High-quality Projects, Revenue Contracts, Risk Management:
Keys to our continued success include Northland’s ability to:
- Identify and secure rights and/or sites for competitive project opportunities.
- Balance our ability to be early movers with a keen emphasis on effectively managing risk.
- Secure revenue contracts with creditworthy counterparties.
- Correctly forecast the ingredients of project success (revenues, operating costs, capital costs, financing-related costs) and manage forecasts through the development and construction processes.
Expertise and Experience:
- Northland has developed and operated successful power projects for over 31 years, combining development and engineering expertise with practical operational knowledge.
- We are proficient across a variety of technologies and fuels, including various gas-fired turbine configurations, wind and solar power, and biomass.
- Our expertise in financing has received international recognition, most recently for successfully closing the largest project-based financing for an offshore wind project in the world.
Ongoing Technical and Financial Innovation:
Northland has been a consistent innovator in the clean and green energy industry, introducing new technologies and financing approaches.
- Our first facility, located in Cochrane, Ontario solved an Ontario mill’s wood waste problem and was the first Canadian thermal plant to use unprocessed wood chips as fuel.
- Our Kirkland Lake facility was the first independent power project in Canada to attract institutional financing.
- Our 60% stake in the EUR2.8 billion Gemini North Sea wind project in the Netherlands marked the first European offshore wind project led by a Canadian power developer.
- We are also 85% owners of Nordsee One, a 332 MW offshore project located 40 km off the coast of Germany and 100% of Deutsche Bucht, a 269 MW offshore wind project under construction and located 77 km from Nordsee One. The projects demonstrate our commitment to becoming a global leader in the burgeoning offshore wind industry.
- We develop clean and green energy projects that meet our financial return threshold and are underpinned by revenue contracts with creditworthy off-takers.
- We evaluate all projects regularly against our criteria and their probability of success.
- We have a strong track record of on time and on budget project delivery and a history of long-term commercial success.
Financial and Operations Risk Management:
- We primarily use non-recourse project financing to limit exposure to our equity investment in each project and to insulate the rest of Northland in the unlikely event that issues arise.
- Non-recourse lenders submit projects through their own due diligence processes, adding more layers of risk oversight.
- We pursue fixed-rate loans and ensure cash flow from the initial revenue contract will fully amortize the permanent project financing.