Baker McKenzie advises Tokyo Century Corporation on its first overseas direct investment in a floating solar power project in Taiwan
Tokyo, Japan, 4 June 2018 – Baker McKenzie has advised Tokyo Century Corporation on its joint investment in a floating solar power project developed by CIEL ET TERRE TAIWAN LIMITED in Taiwan with Kyudenko Corporation and Kyuden Mirai Energy Company, Incorporated.
The project will generate approximately 6,400 megawatt hours (MWh) per year by installing solar modules capable of generating a total of approximately 5.1 megawatts (MW) on the 50,000 m2 surface of two freshwater regulating ponds owned by Tainan City. The Taiwanese government has introduced a feed-in tariff (FIT) system similar to Japan’s, under which any electricity from a new renewable energy source is purchased at fixed rates for the 20 years period starting in 2010. Taiwan has been working to improve its energy self-sufficiency through a plan to increase the share of its total power generated by renewable sources — primarily solar power and wind power — to 20%, or 27 gigawatts (GW), by 2025. As a result, both demand for the development of energy supplies and the size of the renewable energy market are expected to grow.
The Firm’s team was led by Masato Honma, a partner in the Banking and Finance Practice Group in Tokyo. He was strongly supported by senior associate Kosuke Yatabe and associates Fei Zhou and Takehiko Nakai in Tokyo, as well as partners Tiffany Huang and Su-Fen Chen and Senior Consultant Murray Bowler in Taipei.
Masato had the following comments about the matter. “We were greatly honored by the opportunity to help Tokyo Century Corporation, a Japanese company, become the main investor in a pioneering floating solar power project overseas. We are dedicated to supporting clients as they work to promote clean energy and expand their businesses abroad.”