Northland Power Announces Strategic Partnership in Hai Long With Gentari

Northland Power Inc. signed an agreement with Gentari International Renewables Pte. Ltd. – who have agreed to acquire 49% of Northland’s ownership interest in the Hai Long offshore wind project located in Taiwan.

Upon closing, the transaction will result in Gentari holding a 29.4% indirect equity interest in the Project. Northland will remain as the single largest shareholder of the Project with 30.6% and will continue to take the lead role in its construction and operation.

This transaction marks a significant milestone in the development of the Project, allowing Northland to partner with Gentari through equity consideration of approximately NT $18 billion (CAD $0.8 billion). Final equity consideration remains subject to closing adjustments in accordance with the terms of the purchase and sale agreement.

Transaction close is expected to occur following the achievement of financial close of the Project and remains subject to receipt of customary regulatory approvals and satisfaction of all closing conditions pursuant to the terms of the purchase and sale agreement.

The two companies are also seeking to establish a broader strategic partnership, promoting further growth in Taiwan’s offshore wind industry, and have signed an Exclusivity Agreement in this regard.

This partnership demonstrates an opportunity for both companies to share the value creation in the development of offshore wind, while supporting the global transition to renewable energy.

Mike Crawley, President and Chief Executive Officer of Northland noted, “Today’s announcement is a significant milestone for Northland as it represents the first transaction as part of our partnership model. We are delighted to welcome Gentari as part of the partnership in the Hai Long offshore wind project and look forward to developing the broader strategic partnership in Hai Long and potentially further beyond. This partnership is further evidence of the global interest in developing renewable energy projects to aid global decarbonization efforts and the transition to low carbon economies.”

Mohammad Azhar, Chief Renewables Officer of Gentari added, “This marks Gentari’s inaugural entry into the offshore wind segment. The partnership with Northland offers an opportunity for even greater collaboration in developing other offshore wind opportunities in Taiwan and beyond.”