Northland Power Inc - President and CEO, Mike Crawley
President and CEO, Mike Crawley
Source: The Globe and Mail
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  • Northland Power (NPI) has signed a power purchase agreement (CPPA) for production from its Hai Long offshore wind project in Taiwan
  • The agreement is with an investment grade counter-party and covers 100 percent of the power generated from Hai Long 2B and 3
  • The agreement is for a 20-year period at a fixed-price, commencing once Hai Long reaches full commercial operations in late 2026
  • Northland Power is a global power producer dedicated to helping the clean energy transition by producing electricity from clean renewable resources
  • Northland Power Inc. opened trading at $39.53 per share

Northland Power (NPI) has signed a corporate power purchase agreement (CPPA) for production from its Hai Long offshore wind project in Taiwan secured under auction.

The agreement is with an investment grade counter-party (S&P:AA-) and covers 100 percent of the power generated from Hai Long 2B and 3, which have a combined capacity of 744-megawatts (MW).

The agreement is for a 20-year period at a fixed-price, commencing once Hai Long reaches full commercial operations in late 2026.

Hai Long is made up of three offshore wind sites being developed as a single project with a combined gross capacity of 1,044 MW. In addition to Hai Long 2B and 3, the project includes Hai Long 2A (300 MW).

Hai Long 2A entered a separate 20-year power PPA with Taipower in 2019 under a Feed-in-Tariff allocation. Northland has a 60 percent interest in Hai Long.

Under the terms of the CPPA, Hai Long 2B and 3 will receive a fixed price for delivering power and Taiwan Renewable Energy Certificates (T-RECs) during the 20-year contract period.

“Today’s announcement is a substantial milestone for Northland and for our partners in the Hai Long project,” said Mike Crawley, President and Chief Executive Officer of Northland.

“This agreement marks Northland’s first signed corporate PPA and aligns with our commitment to supporting the global decarbonization efforts by governments and corporate entities through the development of renewable energy. In particular, the development of Hai Long will support Taiwan’s transition to renewable energy,” he added.

Northland Power is a global power producer dedicated to helping the clean energy transition by producing electricity from clean renewable resources.

Northland Power Inc. opened trading at $39.53 per share.

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