Canadian independent power producer Northland Power is exploring a full or partial sale of its offshore wind projects in South Korea, according to two sources familiar.

The developer held preliminary talks earlier this year with advisors and potential buyers ahead of the country’s next round of auctions, the sources said.

Northland’s offshore wind pipeline in South Korea comprises the 1.27 GW Dado farm, the 616 MW Bobae project, and the 1.8 MW Wando early-stage development. It is the sole owner of all three projects.

Last month, South Korea issued renewables tenders for 1 GW of fixed-foundation offshore wind farms and 500 MW of floating offshore projects. Bids are due by 22 November.

Northland has yet to bid in the country’s offshore wind auctions, one of the sources said, and it remains unclear whether it will submit a bid in this tender.

Discussions about a deal continue and a transaction may or may not materialize, the sources said.

In February 2023, Northland announced the award of electricity business licenses for 900 MW of Dado’s capacity and 400 MW for the Bobae farm.

After securing the licenses, Northland expects to progress the Dado project to mid-stage development with the start of engineering surveys and securing grid capacity. Northland continues to work on securing licenses for the remaining capacity at the Bobae site, located in Jindo County in South Jeolla Province.

In 2020, Northland acquired Dado Ocean, a development company with multiple early-stage offshore wind sites located in Chodo-ri and Sonjuk-ri of Yeosu City, 35km off the Korean Peninsula’s southern coast.

Northland aims to achieve commercial operations for its South Korean projects between 2027 and 2030 at the soonest, it said last October. It targets low double digit returns with long-term revenue contracts for the country’s pipeline.

Northland is also building the 1 GW Hai Long offshore wind project in Taiwan. The facility aims to achieve first power in the second half of 2025, with full commissioning slated for 2026-2027.

Northland did not respond to a request for comment.