Northland Power has successfully concluded the transaction to sell a 49% stake in its holdings for the 1022MW Hai Long offshore wind project to Gentari International Renewables. Following this deal, Northland Power will retain a 30.6% ownership interest in the overall project and will maintain its lead role in overseeing the construction and operation of Hai Long.
The proceeds generated from this transaction will be directed towards repaying Northland's previously disclosed C$500 million short-term corporate credit facility and funding the remaining equity in the Hai Long project.
This move is part of a broader strategic partnership between Northland and Gentari in Taiwan. In the summer of 2023, Gentari had acquired 49% of Northland's ownership interest in its Taiwan Round 3 offshore wind projects.
Mike Crawley, President and CEO of Northland, expressed satisfaction with the partnership, stating, “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.”
Hai Long is poised to become the largest offshore wind project in Taiwan upon completion, contributing much-needed clean energy to the grid and delivering long-term, sustainable value to Taiwan's economy. The project's financing, which closed in September, marked a significant milestone as one of the largest globally and completed Northland's funding plan for the project.
Sushil Purohit, CEO of Gentari, highlighted the strategic importance of the transaction, stating, “Bringing Gentari to the forefront of the offshore wind industry, this is an important milestone in our commitment to advancing renewable energy globally.”
He further emphasized the alignment of this partnership with Gentari's vision for a sustainable future and its role in contributing to cleaner energy solutions. Purohit concluded, “It is not just a transaction; it's a powerful step towards realizing our clean energy ambitions and contributing meaningfully to a cleaner tomorrow.”
