Northland Power Sells Stake in Taiwan Offshore Wind Farm

Thursday, December 15, 2022

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.

Categories: Energy Renewable Energy Industry News Activity Asia Offshore Wind

Related Stories

Shell-Reliance-ONGC JV Complete India’s First Offshore Decom Project

Pakistan’s OGDC to Start Production at ADNOC’s Offshore Block by 2027

Second Hai Long Substation Heads to Project Site Offshore Taiwan

Japan and South Korea Look to Partner Up with US for Alaska Pipeline

ADNOC Signs 15-Year LNG Supply Deal with Osaka Gas for Ruwais Project

ADNOC Secures LNG Supply Deal with India's BPCL

Japan's Mitsui Eyes Alaska LNG Project

Petronas Preps for Sabah-Sarawak Gas Pipeline Decom Op

Saipem’s Castorone Vessel on Its Way to Türkiye’s Largest Gas Field

Vestas Lands First 15MW Offshore Wind Turbine Order in Asia Pacific

Current News

Shell-Reliance-ONGC JV Complete India’s First Offshore Decom Project

The Future of Long-Idle Drillships: Cold-Stacked or Dead-Stacked?

TMC Books Compressors Orders for FPSO and LNG Vessels

MODEC, Sumitomo Partner Up for Delivery of Gato do Mato FPSO

Chuditch Gas Field Up for Summer Drilling Ops as Sunda Reshapes Ownership Structure

EnQuest Bags Two Production Sharing Contracts off Indonesia

Hanwha Drilling’s Tidal Action Drillship En Route to Petrobras’ Roncador Field

China's ENN, Zhenhua Oil Ink LNG Supply Deals with ADNOC

MODEC Wins ExxonMobil Guyana’s Hammerhead FPSO Contract

India Stretches Bids Deadline for 13 Offshore Deep-Sea Mineral Blocks

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com