Hai Long Offshore Wind nearing financial close

By: Tom Russell 20/01/2023 Hai Long Offshore Wind

General Windfarms

The Hai Long Offshore Wind project team revealed it is continuing progress, having executed the majority of its key contracts with suppliers and commenced early construction works including starting the fabrication of key components for the wind farm.

The team stated it is actively working towards reaching the financial close in 2023. The project will be financed by equity from shareholders and debt financing from local and international financial institutions.

As part of the funding strategy, the majority of project finance debt will be backed or covered by the Export Credit Agencies, which is expected to greatly reduce the exposure of financial institutions. The percentage of cover is poised to be the highest in Taiwan's Offshore Wind Industry. 

In December 2022, as part of its partnership model, Northland announced it has partnered with a global organization to advance its interest in Taiwan. Northland signed an agreement with Gentari International Renewables Pte. Ltd. (“Gentari”), to acquire 49% of Northland’s ownership interest in the Hai Long offshore wind project. Transaction close remains subject to receipt of customary local regulatory approvals and satisfaction of all closing conditions pursuant to the terms of the purchase and sale agreement.

Upon closing, the transaction will result in Gentari holding a 29.4% indirect equity interest in the Project. Northland remains committed to the project and as the largest shareholder and will continue to take the lead role in its construction and operation.

The Hai Long projects are located 50-70 km from the shore and includes three sites: Hai Long 2A (300 MW), Hai Long 2B (232 MW) and Hai Long 3 (512 MW). The three sites are being developed by Canadian independent power producer Northland Power International (NPI), Gentari, Yushan Energy Pte Ltd and Mitsui. Construction is due to commence in 2024 and be completed by 2026.

Earlier this week (17 January 2023), Hai Long Offshore Wind Project and Samkang M&T Co., Ltd. held a ceremonial first cut of steel at Samkang's sub-assembly shop in Korea today , marking a milestone of the Project’s manufacturing phase.

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