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Northland Power Announces New $1.25 Billion Corporate Credit Facility

June 22, 2018

Not for distribution to U.S. newswire services or for dissemination in the United States or its possessions. Any failure to comply with this restriction may constitute a violation of U.S. securities law.

TORONTO, June 22, 2018 (GLOBE NEWSWIRE) -- Northland Power Inc. (“Northland”) (TSX:NPI) is pleased to announce it has entered into a $1.25 billion corporate credit facility with a syndicate of 12 financial institutions led by Canadian Imperial Bank of Commerce, Bank of Montreal and National Bank Financial. 

The new credit facility consists of a $1 billion revolver and $250 million term loan, and replaces Northland’s existing $700 million syndicated credit facility (which comprised a $450 million revolver and $250 million term loan).  The increase in borrowing capacity is largely a result of cash flows generated by Gemini and Nordsee One, which both began commercial operations in 2017.

The revolver will be used to fund development opportunities and acquisitions, provide letters of credit to secure obligations that would otherwise be funded in cash, and for general corporate purposes including working capital.  The revolver includes a $500 million accordion feature which would, if exercised, provide Northland with access to additional revolving credit.  The revolver matures in June 2023 and includes annual renewal provisions.  The $250 million term loan matures in December 2019 with an annual renewal provision.

Northland CFO Paul Bradley commented, "This new facility confirms the Canadian and international financial community's confidence in Northland, highlights the quality and stability of our cash flows, and provides a solid foundation to execute on our commitment to growth."

ABOUT NORTHLAND

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 the Deutsche Bucht offshore wind project, in addition to the 300 MW (net 180 MW) just awarded to the Hai Long 2 offshore wind project. 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 Northland’s expectations or ability to complete any future offerings of securities. These statements are based upon certain material factors or assumptions that were applied in developing the forward-looking statements, including Northland’s potential need for future capital or its ability to raise capital, if needed.  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.com. 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, please contact:

Barb Bokla, Manager, Investor Relations, (647) 288-1438
investorrelations@northlandpower.com
www.northlandpower.com

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