The 1GW Hai Long offshore wind project off Taiwan has reached financial close, according to developer Northland Power.
The C$5bn (€3.5bn) long-term non-recourse green 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 a role in helping the Government of Taiwan achieve its renewable energy target of 15GW of offshore wind to be constructed between 2026 and 2035.
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 on 29 September.
The project has obtained all environmental approvals and its major construction permit and has commenced with early construction work and fabrication for components.
Completion of construction activities and full commercial operations are expected in 2026/2027.