TORONTO, ON--(Marketwired - December 21, 2017) - Northland Power Inc. ("Northland" or "the Company") (TSX: NPI) (TSX: NPI.PR.A) (TSX: NPI.PR.B) (TSX: NPI.PR.C) (TSX: NPI.DB.B) (TSX: NPI.DB.C) announced today that the 332 MW Nordsee One offshore wind farm achieved final completion on December 20th, 2017. The project was completed on schedule and under its total budget of EUR1.2 billion.
All 54 turbines have been sending power to the grid since September 2017. Final completion marks the official end of construction and the start of the operational phase of the project, and also signifies that the terms required to satisfy the project lenders for term conversion have been achieved.
Concurrent with achieving final completion, Nordsee One has also successfully and favourably restructured the project's EUR840 million senior debt. This restructuring will reduce loan margins by 150bps and improve distributions from the project. Operating distributions from Nordsee One are expected to commence in July 2018 and semi-annually thereafter.
"Today's announcement represents another important achievement for Northland," noted John Brace, CEO of Northland. "The successful completion of our second offshore wind farm demonstrates Northland's ability to deliver large-scale sustainable energy infrastructure that creates long-term value for shareholders and off-takers alike. A big thank you to our project team for their sustained effort, dedication and expertise, and for maintaining Northland's commitment to construct high-quality projects that are completed on time and on budget, supporting the global transition to a low-carbon future."
Nordsee One is owned by Northland (85%) and Innogy SE (15%). The 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.
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 2,014 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.