPSC, a power flagship in the group of PTT Public Company Limited, acquired the stake through its wholly-owned subsidiary, Global Renewable Synergy Company Limited (GRSC). The transaction represents a total investment of approximately US$500m until project completion. Through the transaction, GRSC has entered the CFXD project as a co-owner alongside the funds under CIP, and local Taiwanese minority shareholders.
The Linklaters team was led by Bangkok-based energy & infrastructure partner Wanwisar Nakarat and comprised a multi-jurisdictional, cross-practice team, including energy & infrastructure partner Ying Fu and corporate/M&A partner Robert Elliot.
Linklaters’ Bangkok National Managing Partner Wanwisar Nakarat, commented:
“We are honoured to have had the opportunity to support GPSC in its first offshore wind project and help them to navigate this transaction from the very beginning to achieve a successful acquisition leveraging our strong experience from the firm’s involvement across all offshore wind financings in Taiwan, particularly on the CFXD project.”
Linklaters’ energy & infrastructure partner Ying Fu, added:
“The completion of this milestone transaction is a testament to the strong appetite for investment in regional renewables markets, which continue to develop and mature. We expect to see continued interest and new opportunities as Taiwan moves into the next phase of its offshore wind development.”