11:45 AM EDT, 06/12/2025 (MT Newswires) -- (Adds comment and updates shares.)

Northland Power (NPI.TO) on Thursday said it achieved first power at its Hai Long Offshore Wind project in Taiwan.

The project, planned to have a capacity of one gigawatt, has been energized and connected to Taipower's grid and its onshore and offshore substations have been commissioned. Full commercial operation is expected in 2027.

Hai Long supports Taiwan's renewable-energy target of 15 gigawatts of offshore wind between 2026 and 2035, the company said.

Once operational, Hai Long will be among the largest offshore wind farms in the Asia-Pacific region, capable of providing energy to over one-million Taiwanese homes.

National Bank of Canada reiterated its outperform rating on Northland shares and its $30.00 price target following the company's release.

National Bank expects the stock to react positively to Northland's update as the company continues to execute and exceed expectations on its in-construction projects.

"The sector continues to be under pressure owing to negative sentiment related to a confluence of factors, including: offshore wind - particularly, U.S. offshore wind, in which NPI has no exposure, evolving policy and regulatory backdrop - particularly the U.S. and associated potential for dissolution of clean energy credits," the bank said. "Nonetheless, anticipated load growth has enabled long-term structural tailwinds for renewable energy. With sector fundamentals being redefined, strong execution of projects should continue to re-rate and drive shares higher."

Northland shares were last seen up $0.02 to $21.15 on the Toronto Stock Exchange.

Price: 21.18, Change: +0.05, Percent Change: +0.24