Northland and Mitsui sign C$5bn Hai Long deal

Northland Power and Mitsui have secured C$5bn ($3.7bn) credit package for their 1.1GW Hai Long offshore wind project in Taiwan.

Northland and Mitsui are developing the $9bn ($6.7bn) project in a 60:40 joint venture and said it will soon achieve financial close. This C$5bn non-recourse project financing package will be provided by 15 international and local lenders, and is backed by export credit agencies in six countries.

Hai Long is divided into three phases: the 294MW Hai Long 2A has a 20-year power purchase agreement (PPA) with Taipower, while the 728MW Hai Long 2B and C have a 30-year with an unnamed "investment grade counterparty".

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