KUALA LUMPUR: Petroliam Nasional Bhd's green energy arm Gentari has invested in the Hai Long offshore wind project off the Changhua coast in the Taiwan Straits, expanding its portfolio with offshore wind capacity.
The investment, through subsidiary Gentari International Renewables Pte Ltd, sees Gentari taking a 49 per cent stake in Canada-based Northland Power Inc.'s (Northland) ownership of the project.
This is equivalent to a 29.4 per cent indirect equity interest.
Northland now holds a 30.6 per cent ownership interest in the overall project and will continue to take the lead role in the construction and operation of the project developed as a joint venture between Northland and Japan-based Mitsui & Co.
Comprising two phases, the project has an expected combined generating capacity of 1,022 megawatt (MW).
It will play an important role in helping Taiwan achieve its renewable energy target of 15 gigawatt (GW) of offshore wind to be constructed between 2026 and 2035.
Once operational, Hai Long will be the largest offshore wind project surrounding the island, besides being one of the largest offshore wind facilities in Asia.
It will provide enough clean energy to power more than one million households as well as industrial facilities in Taiwan.
Chief executive officer Sushil Purohit said bringing Gentari to the forefront of the offshore wind industry is a powerful step towards realising the company's clean energy ambitions and an important milestone in its commitment to help advance the adoption of renewable energy globally.
"The project not only aligns with our vision for a sustainable future and our aim to contribute meaningfully to a cleaner tomorrow, but also strengthens Gentari's position as a valued clean energy solutions partner in achieving net zero goals," he said in a statement.
Northland president and chief executive officer Mike Crawley believes Gentari will add significant value to amplify its impact in this space.
"Together, we are embarking on a journey where our aligned vision and collaborative effort can further accelerate progress towards a sustainable energy future," he added.
Gentari's global aspiration includes building 30 to 40 GW in renewable energy capacity by 2030 through projects across solar, onshore and offshore wind and battery storage, targeting utility-scale, commercial, industrial and retail customers.