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TORONTO, Nov. 06, 2018 (GLOBE NEWSWIRE) -- Northland Power Inc. (“Northland”) (TSX: NPI) announced today that the Company has reduced the discount under its Dividend Re-Investment Plan (“DRIP”) from the current 5% to 0%, effective immediately. Additionally, Northland intends to initiate the sourcing of shares for purposes of the DRIP participants through market purchases, but reserves the right to issue shares from treasury. This change is effective with the dividend currently scheduled to be paid on December 14, 2018, to shareholders of record on November 30, 2018.
Northland has elected to update its DRIP at this time due to improved liquidity and strength of the balance sheet required to meet any equity requirements for funding its future growth. Shareholders participating in the Plan should consult their tax advisers about tax consequences that may result from their participation in the Plan.
ABOUT NORTHLAND POWER
Northland Power is an independent power producer founded in 1987, and publicly traded since 1997. Northland develops, builds, owns and operates sustainable infrastructure assets that produce ‘clean’ (natural gas) and ‘green’ (wind, solar, and hydro) energy, providing stable long-term value to shareholders, stakeholders, and host communities.
Northland owns or has an economic interest in 2,429 MW (net 2,014 MW) of operating power capacity and is currently constructing the 269 MW Deutsche Bucht offshore wind project located in the German North Sea. In addition, Northland has 60% equity interest in the 1,044 MW Hai Long projects (net 626 MW) under advanced development in Taiwan.
Northland’s common shares, Series 1, Series 2, and Series 3 preferred shares and Series B and Series C convertible debentures trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A, NPI.PR.B, NPI.PR.C, NPI.DB.B, and NPI.DB.C, respectively.
This release contains certain forward-looking statements which are provided for the purpose of presenting information about management’s current expectations and plans. 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, including Northland’s potential need for future capital or its ability to raise capital, if needed. 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 2017 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 www.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:
Barb Bokla, Manager, Investor Relations, (647) 288-1438