TORONTO, March 31, 2020 (GLOBE NEWSWIRE) -- Northland Power Inc. ("Northland") (TSX: NPI) confirmed today that its 252 megawatt (MW) Deutsche Bucht offshore wind project achieved full completion on March 31, 2020.
All 31 monopile foundation turbines have been generating power since the end of September 2019 and to date, have generated over €130 million of pre-completion revenues. 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.
“Achieving this milestone is the culmination of the efforts and dedication put forth by our project team to see the project through to completion,” said Mike Crawley, Northland’s President and Chief Executive Officer. “The successful completion of our third offshore wind farm solidifies Northland’s position as a global player in offshore wind development and underscores our ability to deliver large‐scale sustainable energy infrastructure projects that create long‐term value for shareholders.”
Deutsche Bucht is 100% owned by Northland and is expected to produce an annual output of approximately 1.0 billion kilowatt hours of climate-friendly electricity. This is enough to serve the power needs of approximately 300,000 German households while saving nearly 700,000 tonnes of CO2 emissions per year.
Northland 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).
Northland owns or has an economic interest in 2,681 MW (net 2,266 MW) of operating generating capacity and 130 MW of generating capacity under construction, representing 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 and operates a regulated utility business in Colombia.
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.
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Wassem Khalil, Senior Director, Investor Relations & Strategy
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