TORONTO, ON–(Marketwired – March 31, 2017) – Northland Power Inc. (“Northland”) (TSX: NPI) (TSX: NPI.PR.A) (TSX: NPI.PR.B) (TSX: NPI.PR.C) (TSX: NPI.DB.B) (TSX: NPI.DB.C) confirmed that the first wind turbine installed on the 332 MW offshore wind farm has successfully started to generate power and is feeding green electricity into the grid.
Installation of the project’s 54 turbines began earlier this month and seven turbines have been installed to date. Turbine installation will continue in parallel with the progressive commissioning of the wind turbines.
The project reached financial close in March, 2015. All 54 foundation monopiles and transition pieces, as well as the offshore substation and infield cables, were successfully installed in 2016. Northland expects the installation and commissioning of all 54 Nordsee One turbines to be completed by the end of 2017.
Once operational, the 332 MW wind farm is expected to produce an annual output of more than 1,300 gigawatt-hours of electrical energy, enough to supply the equivalent of approximately 400,000 German households. Nordsee One is owned by Northland (85%) and Innogy SE (15%).
John Brace, CEO of Northland noted: “We’re pleased to report that this important milestone has been achieved on time. Our capable and diligent project team will continue to work closely with our contractors to enable a successful installation and connection process from start to finish.”
Northland is an independent power producer founded in 1987, and publicly traded since 1997. Northland develops, builds, owns and operates facilities that produce ‘clean’ (natural gas) and ‘green’ (wind, solar, and hydro) energy, providing sustainable long-term value to shareholders, stakeholders, and host communities.
The Company owns or has a net economic interest in 1,394 MW of operating generating capacity and 932 MW (642 MW net to Northland) of generating capacity under construction, including a 60% equity stake in Gemini, a 600 MW offshore wind project, and an 85% equity stake in Nordsee One, a 332 MW offshore wind project, both located in the North Sea. The Company also recently announced the acquisition of a 100% equity stake in a 252 MW offshore wind project DeBu currently in advanced development in the North Sea.
Northland’s cash flows are diversified over four geographically separate regions and regulatory jurisdictions in Canada and Europe.
Northland’s common shares, Series 1, Series 2 and Series 3 preferred shares and Series B and Series C convertible debentures trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A, NPI.PR.B, NPI.PR.C, NPI.DB.B, and NPI.DB.C, respectively.
This release contains certain forward-looking statements which 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. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects,” “anticipates,” “plans,” “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, without limitation, statements regarding future adjusted EBITDA, free cash flows, free cash flow payout ratio, free cash flow per share, dividend payment and dividend payout ratios, the construction, completion, attainment of commercial operations, cost and output of development projects, the resolution of the legal claims and proceedings, plans for raising capital, and the operations, business, financial condition, priorities, ongoing objectives, strategies and outlook of Northland and its subsidiaries. These statements are based upon certain material factors or assumptions that were applied in developing the forward-looking statements, including the design specifications of development projects, the provisions of contracts to which Northland or a subsidiary is a party, management’s current plans, its perception of historical trends, current conditions and expected future developments, as well as other factors that are believed to be appropriate in the circumstances. Although these forward-looking statements are based upon management’s current reasonable expectations and assumptions, they are subject to numerous risks and uncertainties. Some of the factors that could cause results or events to differ from current expectations include, but are not limited to, construction risks, counterparty risks, operational risks, foreign exchange rates, regulatory risks, maritime risks for construction and operation, and the variability of revenues from generating facilities powered by intermittent renewable resources and the other factors described in the “Risks and Uncertainties” section of Northland’s 2016 Annual Report and Annual Information Form, both of which can be found at www.sedar.com under Northland’s profile and on Northland’s website www.northlandpower.ca. Northland’s actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur.
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