Northland Power increases debt funding $0.9bn at Hai Long offshore wind

Northland Power Optimises Debt Financing at Hai Long Offshore Wind Project and Increases Project’s Debt Funding by $0.9 Billion

Financing Highlights

• $2.4 billion of new Taiwan dollar-denominated debt facilities at the 100% project interest level, including $0.9 billion of incremental funding through project completion
• Optimizes the Project’s capital structure and financing costs
• Expands and diversifies funding sources, demonstrating lender confidence and reducing execution risk
• The incremental funding and pre-completion revenue are expected to cover future project funding requirements
• Construction activities are continuing as the project is on track for commercial operations in 2027, with overall costs aligned with original expectations.
  

TORONTO, Aug. 11, 2026 (GLOBE NEWSWIRE) -- Northland Power Inc. (“Northland” or the “Company”) (TSX: NPI) today announced that its Hai Long offshore wind project (“Hai Long” or the “Project”) in Taiwan has secured approximately NT$55 billion (equivalent to CAD $2.4 billion) of new Taiwan dollar-denominated debt with a 20-year tenor.

Of the new debt facilities, approximately $0.9 billion represents incremental funding available through project completion. The incremental funding and expected pre-completion revenues are expected to be sufficient to cover project funding requirements. The remaining approximately $1.5 billion of proceeds replaces existing debt. Together, these measures optimize the Project’s capital structure and cost of financing.

In total, 35 financial institutions are supporting the transaction, including seven export credit agencies from the original financing. This includes 17 financial institutions including international and local Taiwanese commercial and state-owned banks, that are providing the new project debt. The addition of more local Taiwanese commercial and state-owned banks further broadens the Project’s funding base across both construction and operations phases.

“We have achieved a significant milestone at Hai Long, and this financing reflects the strength of the Project and the critical role offshore wind plays in Taiwan’s energy future,” said Christine Healy, President and Chief Executive Officer of Northland. “Northland is among the few companies in the world with the proven capabilities to develop, finance and deliver projects of this scale. This outcome reinforces our confidence in the Project and in offshore wind as a long-term investment platform.”

Jeff Hart, Northland’s Chief Financial Officer commented, “This financing strengthens Hai Long's fundamentals and reflects Northland’s focus on driving value. We recognize the significant contributions of our partners and stakeholders who collaborated to support achieving this important milestone.”

Hai Long is located approximately 45 to 70 kilometers off the Changhua County coast in the Taiwan Strait and has a total capacity of 1,022 MW. Long-term offtake contracts of 30 years underpin the Project and provide the contracted revenue visibility that supports Northland’s Energize 2030 targets.