BlackRock Alternatives’ climate infrastructure business in Taiwan has signed a NT$3.91 billion (US$127 million) green loan facility for its solar assets.
The lenders are two Taiwanese banks – Bank SinoPac and E.Sun Commercial Bank – along with BNP Paribas, Crédit Agricole CIB and Standard Chartered Bank.
Linklaters advised the lenders, and was supported by Tsar & Tsai as the lenders’ Taiwan counsel.
The initial facility will be used to recapitalise, refinance and fund the construction of New Green Power’s original portfolio of 82 megawatts of 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.
The latest financing includes a number of innovative features including an accordion provision 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 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," comments Linklaters energy & infrastructure partner Ying Fu.