NPI Globe/wire say Northland to help build Taiwan wind farm

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Monday September 25 2023 - In the News

The Globe and Mail reports in its Saturday edition that Japan's Mitsui & Co. said on Friday it had finalized a plan with Canada's Northland Power to build a one-gigawatt (GW) offshore wind farm in Taiwan at an estimated cost of 960 billion yen ($8.7-billion).A Reuters dispatch to The Globe reports thatMitsui and Northland, which won the interest in the Hai Long bottom-fixed offshore wind project in 2018, aim to complete construction by the end of 2026 to generate a total of 1.022 GW, equal to the annual power consumption of one million households.The project, 60 per cent owned by Northland and 40 per cent by Mitsui, involves constructing 73 large wind turbines in the offshore area 45 to 70 kilometres off Changhua county and consists of three sections, HL2A, HL2B and HL3.The HL2A will sell electricity to Taiwan Power under a 20-year power purchase agreement (PPA) while HL2B and HL3 will sell electricity to a private power user in Taiwan under a 30-year PPA, Mitsui said in a statement.Of the total project cost, Mitsui will provide $2.36-billion, including $1.54-billion in equity and loans and about $817-million in guarantees, while about $4.9-billion will be paid for through project finance.