Northland Power has announced that its Hai Long offshore wind project in Taiwan has signed a credit agreement to secure 118 billion New Taiwan Dollars long-term over 20 year non-recourse financing (equivalent of $5 billion CAD).
The weighted average all-in interest cost for the term of the financing is expected to be approximately five per cent. The non-recourse project financing will be provided by over 15 international and local lenders with support from multiple Export Credit Agencies (ECAs) from six different countries. The project is expected to reach financial close shortly, upon satisfaction of all relevant conditions precedent to the financing being achieved. Upon the achievement of financial close, total debt and equity required for the project are expected to be fully funded, which includes future cash flows expected to be received from sell-down proceeds and pre-completion revenues.
