Stonepeak enters mezzanine debt with AMP to back Taiwan offshore wind investment
New York-based Stonepeak Infrastructure Partners has entered a USD 145 million mezzanine debt agreement with AMP Capital to support the acquisition of Swancor Renewable Energy and the construction of the Formosa 2 offshore wind farm in Taiwan.
“The transaction represents our first infrastructure debt investment in Taiwan– it’s a key milestone for our business and delivers a unique, quality asset for our clients around the world”, said Simon La Greca, AMP Capital’s Head of Infrastructure Debt in Asia.
In August 2019, Swancor Holding announced in a stock exchange filing that the U.S. investment company Stonepeak acquired 95 per cent stake in its subsidiary Swancor Renewable Energy. The transaction was valued to be between USD 25 million and USD 101 million.
The transaction was then said to be completed through three installments, subject to share transfer progress and the financing and construction of the Formosa 2 project, for which the final investment decision was brought later that year.
Swancor Renewable Energy holds a 25 per cent stake in the 376 MW Formosa 2 offshore wind farm, located off Miaoli County, where the construction began in November 2019. The remaining 75 per cent stake in the project is controlled by Macquarie.
Since Swancor Holding has retained a 5 per cent stake in Swancor Renewable Energy, along with a seat on its board, the now former parent company still holds a 1.25 per cent stake in Formosa 2.
Swancor Renewable Energy also holds a 7.5 per cent stake in the two-phase 128 MW Formosa 1 offshore wind project. The 120 MW second phase was inaugurated in November 2019.