Northland Power signs PPA for 744 MW of offshore wind in Taiwan

Canadian power producer Northland Power Inc (TSE:NPI) has signed a corporate power purchase agreement (PPA) for 744 MW of its Hai Long offshore wind project in Taiwan with an unnamed investment grade counterparty.

The company said today that the PPA is for 100% of the generation of Hai Long 2B and 3, which together have a capacity of 744 MW. The 20-year, fixed-price deal will start when the wind park becomes fully operational, expected in late 2026.

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The third site included in the 1,044-MW Hai Long project, the 300-MW Hai Long 2A, signed a 20-year PPA with Taipower in 2019. The sites were awarded grid capacity and PPAs with Taipower under Taiwan’s fixed auction programme in 2018.

Northland Power said the corporate PPA is more favourable than the fixed auction rate awarded in 2018 and is an important step towards financial close later in 2022. The PPAs with Taipower are not affected by the corporate PPA and provide a backstop to the corporate PPA, it added.

Northland owns 60% of the Hai Long offshore wind project, with Yushan Energy Co Ltd holding the remaining 40%.