FTI Consulting was engaged as the financial advisor for the 25 global lenders to Yunneng Wind Power Co. Ltd, which developed the Yunlin Wind Farm, one of the largest offshore wind farms in Taiwan. Following significant delays and increases in construction costs that threatened the viability of the wind farm, the project required €1.7 billion of new capital and a restructuring of its existing debt of €2.9 billion.
FTI Consulting helped raise €500 million in new super senior debt alongside €1.2 billion in new capital from the sponsors and restructured the company’s existing €2.9 billion debt, enabling the completion of the project and instilling confidence in the wider Taiwanese offshore wind market.
I’ve been doing project financings for 30 years. I’ve done some which I thought were very difficult work-outs, but this was the most difficult thing I have ever done, and [FTI Consulting] really held their own and gave it real value.
The team designed a deal structure that was ultimately supported by a majority of the lender group.
In a first for a Taiwanese company, FTI Consulting implemented the transaction through a UK restructuring plan.
By gaining the buy-in of multiple creditors, including through in-person meetings in English and Mandarin, FTI Consulting experts helped save a capital-intensive renewable energy project that faced major obstacles.
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