Northland Power's Hai Long Offshore Wind Project Awarded Additional 744 Megawatts in Taiwan Auction

TORONTO, June 22, 2018 (GLOBE NEWSWIRE) -- Northland Power Inc. ("Northland") (TSX:NPI) today announced that the Taiwan Bureau of Energy ("BOE") has awarded 232 megawatts ("MW") to the Hai Long 2 offshore wind farm ("Hai Long 2") and 512 MW to the Hai Long 3 offshore wind farm ("Hai Long 3") under Taiwan's offshore wind auction program.   These awards are separate from and in addition to the 300 MW in 2024 that Hai Long 2 was allocated by the Taiwan BOE on April 30, 2018 under Taiwan's Feed-in-Tariff ("FIT") program. Northland and its partner Yushan Energy Co. Ltd. ("Yushan Energy") own 60% and 40%, respectively, of Hai Long 2 and Hai Long 3.

This is another significant step for Northland in Taiwan, with a second and third project progressing to connect to Taiwan's grid in 2025, subject to securing 20-year power purchase agreements. Taken together with the FIT award, the Hai Long 2 and Hai Long 3 offshore wind farms now total 1,044 MW of offshore wind capacity in Taiwan. 

Northland is building a leading offshore wind ownership and operations platform in Taiwan; today's allocation contributes to the achievement of this objective as well as offering strong synergies in development, construction, and operations.  

Hai Long 2 and Hai Long 3 received environmental permits in early 2018 and development work is ongoing.  Project economics and financing details will be finalized as development progresses; selection of the turbine supplier and negotiation of construction contracts is underway.

"Today's announcement represents another significant milestone for Northland," said John Brace, CEO of Northland. "This additional capacity will enhance our ability to generate efficiencies in the delivery of world class offshore wind projects that will build up the local supply chain, supporting the achievement of Taiwan's ambitious green energy targets from multiple aspects."

NORTHLAND POWER'S OFFSHORE WIND STRATEGY

Northland Power's objective is to build a leading global offshore wind ownership and operations platform with a full range of operating, development and investment activities. Obtaining additional capacity through the auction for the Hai Long 2 and Hai Long 3 projects further contributes to the achievement of this objective.  Taiwan is a key focus for Northland, given its robust economy, good investment climate and strong support for renewable energy.