Asia Pacific Renewable Energy Insights March 2020 Table of Contents

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Asia Pacific Renewable Energy Insights March 2020 Table of Contents Asia Pacific Renewable Energy Insights March 2020 Table of contents. Introduction. We continue to be surprised by the momentum in the Our Green Energy practice in Asia Pacific Page energy transition we are witnessing globally and the We were the first firm to establish a dedicated Asia-Pacific Green continued emergence of the Asian renewables sector. In a Energy Group with dedicated renewable energy experts who Introduction 3 decade, renewable power will be the cheapest option for specialise in the full range of no – or low – carbon energy projects, new power supply investments in nearly all Asia-Pacific trading of green energy products, issuance of green bonds, provision of green loans and advising on a broad range of Environment and markets. APAC markets are currently averaging +4% growth Our recent Asian renewables experience 4 Human Health, Safety and Security ("EHSS") issues. Our cross- in renewables in the past five years, compared with +0.5% practice group covers the full spectrum of renewables projects in Europe.1 including onshore and offshore wind, solar, biomass, biofuels, wave/ Our recent global renewables experience 6 tidal, geothermal, hydropower, waste and waste to energy. As countries across the region continue to move ahead with ambitious Renewable Energy in Australia 10 targets for the amount of energy to be generated from renewables and We offer clients unrivalled global coverage combining: what appears to be no shortage of ‘dry powder’ available to deploy > hands-on knowledge of the requirements of the different in the sector, we are continuing to see a significant upward trend in renewable energy technologies; Renewable Energy in Mainland China 14 market activity. While this has been led by huge investment in China > in-depth, local policy and regulatory insight; and and India, it is not confined to those countries. > leading practices for M&A, EHSS advisory and financing Renewable Energy in India 18 The past 12 months have seen a further increase in the number transactions of all kinds (including the full range of renewable of renewable and other green energy transactions in the region. energy projects, green bonds and green loans). Renewable Energy in Indonesia 20 While traditional fuel sources, including gas and coal, will continue Our team in Asia Pacific combines top class international experience to be important for many years to come, several major transactions in cross border transactions (including experience in target underline what we believe to be a fundamental shift in the outlook destination markets for Asian investment in the energy and utilities Renewable Energy in Japan 24 for the future energy mix in the region. These include: sector), with well established expertise within the region. We advise > the ongoing growth of the offshore wind sector in Taiwan, with on the laws of England & Wales, New York, Hong Kong, Japan, Renewable Energy in Malaysia 29 the successful closing of the Yunlin, Formosa 2 and CFXD Singapore and Thailand; in combination with our alliance firms, we project financings and launch of the financing process for the also provide clients with integrated advice on the laws of Australia, India, Indonesia and Vietnam. Renewable Energy in South Korea 33 next wave of offshore wind projects in Taiwan; > the continuing development of the offshore wind sector in Japan (including the closing of the first large-scale commercial offshore Renewable Energy in Taiwan 36 wind power project in that market), South Korea, Vietnam, Australia, India and elsewhere; Renewable Energy in Thailand 40 > the increase in fundraising activity in specialist funds and other platforms focused on Asia Pacific renewables; and Asia Law Firm of the Year PFI Asia Awards 2019 Renewable Energy in Vietnam 45 > the ongoing issuance of green bonds, including ICBC’s issuance of US$1.58bn of green bonds on the London Stock Exchange – the largest ever green bond listing on the LSE. Renewables Deal of the Year - Yunlin Key contacts 50 Linklaters is proud to have acted on many of the leading deals in the PFI Asia Awards 2019 market, including those highlighted above and in the following pages. We hope this jurisdictional overview which outlines some of the key Energy/Renewable Energy Deal of the Year – regulatory and other challenges and opportunities in the key markets Formosa 1 offshore wind farm in Asia Pacific for renewables provides an informative and interesting The Asset Triple A Asia Infrastructure Awards 2019 reference. We look forward with enthusiasm to supporting our clients, whether developers, contractors, financiers, governments or others, to achieve their ambitions in the sector and would be Best Transaction of the Year – Formosa 1 delighted to talk to you about your activities in this area. offshore wind farm The Trade Finance Awards 2019 Key contacts of our Asia Green Energy practice Offshore Wind Deal of the Year – Formosa 1 IJGlobal Awards 2018 James McLaren Partner, Hong Kong SAR Asia Head of Green Energy practice Asia-Pacific Renewables Deal of the Year – Tel: +852 2842 4106 Formosa 1 [email protected] PFI Awards 2018 This publication (the “Publication”) is intended merely to highlight issues and not to be comprehensive, nor to Project Finance Law Firm of the Year (Regional) provide legal advice, and its contents should not be relied upon as legal advice, either generally or in relation to John Maxwell any specific transaction. Although the contents of the Publication are current as at the date of the Publication, Partner, Tokyo The Asset Triple A Regional Awards 2018 the subjects covered constantly change and develop, and neither Linklaters LLP nor its partner or associated Regional Head of Energy & Infrastructure firms undertakes to update them in respect of information provided to it after that date, or to notify any person Tel: +81 3 6212 1227 Asia Energy Firm of the Year of such information. Linklaters LLP and its partner or associated firms accepts no responsibility for any loss which may arise from reliance on the information contained in the Publication. Should you have any questions [email protected] The Asia Legal Awards 2017 on issues presented here or on other areas of law, please contact one of your regular contacts. Please also refer to specific disclaimers in the Publication. Projects and Energy Firm of the Year This Publication has been prepared by Linklaters LLP and its partner or associated firms - Allens, Widyawan & (International) Partners and Talwar Thakore & Associates, with contributions from other local law firms. China Law and Practice Awards 2017 1 Source: Wood Mackenzie. 2 Linklaters 3 Our recent Asian renewables experience. Thailand Greater China Region Pakistan Japan > the lead arranger and original lender on the financing to Greenovation Power > the lenders and ECAs on the 605MW Changhua offshore wind project > China Development Bank (CDB) and > Marubeni Corporation on the first commercial scale offshore wind project at Akita Port and Noshiro Port in Limited, a project company wholly owned by Gunkul Engineering Public financing in Taiwan sponsored by Ørsted Habib Bank Limited as lenders, on Akita, Japan Company Limited to construct, develop and operate a 67.5MW wind power > wpd AG on the project financing of the 350MW Guanyin offshore wind farm the project financing of the 1,124MW > the sponsors on one of the first commercial offshore wind projects in Japan project in Nakorn Ratchasima Province, Thailand project in Taiwan hydropower station to be developed by > an international sponsor on the project financing of the 10MW Mine solar project in Yamaguchi, Japan > the fund manager on the establishment of an infrastructure fund for Kohala Hydro Company (pvt.) Ltd. > NEXI and KSURE on the NT$90b (approx. US$3b) financing for the > a Japanese infrastructure fund on its first acquisition of a portfolio of solar projects in Japan the transfer of solar power assets of approximately 118MW owned by 589MW Changfang and Xidao (CFXD) offshore wind project in Taiwan. > CDB as lender, on the US$189m > a Japanese bidding consortium on their potential bid to acquire Equis’ Asia Pacific renewables portfolio of subsidiaries of a Thai-listed company engaged in solar and alternative energy project development and financing > the lenders and ECAs on the NT$62.4bn (approx US$2bn) financing for the over 170 assets including solar, wind and hydroelectric power operations in Taiwan, Japan, Australia, India, > Khao Kor Wind Power, a subsidiary of Ratchaburi, on the project contracts of the 99MW UEP wind IPP in Sindh 376MW Formosa 2 offshore wind project in Taiwan Indonesia, the Philippines and Thailand and project financing for the 60MW Khao Kor wind power project in Thailand Province, Pakistan > wpd AG on the €2.7bn project financing of the 640MW Yunlin offshore wind > a potential bidder on KKR’s sale of its Japan renewables portfolio > The Siam Commercial Bank Public Company Limited as the lead arranger farm project in Taiwan > CEXIM and ICBC as lenders, on the US$1.5bn project financing of the > ING Bank in relation to the ¥12.1bn financing of Nippon Solar Services’ construction of a utility-scale solar and lender on a proposed financing to Wind Energy Development Company > the lenders and EKF on the NT$18.7bn (approx US$600m) project 870MW Suki Kinari Hydropower Project photovoltaic power plant in the Oita Prefecture in Kyushu Limited ("WED") to construct, develop and operate a 60MW wind project, financing for the 128MW Formosa 1 offshore wind project in Taiwan
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