Northland Power Achieves Major Project Milestone - Hai Long Offshore Wind Project Allocated 300 Megawatts Under Taiwan Feed-in-Tariff Program
TORONTO, April 30, 2018 (GLOBE NEWSWIRE) -- Northland Power Inc. ("Northland") (TSX:NPI) today announced that the Taiwan Bureau of Energy ("BOE") has allocated 300 megawatts ("MW") to the Hai Long 2 offshore wind farm ("Hai Long 2") under Taiwan's Feed-in-Tariff ("FIT") program. This is a significant step forward for the project, as it allocates capacity for Hai Long 2 to connect to Taiwan's grid in 2024, and advances the project's ability to execute a 20-year power contract under Taiwan's FIT regime. Northland and its partner Yushan Energy Pte. Ltd. ("Yushan Energy") own 60% and 40% of Hai Long 2, respectively.
Hai Long 2 received its environmental permit in early 2018 and advanced development work is ongoing. Project economics and financing details will be finalized as development progresses; selection of the turbine supplier and negotiation of construction contracts is underway.
Taiwan has excellent wind resources. In 2015, the government implemented a FIT program with long-term contracts designed to kick-start its offshore wind sector. Northland has established a meaningful presence in Taiwan, and has been working closely with Yushan Energy to complete all remaining regulatory and permit-related activities needed to execute a power purchase agreement for Hai Long 2 in late 2018. This award also places Northland and its partner, Yushan Energy, in a favourable position to continue to develop their remaining Taiwan opportunities for submission into upcoming procurements.
"Today's announcement reflects Northland's continued growth and leadership in the offshore wind sector," said John Brace, CEO of Northland. "This is a great accomplishment for Northland and its partners. We are proud to support Taiwan in their efforts to create a more sustainable future through the transition to renewable energy."
NORTHLAND POWER'S OFFSHORE WIND STRATEGY
Northland Power's objective is to build a leading global offshore wind ownership and operations platform with a full range of operating, development and investment activities. Obtaining the FIT allocation for the Hai Long 2 project further contributes to the achievement of this objective.
Taiwan is a key focus for Northland, given its robust economy, good investment climate and strong support for renewable energy.
Hai Long 2 will leverage Northland's European offshore wind development, financing, construction and operations experience and would increase Northland's offshore operating capacity to over 1,450 MW gross capacity (net 1,074 MW to Northland) by 2024.
Northland is an independent power producer founded in 1987, and publicly traded since 1997. Northland develops, builds, owns and operates facilities that produce 'clean' (natural gas) and 'green' (wind, solar, and hydro) energy, providing sustainable long-term value to shareholders, stakeholders, and host communities.
The Company owns or has a gross economic interest in 2,458 MW (net 2,029 MW) of operating generating capacity and 252 MW of generating capacity under construction, representing the Deutsche Bucht offshore wind project, in addition to the 300 MW (net 180 MW) just awarded to the Hai Long 2 offshore wind project. Northland's cash flows are diversified over four geographically separate regions and regulatory jurisdictions in Canada and Europe.
Northland's common shares, Series 1, Series 2 and Series 3 preferred shares and Series B and Series C convertible debentures trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A, NPI.PR.B, NPI.PR.C, NPI.DB.B, and NPI.DB.C, respectively.
About Yushan Energy Pte Ltd.
Yushan Energy Pte Ltd., is an offshore wind energy business and part of Singapore-based Enterprize Energy Group, a low-carbon energy business, which, in addition to the Hai Long Projects in Taiwan, has operations in Vietnam and the United Kingdom. The Enterprize Energy Group specializes in the identification and evaluation of early stage development opportunities in Asia and Europe and assembles partnerships to take projects forward through development to financing and construction.
The management team was engaged in the early development of the UK offshore wind sector, notably conceiving and developing the Ormonde Project which achieved several 'global-first' accolades: first commercial project to utilise four-legged 'jacket'-type turbine sub-structures; first commercial deployment of 5MW turbines, and the longest single export cable one-piece installation (42km).
For further information contact:
Barb Bokla, Manager, Investor Relations, (647) 288-1438
Sarah Charuk, Director of Communications, (647) 288-1105
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Northland Power Inc. via Globenewswire
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