TORONTO, Feb. 26, 2019 (GLOBE NEWSWIRE) -- Northland Power Inc. ("Northland") (TSX: NPI) today announced that its subsidiary has executed a Power Purchase Agreement (“PPA”) with Taiwan Power Company (“Taipower”) for its Hai Long 2A offshore wind project, based on its 300 MW Feed-in-Tariff (“FIT”) allocation. Northland and its partner Yushan Energy Co. Ltd. (“Yushan Energy”) own 60% and 40% of Hai Long 2A, respectively. Hai Long 2A is the first of the three Hai Long projects (1,044 MW total capacity) to receive its PPA.
Hai Long 2A has entered into a 20-year power PPA with Taipower at the 2019 FIT rate of NTD 6.2795/kWh and NTD 4.1422/kWh for the first and second 10-year periods, respectively. In 2015, the Taiwan government implemented the FIT program to provide long-term contracts designed to inaugurate its offshore wind sector. Project economics and financing details will be finalized as development progresses.
Mike Crawley, President and Chief Executive Officer of Northland Power noted, "Today’s announcement is excellent news for Northland and demonstrates Taiwan’s commitment to becoming a leader in Asia’s bourgeoning offshore wind sector. Offshore wind has the potential to transform Taiwan’s economy and environment, creating jobs while helping to foster energy security. This project also aligns with Northland’s commitment to deliver long-term value to shareholders, while supporting the global transition to clean and green energy sources."
Northland and Yushan Energy are also engaged in developing the Hai Long 2B and Hai Long 3 offshore wind projects in Taiwan. In June 2018, these projects were allocated grid capacity for connection in 2025 under Taiwan’s auction program and are expected to execute their respective PPAs with Taipower in 2019.
ABOUT NORTHLAND POWER
Northland Power 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 an economic interest in 2,429 MW (net 2,014 MW) of operating generating capacity and 269 MW of generating capacity under construction, representing the Deutsche Bucht offshore wind project in the North Sea, in addition to its 60% equity stake in the 1,044 MW Hai Long projects under development in Taiwan.
Northland's common shares, Series 1, Series 2 and Series 3 preferred shares and Series C convertible debentures trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A, NPI.PR.B, NPI.PR.C and NPI.DB.C, respectively.
FORWARD-LOOKING STATEMENTS
This release contains certain forward-looking statements which are provided for the purpose of presenting information about management’s current expectations and plans. Readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects,” “anticipates,” “plans,” “believes,” “estimates,” “intends,” “targets,” “projects,” “forecasts” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” These statements may include, without limitation, statements regarding Northland’s expectations or ability to complete any future offerings of securities. These statements are based upon certain material factors or assumptions that were applied in developing the forward-looking statements, including Northland’s potential need for future capital or its ability to raise capital, if needed. Although these forward-looking statements are based upon management’s current reasonable expectations and assumptions, they are subject to numerous risks and uncertainties. Some of the factors that could cause results or events to differ from current expectations include, but are not limited to, construction risks, counterparty risks, operational risks, foreign exchange rates, regulatory risks, maritime risks for construction and operation, and the variability of revenues from generating facilities powered by intermittent renewable resources and the other factors described in the “Risks and Uncertainties” section of Northland’s 2018 Annual Report and Annual Information Form, both of which can be found at www.sedar.com under Northland's profile and on Northland’s website northlandpower.com. Northland’s actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur.
The forward-looking statements contained in this release are based on assumptions that were considered reasonable on date of release. Other than as specifically required by law, Northland undertakes no obligation to update any forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.
For further information, please contact:
Wassem Khalil, Senior Director, Investor Relations & Strategy
+1 (647) 288-1019
investorrelations@northlandpower.com
northlandpower.com