TORONTO, April 04, 2018 (GLOBE NEWSWIRE) — 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) announced that it has expanded its Board of Directors from six to seven members and has appointed Chief Executive Officer John Brace to the additional Board position, effective today. Along with Northland’s other board members, John will stand for re-election at Northland’s Annual General Meeting on May 23rd, 2018.
John has been with Northland since 1988 and has served as Northland’s Chief Executive Officer since 2005. John has guided Northland’s strategy from being an Ontario-focused generator of clean energy to becoming an international leader in clean and green energy, developing, financing, constructing, owning and operating facilities that provide stable and sustainable dividends to its shareholders.
“It is a pleasure to welcome John to Northland’s Board,” said James Temerty, Chairman of Northland Power’s Board of Directors. “John brings considerable insight and expertise, having led Northland through a remarkable growth trajectory, and I am confident that he will bring additional value for Northland’s shareholders in stewarding their interests from the Board.”
“I would like to thank the Board for the trust they are placing in me to continue to execute against Northland’s vision of being one of the world’s top clean and green power producers,” added John Brace.
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 2,029 MW of operating generating capacity and 252 MW of generating capacity under construction, representing a 100% interest in Deutsche Bucht.
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.
FORWARD LOOKING STATEMENTS
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, dividend payment and dividend payout ratios, the construction, completion, attainment of commercial operations, cost and output of development projects, litigation claims, 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 2017 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.
The forward-looking statements contained in this release are based on assumptions that were considered reasonable on date of release. Other than as specifically required by law, Northland undertakes no obligation to update any forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.
For further information:
Contact Sarah Charuk, Director of Communications, 647-288-1105
Or Adam Beaumont, Senior Director of Corporate Finance, 647-288-1929
Fax: (416) 962-6266