Canada-based energy company Northland Power Inc. has signed a deal to sell 49% of its interest in the Hai Long offshore wind project in Taiwan to Gentari.
Upon closing, the transaction will result in Gentari holding a 29.4% indirect equity interest in the project.
Northland will continue to be the largest shareholder of the project with 30.6% and will continue to take the lead role in its construction and operation.
"This transaction marks a significant milestone in the development of the project, allowing Northland to partner with Gentari through equity consideration of approximately NT $18 billion [USD $586 million].
Northland Power also said that the two companies were looking to form a larger strategic relationship to promote further expansion in Taiwan's offshore wind industry, and that they had signed an exclusivity agreement in this regard.
The Hai Long deal marks Gentari's entry into the offshore wind segment.
The total capacity of the Hai Long Project, currently under development, is 1044 MW. It is located around 50 kilometers off the Changhua coast, with water depths of up to 55 meters.
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