Canada-based Northland Power is targeting CA$15 to CA$20 billion (€9.8bn-€13bn) of gross capital investment in new renewable projects over the next five years, “anchored by identified offshore wind projects that are currently in active development”, the company said today in a strategy update.
In addition to its projects already in development, the company said it has built up a global pipeline of about 12GW of potential gross offshore wind capacity, with a focus on Asia and Europe.
The company is currently pursuing new feasibility-stage offshore wind power developments in Taiwan, Japan and South Korea.
Current development activities in those markets are focused on advancing the 1,044MW Hai Long in Taiwan, the 600MW Chiba in Japan and the 1,000MW Dado Ocean project in South Korea.
“Offshore wind is a focal point of our strategy with over 1.2 gigawatts (GW) of gross offshore wind operating capacity and an additional 4 to 5 GW of gross capacity of identified projects under development, we are now a top ten global offshore wind owner and developer,” Northland said.
For fiscal 2021, Northland expects adjusted EBITDA to “remain consistent relative to 2020 guidance levels,” at CA$1.1-1.2 billion.