DLA Piper advised Hartree Partners on groundbreaking financing for battery energy storage projects in Taiwan
DLA Piper advised Hartree Partners on groundbreaking financing for battery energy storage projects in Taiwan
DLA Piper provided legal advice to Hartree Partners Singapore on financing worth NTD1,400 million for its portfolio of standalone utility-scale battery energy storage system projects (BESS) in Taiwan, with an approximate aggregate installed capacity of 50MW.
This pioneering deal was the first of its kind in Taiwan and Asia and was awarded "Asia-Pacific Battery Deal of the Year 2022" by Project Finance International (PFI).
Iontree, a joint venture between Hartree Partners Singapore and Skwentex International Corporation, developed and financed the project.
Hartree Partners Singapore is a subsidiary of Hartree Partners, LP and an active developer of BESS assets globally while Skwentex International Corporation is a Taiwanese company active in solar projects.
Iontree's standalone BESS projects will participate in the Taiwan Automatic Frequency Control market and bid in the Energy Trading Platform established by Taiwan Power Company (Taipower).
In December 2022, The Hongkong and Shanghai Banking Corporation Limited and Cathay United Bank successfully structured debt facilities for Iontree, which were in the form of a senior-secured project finance facility with innovative features, providing Iontree with greater flexibility to expand its BESS project portfolio in Taiwan in the future.
The DLA Piper team for this transaction was led by Vincent Seah, a partner based in Singapore, and supported by senior associate Zack Lin and associate Darren Foo.
“We are pleased to assist Hartree and Iontree on this truly innovative and pioneering transaction which we hope will encourage further BESS projects in Taiwan and the Asia-Pacific as the global energy transition continues to gain momentum. The deal also underscores DLA Piper’s capability to assist clients in the development and financing of innovative, first-of-a-kind projects and highlights our ability to offer our clients specialist services for energy transition projects across the region,” Vincent Seah said.
