TORONTO, ON--(Marketwired - December 19, 2017) - Northland Power Inc. ("Northland") (TSX: NPI) (TSX: NPI.PR.A) (TSX: NPI.PR.B) (TSX: NPI.PR.C) (TSX: NPI.PR.D) (TSX: NPI.DB.B) (TSX: NPI.DB.C) announced that as fewer than one million of its Cumulative Rate Reset Preferred Shares, Series 3 ("Series 3 Shares") were tendered for conversion into Cumulative Floating Rate Preferred Shares, Series 4 (the "Series 4 Shares"), no Series 3 Shares will be converted into Series 4 Shares. Consequently, effective December 31, 2017, Northland will continue to have 4,800,000 Series 3 Shares and no Series 4 Shares issued and outstanding.
The fixed quarterly dividends on the Series 3 Shares for the period from January 2, 2018 until December 31, 2022 will be paid at an annual rate of 5.08% (Cdn. $0.3175 per share per quarter).
The Series 3 Shares are listed on the Toronto Stock Exchange under the symbol "NPI.PR.C".
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 1,732 MW of operating generating capacity and 584 MW (534 MW net interest to Northland) of generating capacity under construction, representing an 85% equity stake in Nordsee One and 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.