Greenberg Traurig Advises Cathay Life Insurance Co. and Cathay Power on Acquisition of 50% Interest in 583 MW Greater Changhua 4 Offshore Wind Project in Taiwan

SINGAPORE - Dec. 16 2024 - Global law firm Greenberg Traurig, LLP advised Cathay Life Insurance Co., Ltd, one of the largest life insurance companies in Taiwan, and Cathay Power, the renewable investment vehicle of Cathay Financial Holdings Group, in their acquisition of 50% interest in Ørsted A/S' 583 MW Greater Changhua 4 offshore wind project in Taiwan. This transaction is Cathay Life's first equity investment in the offshore wind sector, and also the largest investment to date in the energy sector by a Taiwanese financial institution.

The project is located approximately 50 km off the West coast of Taiwan and is part of Ørsted's Greater Changhua cluster located west of Changhua County in the Formosa Strait. CHW04 and CHW02b are part of the second development phase in this cluster following CHW01 and CHW02a.

Greenberg Traurig advised Cathay Life and its consortium partner on their bid for the project and the investment, including all commercial contracts underpinning the project and support in securing the non-recourse holdco financing. The financing is provided by 14 international and local lenders with support from six export credit agencies.

The Greenberg Traurig team advising the client was led by Singapore-based Energy & Natural Resources Shareholder William Wu and supported by Shareholder Jared Raleigh and Associate Stephanie Sijie Li. Additional team members included Singapore-based Shareholder Joseph Kim, Associates Ji Hyung (Jay) Lee and Ping Hsu, as well as London-based Shareholders Graeme McLellan and Sophie Allen, Of Counsel Richard Hughes, and Associate Nickie Pickernell.

Commenting on the transaction, William said, "We would like to congratulate Cathay Life Insurance and Cathay Power on completing this milestone project and their contribution to Taiwan's journey to a low carbon economy. Our team is delighted to be involved from start to finish and to have the opportunity to support a long-term client on yet another 'first-of-its-kind' transaction."

About Greenberg Traurig: Greenberg Traurig, LLP has more than 2750 attorneys in 48 locations in the United States, Europe and the Middle East, Latin America, and Asia. The firm is a 2024 BTI "Leading Edge Law Firm" for delivering on client expectations for the future and is consistently among the top firms on the Am Law Global 100 and NLJ 500. Greenberg Traurig is Mansfield Rule Certified Plus by The Diversity Lab. The firm is recognized for powering its U.S. offices with 100% renewable energy as certified by the Center for Resource Solutions Green-e® Energy program and is a member of the U.S. EPA's Green Power Partnership Program. The firm is known for its philanthropic giving, innovation, diversity, and pro bono. Web: www.gtlaw.com.