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Northland Power Inc (TSE:NPI) announced today that it has completed the sale of nearly half of its ownership interest in the 1,022-MW Hai Long offshore wind project in Taiwan to Gentari International Renewables Pte Ltd.
Gentari, part of Malaysian oil and gas company Petroliam Nasional Bhd, better known as Petronas, agreed to buy 49% of Northland’s ownership in the project about a year ago. Following completion, the Canadian power producer now holds 30.6% of the overall project and will continue to take the lead role in its construction and operation, while Gentari will own 29.4%.
The parties wrapped up the deal just a few months after Northland and its partner Mitsui & Co Ltd took a final investment decision on the project in September. Gentari contributed a final equity consideration of about CAD 1.0 billion (USD 753m/EUR 683m) and assumed its pro rata share of credit support for the project.
Northland said in the Thursday statement that the proceeds from the transaction will be used to repay its previously disclosed CAD-500-million short-term corporate credit facility and fund the company’s remaining equity in the Hai Long project.
The CAD-9-billion Hai Long project will be located 45km-70km off the Changhua coast in the Taiwan Strait. The 73-turbine complex, which is expected to be finalised in 2026/2027, includes the 294-MW Hai Long 2A, 224-MW Hai Long 2B and 504-MW Hai Long 3 schemes.
(CAD 1 = USD 0.753/EUR 0.683)
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