Hai Long Pushing for Wind Farm Construction and Financing on Schedule

　　The offshore wind farm project, Hai Long 2, has faced several challenges, including high loan amounts, a main shareholder releasing shares before the loan is completed, a loan period exceeding 20 years, difficulty in meeting domestic content requirements due to the use of imported components, and some foreign banks selling existing offshore wind farm loans.

　　Hai Long project responded that the project is currently being constructed according to schedule, and has completed all major contracts by 2022 and has also started purchasing and producing key components. The team is actively seeking financing, and a high percentage of the project financing will be guaranteed by "Export Credit Insurance" (ECA) and is expected to be the offshore wind power project with the highest credit guarantee in Taiwan, which will greatly reduce the risk for financial institutions and there is great confidence in completing financing.

　　Northland Power, the shareholder of the Hai Long project, recently announced that it will be collaborating with Gentari International Renewables Pte. Ltd., a wholly-owned subsidiary of Petronas, a Malaysian national oil company. Under the agreement, Gentari will acquire a 49% stake in the Hai Long project held by Northland Power. This means that after the transaction is completed, Gentari will hold an indirect 29.4% stake in the Hai Long project.