Deutsche Bank announced it has successfully closed a deal contingent interest rate swap on TWD90 billion project finance for the development of a 589 MW offshore wind farm on the coast of Changhua County, Taiwan.
Taiwan Country Chief and Head of Investment and Corporate Banking Cynthia Chan said: “Deutsche Bank is pleased to have successfully closed this deal contingent interest rate swap during extremely volatile market conditions.”
The investment consortium, led by Copenhagen Infrastructure Partners (CIP) through its funds CI II and CI III, with two Taiwan life insurers, closed the largest ever wind farm project finance in Taiwan at the end of February.
Deutsche Bank Global Co-head of TIE Origination Dominik Thumfart said: “Deutsche Bank is pleased to provide finance and a sophisticated structuring solution to support Copenhagen Infrastructure Project’s participation in the rapid development of Taiwan’s renewable energy industry.”
Deutsche Bank is the sole Pre-hedging and Sole hedging coordinator for a deal contingent hedge on notional project finance of approximately USD 3 billion (TWD90 billion). The bank is also among 25 banks in the syndicate group of lenders.
This is the second such deal contingent interest rate swap transaction delivered by Deutsche Bank for the wind farm project in Taiwan.