Northland Energy has closed on its beforehand introduced transaction with Gentari subsidiary Gentari Worldwide Renewables, through which Gentari has acquired 49% of Northland’s possession within the Hai Lengthy offshore undertaking in Taiwan.
Northland now holds a 30.6% possession curiosity within the general undertaking, positioned in Taiwan, and can proceed to take the lead position in its development and operation.
This transaction marks one other milestone for Hai Lengthy offshore after the not too long ago introduced debt monetary shut, with Gentari having contributed remaining fairness consideration of roughly CAD $1B and assuming its professional rata share of credit score help for the undertaking.
“As soon as accomplished, Hai Lengthy would be the largest offshore wind undertaking in Taiwan and can present a lot wanted clear vitality to the grid and important long-term, sustainable worth to Taiwan’s financial system,” says Mike Crawley, president and CEO of Northland.
“The undertaking financing for Hai Lengthy shut in September was the most important in Taiwan and one of many largest globally. This completes Northland’s funding plan for the undertaking, which is a big milestone for the group and is a testomony to the worth of the Hai Lengthy undertaking as an asset and the attractiveness of Taiwan as a marketplace for inexperienced funding.”
Hai Lengthy’s whole projected price is roughly CAD $9B.
