Northland Power confirms incident at Hai Long Offshore Project | 21.08.24

TORONTO, August 20, 2024 (GLOBE NEWSWIRE) — Northland Power Inc.“Northland” or the “Company”) (TSX: NPI) confirms that an incident occurred at approximately 10:00 local time on August 20, 2024 at the Hai Long Changhua onshore substation, part of the Taiwan offshore wind project. While the details of the incident are still under investigation, preliminary information available reported a carbon dioxide leak from the fire suppression system, which affected approximately 17 workers on site.

In accordance with established emergency response protocols, emergency services were immediately notified and first aid measures were immediately implemented on the scene. The affected individuals were quickly transported to nearby hospitals where they are currently receiving emergency care.

The project team is fully cooperating with local authorities to investigate the cause of the incident and ensure the safety of personnel and the surrounding community. The incident has been contained and all work at the onshore substation has been suspended until further notice while the investigation is ongoing.

“The safety and well-being of our employees and partners remains our top priority,” said John Brace, Executive Chair. “Our current focus is on the well-being of the impacted employees and their families. We will continue to monitor the situation closely and provide updates as more information becomes available.”

Northland is committed to maintaining the highest safety standards in all of its operations and construction programs and is working hard to address this incident with the utmost urgency and care.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) that are provided for the purpose of presenting information about management’s current expectations and plans. Readers are cautioned that such statements may not be appropriate for other purposes. Northland’s actual results could differ materially from those expressed or implied in these forward-looking statements and, accordingly, the events anticipated in the forward-looking statements may or may not occur. Forward-looking statements include statements that are predictive in nature, depend on or refer to future events or conditions, or contain words such as “expects”, “anticipates”, “plans”, “predicts”, “believes”, “estimates”, “intends”, “targets”, “projects”, “predicts” or negative versions thereof and other similar expressions or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”. These statements may include, without limitation, statements regarding Northland’s expectations for the completion of construction and the expected costs thereof, the timing for and achievement of commercial operations, the expected generating capacity of the project and the future operations of the project, all of which could differ from the expectations expressed herein. These statements are based on certain material factors or assumptions that were applied in developing the forward-looking statements, including the design specifications of the development of projects, the terms of contracts to which Northland or an affiliate is a party, management’s current plans and its perception of historical trends, current conditions and expected future developments, as well as other factors, estimates and assumptions believed to be appropriate under the circumstances. Although these forward-looking statements are based on management’s current reasonable expectations and assumptions, they are subject to numerous risks and uncertainties. Some of the factors include, but are not limited to, those described in the “Risk Factors” section of Northland’s Management’s Discussion and Analysis and Annual Information Form for the year ended December 31, 2023, which can be found at www.sedarplus.ca under Northland’s profile and on Northland’s website at northlandpower.com. Northland has attempted to identify important factors that could cause actual results to differ materially from current expectations. There may, however, be other factors that could cause actual results to differ materially from such expectations. Northland’s actual results could differ materially from those expressed or implied in these forward-looking statements. Accordingly, there can be no assurances that any of the events anticipated in the forward-looking statements will occur or occur. Northland cautions you not to place undue reliance on such forward-looking statements.

The forward-looking statements contained in this press release, unless otherwise indicated, speak as of the date hereof and are based on assumptions believed to be reasonable as of the date hereof. Except as specifically required by law, Northland assumes no obligation to update any forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.

ABOUT THE HAI LONG OFFSHORE WIND PROJECT
Located approximately 45 to 70 kilometers offshore Changhua in the Taiwan Strait, Hai Long consists of two phases, Hai Long 2 and Hai Long 3, with an expected combined generating capacity of 1,022 MW. Hai Long 2A benefits from a 294 MW 20-year PPA with Taipower under a Feed-in-Tariff, and Hai Long 2B and 3 (728 MW) benefit from a 30-year Corporate Power Purchase Agreement (CPPA) with an investment grade counterparty. Hai Long will play a significant role in helping Taiwan achieve its renewable energy target of 15 GW of offshore wind, to be built between 2026 and 2035. Once operational, Hai Long will be one of the largest offshore wind facilities in Asia and will provide enough clean energy to power more than one million Taiwanese households, including industrial facilities.

ABOUT NORTHLAND POWER
Northland Power is a global power producer dedicated to helping the clean energy transition by producing electricity from clean, renewable sources. Founded in 1987, Northland has a long history of developing, building, owning and operating clean and green energy infrastructure and is a global leader in offshore wind. In addition, Northland owns and operates a diversified generation mix, including onshore renewables, natural gas power and the delivery of energy through a regulated utility. Headquartered in Toronto, Canada, with global offices in eight countries, Northland owns or has an economic interest in approximately 3.2 GW (2.8 GW net) of operating capacity. The company also has a significant inventory of projects under construction and in various stages of development, with a potential capacity of approximately 12 GW. Northland’s common stock, Series 1 and Series 2 preferred stock, have been publicly traded on the Toronto Stock Exchange since 1997 under the symbols NPI, NPI.PR.A and NPI.PR.B, respectively.

Press contact

Dario Neimarlija, Vice President, FP&A and Investor Relations
Phone: 647-288-1019
[email protected]

Victor Gravili, Head of Global Brand & Integrated Communications
Phone: 647-288-1105
[email protected]