Northland Power, the developer behind the 1GW Hai Long offshore wind project off the coast of Taiwan, has successfully reached financial close for this ambitious venture. The project, with an estimated total cost of C$5 billion (€3.5 billion), has secured long-term non-recourse green financing from a consortium of over 15 international and local lenders. Additionally, multiple Export Credit Agencies (ECAs), including Export Development Canada (EDC), Japan Bank for International Cooperation (JBIC), Nippon Export and Investment Insurance (NEXI), UK Export Finance (UKEF), Export Finance Australia (EFA), Export Finance Norway (Eksfin), and Credendo – Export Credit Agency of Belgium, have offered their support.
Hai Long's significance extends beyond its impressive capacity; it aligns with the Government of Taiwan's renewable energy target of constructing 15GW of offshore wind power between 2026 and 2035. This project is a vital component in Taiwan's efforts to harness clean energy and reduce its carbon footprint.
Having secured all necessary environmental approvals, as well as a major construction permit, Hai Long has already commenced early construction activities and component fabrication. The project's timeline envisions the completion of construction and the commencement of full commercial operations in 2026/2027.
This achievement underscores Northland Power's commitment to advancing renewable energy projects that contribute to Taiwan's renewable energy goals. The successful financial close and ongoing progress on Hai Long represent significant strides in the global transition to sustainable and clean energy sources.
