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Northland Power Announces Completion of Early Redemption of 4.75% Convertible Unsecured Subordinated Debentures, Series C

May 11, 2020

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, May 11, 2020 (GLOBE NEWSWIRE) -- Northland Power Inc. (“Northland”) (TSX: NPI) announces that it has completed the early redemption of its 4.75% convertible unsecured subordinated debentures, Series C, originally due June 30, 2020 (the “Debentures”).

Northland had approximately $148.4 million aggregate principal amount of the Debentures outstanding when it issued a redemption notice on April 6, 2020.  As permitted under the terms of the Debentures, certain holders converted their Debentures into Common Shares prior to the May 11, 2020 redemption date.  As a result, Northland redeemed approximately $1.8 million of Debentures in cash and approximately $146.6 million of Debentures were converted into Common Shares by their holders.  The conversions resulted in the issuance of 6,786,008 new Common Shares, bringing the total number of Common Shares outstanding to 200,626,355.

The Debentures, which were trading under the symbol "NPI.DB.C" on the Toronto Stock Exchange, will be delisted effective immediately. 

ABOUT NORTHLAND

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 trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A and NPI.PR.B, NPI.PR.C, respectively.

For further information, please contact:

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

For media inquiries, please contact

Susan Sperling, Director of Communications
+1 (647) 288-1105
communications@northlandpower.com 

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