Northland Power Inc. ("Northland")
(TSX:NPI)(TSX:NPI.PR.A)(TSX:NPI.PR.C)(TSX:NPI.DB.A)(TSX:NPI.DB.B) announced
today that it has completed financing for the fourth and last phase of its 130
MW ground-mount program. The five solar projects, totaling 50 MW, are located in
various communities in northern and central Ontario. The financing process was
managed by The Bank of Tokyo Mitsubishi UFJ, Ltd., Mizuho Corporate Bank, Ltd.,
Sumitomo Mitsui Banking Corporation, Nordeutsche Landesbank and Siemens
Financial Ltd. as Lead Arrangers, and included Raymond James Ltd., CIT Financial
Ltd, and Laurentian Bank of Canada. The facilities consist of a $240 million
construction credit facility with an 18-year term loan.


"Renewable energy sources such as solar are a rapidly growing portion of
Ontario's energy mix," said John Brace, CEO of Northland. "As we expand our
portfolio of solar assets across the province, we look forward to delivering
strong returns to shareholders while producing clean, renewable energy that
contributes to the long-term sustainability of our electricity system and
environment."


"MUFG is pleased to work with Northland Power arranging this important
transaction. The deal's success reflects the company's vast experience and
recognition by lenders that Northland is a premier developer in Canada," said
Carmelo Restifo, director at MUFG. "This is the fourth non-recourse solar
financing MUFG has successfully executed for Northland. Solar IV is one of the
largest widely syndicated Construction plus 18-year term loan bank deals
completed in North America for a solar project transaction."


Under construction by H.B. White Canada Corp., a wholly-owned subsidiary of
White Construction Inc., the solar projects will sell the electricity under
Ontario's renewable energy Feed-in-Tariff (FIT) program, and are using
Ontario-made equipment and local Ontario labour. The projects are located near
Cochrane in Northern Ontario, and Burk's Falls near Huntsville. Commercial
operations are expected to begin throughout 2014 and the first half of 2015.


To date, Northland has raised over $900 million in capital to fund renewable
energy project development across Ontario. A commitment to producing clean and
green energy has driven the company's strategy for over 25 years. As one of
Ontario's first independent power producers, Northland developed its Kirkland
Lake and Cochrane thermal facilities in the late 1980s and early 1990s to
address the local forestry industry's waste wood issues.


In total, Northland has received 130 MW of FIT contracts for ground-mounted
solar projects. Eight projects have already achieved commercial operation.


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 1,349 MW of operating
generating capacity, with an additional 110 MW (80 MW net to Northland) of
generating capacity currently in construction, and another 150 MW (79 MW net to
Northland) of wind and run-of-river hydro projects with awarded power contracts.
In addition, Northland has acquired the rights to a majority equity stake in
Gemini, a 600 MW off-shore wind project under development off the coast of the
Netherlands in the North Sea. Northland's cash flows are diversified over five
geographically separate regions and regulatory jurisdictions in Canada, Europe
and the United States.


Northland's common shares, Series 1 and Series 3 preferred shares and
convertible debentures trade on the Toronto Stock Exchange under the symbols
NPI, NPI.PR.A, NPI.PR.C, NPI.DB.A and NPI.DB.B, respectively.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Sarah Charuk
Director, Communications
647-288-1105
Sarah.Charuk@northlandpower.ca
Northland Power (TSX:NPI.PR.A)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Northland Power Charts.
Northland Power (TSX:NPI.PR.A)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Northland Power Charts.