Northland Power has closed on its previously announced transaction with Gentari subsidiary Gentari International Renewables, in which Gentari has acquired 49% of Northland’s ownership in the Hai Long offshore project in Taiwan.
Northland now holds a 30.6% ownership interest in the overall project, located in Taiwan, and will continue to take the lead role in its construction and operation.
This transaction marks another milestone for Hai Long offshore after the recently announced debt financial close, with Gentari having contributed final equity consideration of approximately CAD $1B and assuming its pro rata share of credit support for the project.
“Once completed, Hai Long will be the largest offshore wind project in Taiwan and will provide much needed clean energy to the grid and significant long-term, sustainable value to Taiwan’s economy,” says Mike Crawley, president and CEO of Northland.
“The project financing for Hai Long close in September was the largest in Taiwan and one of the largest globally. This completes Northland’s funding plan for the project, which is a huge milestone for the organization and is a testament to the value of the Hai Long project as an asset and the attractiveness of Taiwan as a market for green investment.”
Hai Long’s total projected cost is approximately CAD $9B.
