TORONTO, March 22, 2019 (GLOBE NEWSWIRE) -- Northland Power Inc. ("Northland") (TSX: NPI) today announces that it has received a receipt for a preliminary short form prospectus (the “Prospectus”) filed with the securities regulatory authorities in each of the provinces of Canada in connection with the distribution of common shares by companies controlled by Mr. James Temerty announced on March 18, 2019. The Prospectus, when made final, will qualify for distribution, on a secondary basis, approximately $750 million of common shares held by Northland Power Holdings Inc. and other entities controlled, directly or indirectly, by Mr. Temerty (collectively, the “Selling Shareholder”), and up to an additional $113 million of common shares of Northland if the over-allotment option granted to the underwriters by the Selling Shareholder is exercised. Northland will not receive any proceeds from the offering.
This news release does not constitute an offer to sell securities, nor is it a solicitation of an offer to buy securities, in any jurisdiction. All sales will be made through registered securities dealers in jurisdictions where an offering has been qualified for distribution.
ABOUT NORTHLAND POWER
Northland Power 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 an economic interest in 2,429 MW (net 2,014 MW) of operating generating capacity and 269 MW of generating capacity under construction, representing the Deutsche Bucht offshore wind project in the North Sea, in addition to its 60% equity stake in the 1,044 MW Hai Long projects under development in Taiwan.
Northland's common shares, 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.PR.A, NPI.PR.B, NPI.PR.C and NPI.DB.C, respectively.
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 any future offerings of securities. 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, 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 2018 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 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:
Wassem Khalil, Senior Director, Investor Relations & Strategy
+1 (647) 288-1019