February 25 (Renewables Now) - Canadian power producer Northland Power Inc (TSE:NPI) has agreed to acquire wind developer Dado Ocean Wind Farm Co Ltd, which owns a portfolio of early-stage offshore wind projects in South Korea.
The target entity has in this portfolio multiple early stage offshore wind development sites near Chodo Island, off the southern coast of South Korea, Northland Power said on Monday without providing financial details. Dado Ocean is currently working on several schemes in Chodo-ri and Sonjuk-ri of Yeosu City close to the Korean Peninsula that will be developed over the next few years.
Dado Ocean is owned by Eui Jeong Hwang, who will collaborate with Northland Power as a local partner in the projects.
The Canadian firm explained the purchase fits with its strategy to grow in South Korea and take advantage of the opportunities created by the country’s ambitions for 12 GW of offshore wind capacity by 2030. The acquisition is subject to customary closing conditions and is expected to be finalised in the coming weeks.
In Asia, Northland Power is involved in the 1,044-MW Hai Long offshore wind project in Taiwan, having a 60% equity stake, and also has an offshore wind joint venture in Japan’s Chiba Prefecture.