Albert Yu

Albert has been active in the energy and infrastructure sector for over 10 years, advising on financings, developments, joint ventures and M&A transactions. Albert has a particular focus on renewable energy, low carbon and other energy transition projects, with a passion for supporting clients in their contribution to the decarbonisation and net zero targets around the world.

• Engagements

  Albert’s recent experience includes the following.
  
  Renewables – Offshore Wind

  • Changhua 4 wind farm, Taiwan: advising Ørsted on its proposed divestment and stapled holdco financing in relation to the c.600MW Greater Changhua 4 offshore wind farm in Taiwan.
  • Global offshore wind portfolio sale: advising Ontario Teachers’ Pension Plan Board on a partnership with Corio Generation to develop an initial portfolio of up to 9GW of 14 fixed bottom and floating offshore wind projects across South Korea, Taiwan, Ireland and the UK. This transaction won the M&A Deal of the Year and Equity Deal of the Year at the Wind Investment Awards 2023.
  • Hornsea 2 wind farm, UK: advising Ørsted on its divestment of a 50% stake in its 1.3GW Hornsea 2 offshore wind farm to a consortium comprising AXA IM Alts and Crédit Agricole Assurances, as well as on the stapled holdco financing arranged by Ørsted for the investors involving 30 international banks and EKF. This transaction won the Global M&A Deal of the Year award at the 2022 PFI Awards.
  • Changhua 1 wind farm, Taiwan: advising 15 international and Taiwanese commercial banks and five export credit agencies (UKEF, Atradius, K-SURE, EKF and EDC) on the US$3bn holdco financing of the 605 MW Greater Changhua 1 offshore wind farm in Taiwan. This transaction won the Asia Pacific Deal of the Year at the 2021 PFI Awards.
  • Dogger Bank wind farm, UK: advising on the £5.5bn project financing of the Dogger Bank A and Dogger Bank B phases of the Dogger Bank Wind Farm and the subsequent £3bn project financing of the Dogger Bank C phase of the Dogger Bank Wind Farm, each phase involving 28-29 international banks and three export credit agencies (GIEK (now known as Eksfin), EKN and Bpifrance Assurance Export). This transaction won the European Offshore Wind Deal of the Year at the IJ Global Awards 2020.
  • Norfolk Boreas and Vanguard wind farm projects, UK: advising in relation to the 4.2GW Norfolk Boreas and Vanguard wind farm projects.
  • Neart na Gaoithe, UK: advising EDF on the development, construction and ECA-backed financing of the 448MW Neart na Gaoithe offshore wind farm in Scotland.
  • Race Bank wind farm, UK: advising Spring Infrastructure Capital (a fund created by Sumitomo, SMBC and Development Bank of Japan) on the £113m acquisition of Sumitomo's indirect minority interest in the 573 MW Race Bank offshore wind farm, located 27 km off the coast of Norfolk, UK.
  • Galloper wind farm, UK: advising Spring Infrastructure Capital (a fund created by Sumitomo, SMBC and Development Bank of Japan) on the £79m acquisition of Sumitomo's indirect minority interest in the 353 MW Galloper offshore wind farm, located 30 km off the coast of Suffolk, UK.
  • Westermost Rough wind farm, UK: advising the sponsors on the refinancing of the Westermost Rough offshore wind farm in the UK.
  • Lincs wind farm, UK: advising the lenders on the refinancing of the Lincs offshore wind farm in the UK.

  Renewables – Onshore Wind

  • Onshore wind portfolio, UK: advising Octopus Investments on the restructuring and releveraging of its 230MW portfolio of seven onshore wind farms in the United Kingdom via a common debt platform, with a flexible accordion and additional debt features allowing for further European assets to be brought into the deal whilst also permitting the inclusion of unsubsidised assets in the portfolio.
  • European wind portfolio: advising Octopus Renewables on its acquisition from RES of nine wind farms across France, the UK and Ireland in two deals totalling over €100 million, including in relation to possible repowering a number of the sites in France.

  Renewables – Energy from Waste

  • Newhurst Quarry, UK: advising the commercial lenders on the financing of the EfW facilities at the former Newhurst Quarry in Leicestershire.
  • Protos, UK: advising the commercial lenders on the financing of the EfW facilities at the Protos energy hub in Cheshire. This transaction won the European Waste to Energy Deal of the Year at the IJ Global Awards 2020.

  Renewables – Biomass

  • Biomass portfolio, UK: advising Octopus Investments on the £174 million refinancing of its biomass and landfill portfolio.

  Renewables – Solar

  • Solar portfolio, Spain: advising OPTrust and Universities Superannuation Scheme in relation to the sale of an equity interest in their portfolio of solar projects in operation and under construction.
  • Solar portfolio, Europe: advising Octopus Investments on the financing of its portfolio of solar assets, including the subsequent exercising of the accordion feature thereunder to finance the acquisition of 15 additional assets into the portfolio.
  • Darlington Point Solar Farm, Australia: advising Octopus Investments on its acquisition of a majority stake in the Darlington Point Solar Farm, a greenfield site in western NSW.

  Nuclear

  • Sizewell C Nuclear Power Project, UK: advising the Nuclear Liabilities Financing Assurance Board, an independent body established by the UK Government to provide independent and impartial advice on the suitability of a funded decommissioning programme submitted by the prospective operators of a new nuclear power station, in relation to the Sizewell C nuclear power project in the UK.

  Please note: Albert’s experience includes that prior to joining Orrick.