Northland Power has closed the transaction to sell 49% of its holding in the 1022MW Hai Long offshore wind project to Gentari International Renewables.
Northland will now hold a 30.6% ownership interest in the overall project and will continue to take the lead role in Hai Long’s construction and operation.
The proceeds from the transaction will be used to repay Northland’s previously disclosed C$500m short-term corporate credit facility and fund Northland’s remaining equity in the project.
As part of the broader strategic partnership with Northland in Taiwan, Gentari previously acquired 49% of Northland’s ownership interest in its Taiwan Round 3 offshore wind projects in the summer of 2023.
“Northland is delighted to welcome Gentari as an official long-term partner of the Hai Long offshore wind project and believes that they will add significant value,” said Mike Crawley, President and CEO of Northland.
“Once completed, Hai Long will be the largest offshore wind project in Taiwan and will provide much needed clean energy to the grid and significant long-term, sustainable value to Taiwan’s economy.
“The project financing for Hai Long close in September was the largest in Taiwan and one of the largest globally. This completes Northland’s funding plan for the project, which is a huge milestone for the organisation and is a testament to the value of the Hai Long project as an asset and the attractiveness of Taiwan as a market for green investment.”
Sushil Purohit, CEO of Gentari, added: “Gentari is pleased with the successful conclusion of this transaction. Today, we celebrate a strategic partnership with Northland for the Hai Long offshore wind project.
“Bringing Gentari to the forefront of the offshore wind industry, this is an important milestone in our commitment to advancing renewable energy globally. This not only aligns with our vision for a sustainable future but positions Gentari as a valued clean energy solutions partner in driving change towards achieving net zero goals. It is not just a transaction; it’s a powerful step towards realising our clean energy ambitions and contributing meaningfully to a cleaner tomorrow.”