Multinational investment bank Deutsche Bank has closed a deal contingent interest rate swap for an offshore wind farm in Taiwan.

The TWD90bn ($2.98bn) project finance is for the development of the 589MW Changfang and Xidao wind farm project on the coast of Changhua county.

Deutsche Bank Global TIE origination co-head Dominik Thumfart said: “Deutsche Bank is pleased to provide finance and a sophisticated structuring solution to support Copenhagen Infrastructure Project’s participation in the rapid development of Taiwan’s renewable energy industry.

“Collaboration across geographies and product groups between teams in Asia and Europe enabled Deutsche Bank to offer integrated risk management and financing solutions through our global credit trading-infrastructure and energy, structured export finance and risk solutions.”

The contingent interest rate swap transaction is reported to be the second deal carried out by Deutsche Bank for the project.

Deutsche Bank sustainability and special situations group Asia head Rahul Jain said: “Seamless teamwork across our corporate and investment banks, across both product groups and geographies, enabled the successful delivery of this comprehensive and innovative risk solution for our client.”

In February this year, Copenhagen Infrastructure Partners (CIP) has through its funds Copenhagen Infrastructure II (CI II) and Copenhagen Infrastructure III (CI III) reached financial close on the project.

The project will be installed with Vestas V174-9.5MW turbines and the electricity will be sold to Taiwan Power Company.