Back to SearchTORONTO, December 22, 2023 – Northland Power Inc. (“Northland”) (TSX: NPI) has successfully secured final tax equity funding on U.S.-based Bluestone (112 MW) and Ball Hill (108 MW) onshore wind projects with J.P. Morgan. The two onshore wind facilities have been in operations and generating revenue under the 20-year PPA with the New York State Energy Research and Development Authority (“NYSERDA”) since October of this year. These projects are expected to contribute an aggregate of $42 million and $15 million of Adjusted EBITDA and Free Cash Flow, respectively, towards Northland’s 2024 financial results. They are Northland’s first projects energized in the United States.
Bluestone and Ball Hill host a combined 51 wind turbines and are connected to the existing New York State Electric and Gas Corporation and National Grid transmission lines. They are expected to deliver enough renewable energy to the New York State grid to power more than 88,000 homes and reduce emissions equivalent to taking more than 70,000 cars off the road annually. The two projects will drive job creation in their local and surrounding communities of Broome and Chautauqua County and contribute millions in revenue to local economies.
“This is an incredibly important milestone for Northland as it represents the successful completion of two major projects in our U.S. portfolio,” said Michelle Chislett, Executive Vice President of Onshore Renewables for Northland Power. “Through these projects, and with a sizeable development pipeline, we can ensure we play a direct role in supporting the state of New York in reaching their energy transition targets and will actively seek opportunities to continue driving innovation at the forefront of the renewable energy sector here.”
Bluestone and Ball Hill are part of Northland’s U.S.-based renewables strategy that includes onshore wind, solar and battery storage projects. They have and will remain two marquee projects for Northland in the State of New York and reflect the company’s commitment to the U.S. as a key market for growth.
“Every renewable energy project coming online represents a significant step forward in New York’s nation-leading pursuit of a zero-emissions grid,” said Doreen Harris, President and CEO of the New York State Energy Research and Development Authority (NYSERDA). “We congratulate everyone who worked tirelessly to bring Bluestone and Ball Hill into commercial operation. We value Northland’s shared commitment to helping us achieve New York’s renewable energy goals and will continue to look for opportunities to extend our work in partnership.”
Both Bluestone and Ball Hill onshore wind projects have 20-year indexed renewable energy certificate (REC) contracts with NYSERDA.
ABOUT NORTHLAND POWER
Northland Power is a global power producer dedicated to helping the clean energy transition by producing electricity from clean renewable resources. Founded in 1987, Northland has a long history of developing, building, owning and operating clean and green power infrastructure assets and is a global leader in offshore wind. In addition, Northland owns and manages a diversified generation mix including onshore renewables, efficient natural gas energy, as well as supplying energy through a regulated utility.
Headquartered in Toronto, Canada, with global offices in eight countries, Northland owns or has an economic interest in approximately 3.2 GW (net 2.7 GW) of operating capacity. The Company also has a significant inventory of projects in construction and in various stages of development encompassing approximately 15 GW of potential capacity.
Publicly traded since 1997, Northland's common shares, Series 1 and Series 2 preferred shares trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A and NPI.PR.B, respectively.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements including certain future oriented financial information that are provided for the purpose of presenting information about management’s current expectations and plans. Northland’s actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, the events anticipated by the forward-looking statements may or may not transpire or occur. 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,” “predicts,” “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 for guidance, the completion of construction, the timing for and attainment of commercial operations, the project’s anticipated contributions to Adjusted EBITDA and Free Cash Flow, the expected generating capacity of the project, and the future operations, business, financial condition, financial results, priorities, ongoing objectives, strategies and outlook of Northland and its subsidiaries, all of which may differ from the expectations stated herein. These statements are based upon certain material factors or assumptions that were applied in developing the forward-looking statements, including the design specifications of development the projects, the provisions of contracts to which Northland or a subsidiary is a party, management’s current plans and its perception of historical trends, current conditions and expected future developments, as well as other factors, estimates, and assumptions that are believed to be appropriate in the circumstances. 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 include, but are not limited to, risks associated with sales contracts, Northland’s reliance on the performance of its offshore wind facilities at Gemini, Nordsee One and Deutsche Bucht for approximately 50% of its Adjusted EBITDA and Free Cash Flow, counterparty risks, impacts of regional or global conflicts, contractual operating performance, variability of sales from generating facilities powered by intermittent renewable resources, offshore wind concentration, natural gas and power market risks, commodity price risks, operational risks, recovery of utility operating costs, Northland’s ability to resolve issues/delays with the relevant regulatory and/or government authorities, permitting, construction risks, procurement and supply chain risk, project development risks, disposition and joint venture risk, competition risks, acquisition risks, financing risks, interest rate and refinancing risks, liquidity risk, credit rating risk, currency fluctuation risk, variability of cash flow and potential impact on dividends, taxation, natural events, environmental risks, climate change, health and worker safety risks, market compliance risk, government regulations and policy risks, utility rate regulation risks, international activities, cybersecurity, data protection and reliance on information technology, labour relations, reputational risk, insurance risk, risks relating to co-ownership, bribery and corruption risk, legal contingencies, and the other factors described in the “Risks Factors” section of Northland’s 2022 Annual Information Form, which can be found at www.sedarplus.ca under Northland’s profile and on Northland’s website at northlandpower.com. Northland has attempted to identify important factors that could cause actual results to materially differ from current expectations, however, there may be other factors that cause actual results to differ materially from such expectations. 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, and Northland cautions you not to place undue reliance upon any such forward-looking statements.
The forward-looking statements contained in this release are based on assumptions that were considered reasonable as of the date hereof. 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:
Jessica Kitchen
Manager, Global Communications
905-302-2714
jessica.kitchen@northlandpower.com
For all investor/analyst inquiries, please contact:
Mr. Adam Beaumont, Vice President
Mr. Dario Neimarlija, Vice President
647-288-1019
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