Northland Power has signed a corporate power purchase agreement (CPPA) with an unnamed investment grade counterparty for all the production from its 744MW Hai Long 2B and 3 offshore wind farms off Taiwan.
The agreement is for 20 years at a fixed-price, commencing once Hai Long reaches full commercial operations in late 2026.
Hai Long consists of three offshore wind sites being developed as a single project with a combined gross capacity of 1044MW.
In addition to Hai Long 2B and 3, the project includes the 300MW Hai Long 2A.
Hai Long 2A entered a separate 20-year power PPA with Taipower in 2019 under a feed-in-tariff allocation. Northland has a 60% interest in Hai Long.
Under the terms of the CPPA, Hai Long 2B and 3 will receive a fixed price for delivering power and Taiwan Renewable Energy Certificates (T-RECs) during the 20-year contract period.
Northland president and chief Executive Mike Crawley said: “Today’s announcement is a substantial milestone for Northland and for our partners in the Hai Long project.
“This agreement marks Northland’s first signed corporate PPA and aligns with our commitment to supporting the global decarbonisation efforts by governments and corporate entities through the development of renewable energy.
“In particular, the development of Hai Long will support Taiwan’s transition to renewable energy.”