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Northland Power Announces Closing of Subscription Receipt Offering

September 18, 2019

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, Sept. 18, 2019 (GLOBE NEWSWIRE) -- Northland Power Inc. (“Northland”) (TSX: NPI) is pleased to report the closing of its previously announced bought deal offering (the "Offering") of subscription receipts ("Subscription Receipts"). A total of 14,289,000 Subscription Receipts, including 1,299,000 Subscription Receipts issued pursuant to the exercise in full by the Underwriters of their over-allotment option, were sold at an offering price of $24.25 per Subscription Receipt (the “Offering Price”) for aggregate gross proceeds of $346,508,250.

The Subscription Receipts will commence trading today on the Toronto Stock Exchange under the symbol NPI.R.

The net proceeds from the Offering will be held in escrow and are intended to directly or indirectly, fund a portion of Northland’s previously announced acquisition of a 99.2% interest in the Colombian regulated utility Empresa de Energía de Boyacá (the “Acquisition”).

Each Subscription Receipt will entitle the holder to receive one common share of Northland upon closing of the Acquisition. For further information regarding the Offering and the Acquisition, including related risk factors, refer to the Prospectus Supplement that Northland filed on SEDAR on September 11, 2019.

The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This news release does not constitute an offer to sell or the solicitation of any offer to buy, nor will there be any sale of these securities, in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, state or jurisdiction.

ABOUT NORTHLAND POWER

Northland Power is a global developer, owner and operator of sustainable infrastructure assets that deliver predictable cash flows. Headquartered in Toronto, Canada, Northland was founded in 1987 and has been publicly traded since 1997 on the Toronto Stock Exchange (TSX: NPI).

The Company owns or has an economic interest in 2,429 MW (net 2,014 MW) of operating generating capacity and 399 MW of generating capacity under construction, representing the Deutsche Bucht offshore wind project in the German North Sea and the La Lucha solar project in Mexico. Northland also owns a 60% equity stake in the 1,044 MW Hai Long projects under development in Taiwan.

Northland's common shares, Subscription Receipts, Series 1, Series 2 and Series 3 preferred shares and Series C convertible debentures trade on the Toronto Stock Exchange under the symbols NPI, NPI.R, NPI.PR.A, NPI.PR.B, NPI.PR.C and NPI.DB.C, respectively.

FORWARD-LOOKING STATEMENTS

This release contains certain forward-looking statements. 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 the Acquisition. These statements are based upon certain material factors or assumptions that were applied in developing the forward-looking statements. 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, Northland’s ability to satisfy all closing conditions to the Acquisition and the other factors described under the heading “Risk Factors” in the Prospectus Supplement that Northland filed on SEDAR in relation to the Offering on September 11, 2019 which can be found at www.sedar.com under Northland's profile. 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:

Wassem Khalil, Senior Director, Investor Relations & Strategy
+1 (647) 288-1019
investorrelations@northlandpower.com
northlandpower.com

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