Northland Power signs 30-year power deal with TSMC for Taiwan wind project

Northland Power Inc. (TSX: NPI) signed a 30-year Corporate Power Purchase Agreement with Taiwan Semiconductor Manufacturing Company for additional power from its Hai Long offshore wind project in Taiwan, according to a company statement.

The agreement builds on an existing partnership established in 2022 between the companies. Subject to completion of administrative procedures later in 2026, TSMC will purchase 100% of the generating capacity from the Hai Long project's three wind sites.

The Hai Long project consists of three offshore wind sites located 45-70 kilometers off Taiwan's Changhua coast. The sites include the 294-megawatt Hai Long 2A, the 224-megawatt Hai Long 2B, and the 504-megawatt Hai Long 3, with a combined gross capacity of 1,022 megawatts.

Northland holds a 30.6% stake in the project, while Mitsui & Co. owns 40% and Gentari International Renewables Pte. Ltd holds 29.4%. The project is currently under construction in the Taiwan Strait.

"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 Christine Healy, President and CEO of Northland Power.

TSMC operates as a multinational semiconductor manufacturer based in Taiwan and trades on the Taiwan Stock Exchange (TWSE: 2330) and the New York Stock Exchange (NYSE: TSM).

Toronto-based Northland Power operates as a global power producer with 3.5 gigawatts of gross operating generating capacity and 2.2 gigawatts under construction. The company's shares trade on the Toronto Stock Exchange.

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