Northland Power and its partners have met all of the requirements for the $3.6 billion financial close on the Hai Long offshore wind farm, which will be built off the coast of Taiwan. The project is being funded by 16 foreign and local financial organisations, including ANZ, Crédit Agricole CIB, CTBC, DBS, Deutsche Bank, Fubon Bank, Fubon Life, HSBC, JBIC Direct Loan, the Korea Development Bank, Mizuho, MUFG, Shinsei Bank, SMBC, Standard Chartered Bank, and Taiwan Life.
Furthermore, it will be located in the Taiwan Strait, 45–70 km offshore Changhua. The wind farm will be developed in two stages, Hai Long 2 and 3, with a 1.02 GW power generation capacity. Reportedly, the project received grid capacity in the inaugural competitive bidding of the nation, which took place in 2018. Under a feed-in tariff, Hai Long 2A was able to obtain 300 MW of grid capacity, while Hai Long 2B and 3 were able to get 744 MW and inked a corporate power purchase agreement for the 744 MW capacity.
Moreover, all environmental approvals and building licences have also been obtained, and preliminary development work and production of crucial components have commenced. It is anticipated that the wind farm will start up in 2025 or 2026. The project will provide enough electricity to power a million homes in Taiwan.
In April 2023, RWE and Northland Power, the owners of Nordseecluster, chose Hellenic Cables as the preferred provider for the cluster of four offshore wind farms. Nordseecluster was erected in two parts, Nordseecluster A and B, with RWE and Northland owning 51 per cent and 49 per cent, respectively. Phase One has two wind farms with a combined capacity of 660 MW and is currently applying for permits.