Northland Power Inc. (Canadian-based global power producer) has signed a new long-term corporate power purchase agreement with Taiwan Semiconductor Manufacturing Company that will give TSMC offtake rights over the entire generating capacity of the Hai Long offshore wind project in Taiwan.

Agreement Extends Existing TSMC Partnership to Full Project

The new corporate power purchase agreement runs for 30 years and adds Hai Long 2A to an existing arrangement between Northland and TSMC that was first established in 2022.

That earlier agreement already covered Hai Long 2B and Hai Long 3, the two other wind sites that make up the project. Once necessary administrative procedures are completed later in 2026, Hai Long 2A will switch to the new agreement, at which point TSMC will offtake 100 percent of the project's generating capacity.

The 2022 partnership had left one portion of the project outside the TSMC arrangement, but this latest agreement closes that gap. Northland stated that bringing all three sites under a single counterparty will strengthen the project's economics and extend its revenue period.

Project Scale and Location

The Hai Long project is located approximately 45 to 70 kilometers off the Changhua coast in the Taiwan Strait and is composed of three discrete offshore wind sites.

Hai Long 2A has a gross capacity of 294 megawatts, Hai Long 2B carries 224 megawatts of capacity, and Hai Long 3 is the largest of the three at 504 megawatts. Together, the three sites represent a combined gross capacity of 1,022 megawatts.

The project is currently under construction and involves three partners. Mitsui & Co. holds the largest stake at 40 percent, followed by Northland Power at 30.6 percent, and Gentari International Renewables Pte. Ltd. at 29.4 percent.

Strategic and Financial Rationale

Northland described the new agreement as directly supporting its focus on value enhancement. Christine Healy, President and Chief Executive Officer of Northland Power, said the deal reinforces what the company views as the strategic importance of the Hai Long project.

"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," Healy said in the announcement.

By securing a counterparty of TSMC's scale and credit profile for the entirety of Hai Long's output, Northland is positioning the project with a single, long-duration revenue stream spanning three decades. The company did not disclose the pricing terms of the agreement.

TSMC's Role as Energy Offtaker

TSMC is described by Northland as a Taiwan-based multinational semiconductor manufacturer and a global leader in advanced semiconductor fabrication.

As one of the world's most prominent chip manufacturers, TSMC has significant and ongoing electricity requirements, making long-term renewable energy procurement agreements a natural fit for its operations in Taiwan.

The structure of the agreement, with TSMC absorbing the full output of a project exceeding one gigawatt, reflects the scale of energy demand that large semiconductor fabrication operations require.

Northland's Broader Portfolio Context

Northland Power was founded in 1987 and has been publicly traded since 1997. The company operates across offshore and onshore wind, solar, battery energy storage, and natural gas infrastructure, and also supplies energy through a regulated utility.

Northland currently owns or holds an economic interest in 3.5 gigawatts of gross operating generating capacity globally. It has a further 2.2 gigawatts under construction and maintains early to mid-stage development opportunities encompassing approximately 9 gigawatts of potential capacity.

The company is headquartered in Toronto and maintains offices in seven countries. The Hai Long project falls within Northland's 2.2 gigawatts under construction, and its partnership structure with Mitsui and Gentari reflects the type of multi-party consortium arrangements common in large-scale offshore wind development in Asia.

Administrative Steps Remaining

While the agreement has been signed, Northland noted that the transition of Hai Long 2A to the new corporate power purchase agreement remains subject to the completion of necessary administrative procedures, which the company expects to occur later in 2026.

Until those procedures are finalized, the formal switch of Hai Long 2A to the TSMC agreement has not yet taken effect. Northland did not provide additional details on the nature of those administrative steps or specify any conditions that could affect their completion.

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