- Northland Power (TSX:NPI) has signed an agreement to acquire Dada Ocean Wind Farm Co.
- Dada Ocean owns several early-stage wind development sites off the coast of South Korea
- The acquisition builds on Northland’s presence in the region and is expected to close over the next few weeks
- No details regarding consideration for the deal have been given
- The company’s shares are currently up 0.93 per cent to C$32.50, with a market cap of C$6.3 billion
Northland Power (TSX:NPI) has signed an agreement to acquire Dada Ocean Wind Farm off the coast of South Korea.
The company, which is owned by Eui Jeong Hwang, has several early-stage offshore wind development sites near Chodo Island.
Mr. Hwang, who is an experienced wind power developer, will continue to support the project as a local partner.
“Northland’s history is one of working with local communities and respecting local rules and regulations, and we look forward to working with Mr. Hwang to deliver this for these projects,” said Northland’s President and CEO, Mike Crawley.
The acquisition is expected to be finalised over the next few weeks, subject to the usual closing conditions.
However, no details have been given regarding consideration for the acquisition.
“This agreement builds on Northland’s strategy to pursue opportunities in South Korea,” continued Mr. Crawley.
“We are excited to be part of Korea’s energy transformation as it looks to the future with the government’s Renewable Energy 3020 Program, that aims to achieve 12.0 GW of offshore wind capacity by 2030.”
According to the Bloomberg New Energy Outlook 2019, renewables are expected to account for 59 per cent of all energy produced in South Korea by 2050.
Offshore wind is forecast to make up half of this renewable generation.
Northland’s current Asian portfolio includes a 60 per cent stake in the 1,044 MW Hai Long offshore project underway in Taiwan.
It also includes a joint venture to pursue opportunities in Chiba Prefecture, Japan.
Earlier this year, Northland also announced the acquisition of a 99.2 per cent interest in the Colombian-regulated utility Empresa de Energía de Boyacá.
Shares in Northland are currently up 0.93 per cent to C$32.50, with a market cap of C$6.3 billion.