Gentari International Renewables has acquired 49% of Canada-based energy company Northland Power’s interest in Hai Long offshore wind project in Taiwan.
Northland now holds 30.9% ownership interest in the overall project and will continue to take the lead role in Hai Long’s construction and operation, the company said.
This transaction marks another significant milestone for the Hai Long offshore wind project after the recently secured debt financial close for the project.
Aside from Northland and Gentari, Mitsui & Co holds the remaining 40% of the project.
“Gentari is pleased with the successful conclusion of this transaction. Today, we celebrate a strategic partnership with Northland for the Hai Long offshore wind project.
“Bringing Gentari to the forefront of the offshore wind industry, this is an important milestone in our commitment to advancing renewable energy globally.
“This not only aligns with our vision for a sustainable future but positions Gentari as a valued clean energy solutions partner in driving change towards achieving net zero goals,” said Sushil Purohit, Chief Executive Officer of Gentari.
Hai Long’s total cost is projected to be approximately $6.8 billion, with $3.8 billion of the costs covered by non-recourse debt provided by the project lenders, approximately $756 million of pre-completion revenues derived during the project construction phase, and the remaining equity investment contributed by the project’s partners.