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Northland Power Announces Financial Close of the 1.0 GW Hai Long Offshore Wind Project

4C Offshore | Chloe Emanuel
By: Chloe Emanuel 28/09/2023 Northland Power Inc.

Northland Power Inc. (Northland) (TSX: NPI) today announced that its Hai Long offshore wind project (Hai Long or the project) in Taiwan has successfully met all conditions to close its 1171 billion New Taiwan Dollars long-term non-recourse green financing (equivalent of CAD 5 billion).

The non-recourse green project financing will be provided by over 15 international and local lenders with support from multiple Export Credit Agencies (ECAs) including: Export Development Canada (EDC), Japan Bank for International Cooperation (JBIC), Nippon Export and Investment Insurance (NEXI), UK Export Finance (UKEF), Export Finance Australia (EFA), Export Finance Norway (Eksfin) and Credendo – Export Credit Agency of Belgium.

Hai Long will play an important role in helping the Government of Taiwan achieve its renewable energy target of 15 GW of offshore wind to be constructed between 2026 and 2035. Once operational, Hai Long will be one of the largest offshore wind facilities in Asia, and will provide enough clean energy to power more than one million Taiwanese households.

Note: The total NTD 117 billion debt amount at closing changed from the NTD118 billion at signing financial agreements as a result of the final foreign exchange rates on closing. There were no other material changes to the financial metrics disclosed within the press release dated September 21, 2023.

To support successful financial closing announcements on both Baltic Power and Hai Long offshore wind projects, Northland's management team will hold an investor presentation conference call and webcast at 9:30 a.m. Eastern Time (ET) on Friday, September 29, 2023, followed by an analyst question and answer period.

For more information about offshore wind farm projects across the globe, click here.


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