29 november 2022

Linklaters advises on the second financing of the solar assets of BlackRock Alternatives’ Climate Infrastructure business in Taiwan

Linklaters advised the lenders on the solar assets of BlackRock Alternatives’ Climate Infrastructure business in Taiwan, comprising an initial NT$3.913bn (approximately US$125m) long term multi-tranche green loan facility which has the capacity to be significantly upsized. 

The initial facility will be used to recapitalise, refinance and fund the construction of New Green Power’s original portfolio of 82MW construction and operational stage solar assets in Taiwan. The portfolio is owned by Global Renewable Power Fund III, a private fund managed by BlackRock Alternatives’ Climate Infrastructure business through its wholly owned subsidiary New Green Power. It aggregates over 100 projects and sub-projects held by a number of operating companies, spanning ground-mounted, floating and rooftop technologies.

This financing builds on the earlier financing of a portfolio of operational solar assets in Taiwan under BlackRock Alternatives’ Climate Infrastructure business which closed in April 2022, and includes a number of further innovative first-in-market features including: 

  • a significant accordion feature which can be used to acquire and fund future projects; 
  • the ability to adjust the pool of assets in the financed portfolio within agreed parameters, allowing the platform to be built out over time; and
  • flexibility to leverage the platform to conduct early stage development of projects. 
The green loan facility adopts the Green Loan Framework, which is in line with the Green Loan Principles. 

The lenders comprised two Taiwanese banks, Bank SinoPac and E.Sun Commercial Bank, and three international banks, BNP Paribas, Credit Agricole CIB and Standard Chartered Bank.

The Linklaters team was led by energy & infrastructure partner Ying Fu, who also advised on the refinancing of the solar assets of BlackRock Alternatives’ Climate Infrastructure business in Taiwan earlier this year. Linklaters was supported by Tsar & Tsai as lenders’ Taiwan counsel.
 
Linklaters’ partner Ying Fu, commented:
“We are delighted to have supported BlackRock and its lenders on the second solar financing in Taiwan. The successful completion of this deal is reflective of the continuing appetite for investment in the renewable sector, and the innovative new features introduced in the transaction mark the further evolution of the Taiwan market. We congratulate all participants involved!”