Crédit Agricole CIB completes its first fishery-solar financing project in Taiwan

Client successes
25/03/2024

New Green Power leads the way in Taiwan’s solar energy development by expanding its portfolio with fishery-solar assets, diversifying its technology mix and almost doubling its portfolio capacity.  

New Green Power (NGP) is a leading solar developer and operator in Taiwan, wholly owned by BlackRock’s Infrastructure business, with a diverse solar portfolio of operational and under-construction assets that span across ground-mounted, floating, and rooftop technologies.

Following the successful financing of 82 megawatt (MW) solar portfolio that comprised primarily ground-mounted assets in 2022, NGP subsequently raised NTD 4.5+ billion (USD 143+ million) in incremental debt to develop and add six fishery-solar assets into the portfolio, including closing an NTD 736 million (~USD 31 million) loan for a 12.5 MW project in Kaohsiung currently under construction. The fishery-solar assets have a total capacity of 78 MW and will almost double NGP’s portfolio from 82 MW to 161 MW.

With limited available land in Taiwan, the government actively promotes the development of fishery-solar projects that allow for the innovative and efficient use of land. This involves combining fishery activities with clean energy generation, which also supports both the domestic industry and Taiwan’s clean energy goals. Taiwan aims to reach an ambitious 20 gigawatt (GW) of installed solar capacity by 2025, of which 4.4 GW will come from fishery-solar alone.

NGP’s fishery-solar projects involve placing ground-mounted solar photovoltaic systems above outdoor fish farms. This innovative approach maximises land utilisation and helps Taiwan accelerate and achieve its energy transition ambitions.

Building on its strong expertise in renewable energy financing and its experience in the previous solar portfolio in Taiwan in 2022 (read more Will open in a new tab ), Crédit Agricole CIB has been mandated the role of Mandated Lead Arranger, Hedging Bank and Green Loan Coordinator in 2023. We also helped the client navigate the evolving and complex regulatory framework in Taiwan, securing a final commitment of NTD 1.1 billion (~USD 35 million) to fund these projects.

“Supporting experienced sponsors such as BlackRock and New Green Power in financing a fishery-solar project in Taiwan required our extensive global industry expertise in the field of renewable energy being put at play locally, while providing invaluable support to fish farmers. This represents an auspicious match of our new role as global financiers of energy transition with our longstanding commitment to support the agricultural industries.”

Benjamin Lamberg

Senior Country Officer, Japan (CEO of Taipei branch at the time of the deal)

“I would like to thank our clients BlackRock and NGP for their continuous support and trust. This project demonstrates our capability to mobilise our technical expertise for “first-of-a-kind” transaction with complex regulatory frameworks. Taiwan is one of the pioneer countries for fishery-solar projects. This innovative technology benefits both the energy transition and the farmers, and also paves the way for us to new opportunities in the solar and renewable energy sector in Asia-Pacific.”

Carine Galtier

Executive Director EIG Asia

“Congratulations to the deal team for the second renewables deal with BlackRock/NGP in Taiwan. Despite the unique risk profile of the assets, the deal team successfully delivered this important and strategic project, demonstrating our commitment to clients and our ability to consider innovative transactions by adapting to local characteristics. During the execution, country and sponsor Coverage teams worked smoothly with the deal team to implement the business plan. Very proud of everyone involved and the support we received from management at multiple levels. We will further capitalise on this success to broaden our business cooperation with BlackRock in the region.” 

Luyi Shen

Head of Funds Coverage Hong Kong

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