Canada’s Northland Power has secured funding for the Hai Long offshore wind project in Taiwan.
Northland said that it met all conditions to close its NTD 117bn ($3.6bn) long-term non-recourse green financing.
The non-recourse green project financing will be provided by over 15 international and local lenders with support from multiple export credit agencies including Export Development Canada, Japan Bank for International Cooperation, Nippon Export and Investment Insurance, UK Export Finance, Export Finance Australia, Export Finance Norway, and Credendo – Export Credit Agency of Belgium.
According to the company, Hai Long will play an important role in helping the Government of Taiwan achieve its renewable energy target of 15 GW of offshore wind to be constructed between 2026 and 2035.
Hai Long is located approximately 45 – 70 kilometres off the Changhua coast in the Taiwan Strait and consists of two phases, Hai Long 2 and Hai Long 3, with an expected combined generating capacity of 1,022 MW. Hai Long 2A was awarded up to 300 MW of grid capacity under a feed-in tariff, while Hai Long 2B and 3 were awarded up to 744 MW of grid capacity. Hai Long subsequently signed a CPPA for the 744 MW auction portion in 2022.
Once operational, Hai Long will be one of the largest offshore wind facilities in Asia and will provide enough clean energy to power more than one million Taiwanese households.
When the loan was agreed the initial amount was NTD 118bn but was changed to NTD 117bn as a result of the final foreign exchange rates on closing.
