Northland Power confirms Hai Long offshore project

TORONTO, Aug. 20, 2024 (GLOBE NEWSWIRE) — Northland Power Inc. (“Nordland” or the “Company”) (TSX: NPI) confirmed that an incident occurred at the Hai Long Changhua onshore substation, part of its offshore wind project in Taiwan, at around 10:00 a.m. local time on August 20, 2024. While the details of the incident are still being investigated, preliminary information available indicated a carbon dioxide leak from the fire extinguishing system, affecting about 17 workers on site.

In accordance with established emergency protocols, emergency services were immediately notified and first aid measures were initiated on site. The affected persons were immediately transported to nearby hospitals, where they are currently receiving emergency medical care.

The project team is working closely with local authorities to determine the cause of the incident and ensure the safety of personnel and the surrounding community. The incident has been brought under control and all work at the onshore substation is suspended until further notice while investigations continue.

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

Northland is committed to maintaining the highest safety standards in all operations and construction programs and is working with the utmost urgency and diligence to resolve this incident.

FORWARD-LOOKING STATEMENTS

This news release contains statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) and are intended to present 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 may differ materially from those expressed or implied by 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 forward-looking 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,” “forecasts” 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, among other things, statements regarding Northland's expectations regarding completion of construction and expected costs, timing and achievement of commercial operations, expected generating capacity of the project and future operations of the project, all of which may differ from those expressed herein. These statements are based on certain material factors or assumptions applied in developing the forward-looking statements, including design specifications for development of projects, the terms of contracts to which Northland or any of its subsidiaries is a party, management's current plans and its perception of historical trends, current conditions and expected future developments, and other factors, estimates and assumptions considered reasonable in 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 fiscal year ended December 31, 2023, which can be found at www.sedarplus.ca under Northland’s profile and on Northland’s website at www.northlandpower.com. Northland has attempted to identify important factors that could cause actual results to differ materially from current expectations. However, other factors may arise that could cause actual results to differ materially from these expectations. Northland's actual results may differ materially from those expressed or implied by these forward-looking statements. Accordingly, there can be no assurance that the events anticipated in the forward-looking statements will occur. Northland cautions you not to place undue reliance on these forward-looking statements.

The forward-looking statements contained in this press release, unless otherwise indicated, are made as of the date hereof and are based on assumptions believed to be reasonable as of the date hereof. Except as expressly required by law, Northland undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date hereof 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 off the coast of Changhua in the Taiwan Strait, Hai Long consists of two phases, Hai Long 2 and Hai Long 3, with an expected combined generation capacity of 1,022 MW. Hai Long 2A benefits from a 294 MW PPA with Taipower over 20 years 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 major role in achieving Taiwan's renewable energy target of building 15 GW of offshore wind power between 2026 and 2035. Once operational, Hai Long will be one of the largest offshore wind farms in Asia and provide enough clean energy to power more than one million Taiwanese households, including industrial facilities.

ABOUT NORTHLAND POWER
Northland Power is a global energy producer committed to advancing the energy transition by generating electricity from clean, renewable resources. Founded in 1987, Northland has a long history of developing, building, owning and operating clean and green energy infrastructure assets and is a global leader in offshore wind energy. In addition, Northland owns and manages a diversified energy mix that includes onshore renewables and natural gas power, as well as energy supply through a regulated utility. Northland is headquartered in Toronto, Canada, with offices in eight countries. The Company owns or has a beneficial interest in approximately 3.2 GW (net 2.8 GW) 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 shares and Series 1 and 2 preferred shares have been publicly traded since 1997 and trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A and NPI.PR.B. respectively.

Media contact

Dario Neimarlija, Vice President, FP&A and Investor Relations
Phone: 647-288-1019
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Victor Gravili, Head of Global Brand & Integrated Communications
Phone: 647-288-1105
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