-- Northland Power (NPI.TO) has concluded a 30-year corporate power purchase agreement (CPPA) with Taiwan Semiconductor Manufacturing Company (TSMC) for additional power from its Hai Long offshore wind project in Taiwan, the company said on Thursday.
The Hai Long project is situated off the Changhua coast in the Taiwan Strait and consists of three offshore wind sites, the 294-megawatt (MW) Hai Long 2A, the 224 MW Hai Long 2B, and the 504 MW Hai Long 3. The new agreement builds on an existing partnership with TSMC which already covers Hai Long 2B and Hai Long 3. Later this year, Hai Long 2A will switch to the new CPPA, and TSMC will offtake 100% of the project's generating capacity, a statement said.
The Hai Long Project is being constructed by Northland (30.6%) jointly with Mitsui & Co. (40%) and Gentari International Renewables (29.4%).
"This agreement with TSMC reinforces the strategic importance of Hai Long. Once the switch is complete it will enhance the project's long-term economic fundamentals and contribute directly to value creation for Northland and its shareholders," said chief executive Christine Healy.
Northland Power shares closed down $0.45, to $23.29, on Wednesday, on the Toronto Stock Exchange.