TORONTO, July 19, 2018 (GLOBE
NEWSWIRE) -- Northland Power Inc. ("Northland") (TSX:NPI) announced today that the
Deutsche Bucht Mono Bucket pilot demonstrator ("Demo") project has reached financial close.
All required funds for the Demo project have been contributed by
Northland and committed by the project lenders.
In May, the Federal Maritime and
Hydrographic Agency of Germany (BSH) granted the Deutsche Bucht
offshore wind project the permit required to erect two additional
pilot wind turbines using Mono Bucket foundations. Deutsche Bucht
will be the first offshore wind farm worldwide to test this new
type of foundation structure under commercial operating conditions.
As previously announced, the two turbines will contribute an
additional 17 MW of capacity to the base 252 MW project for a total
of 269 MW and bringing the total project cost to approximately €1.4
billion (CAD $2.0 billion) - up from €1.3 billion. Northland's
corporate investment has increased from approximately $400 million
to approximately $430 million, funded by cash on hand. The balance
of the Demo project cost will be funded with non-recourse project
finance debt and pre-completion revenues. Production from the
additional 17 MW Demo project will earn the same fixed feed-in
tariff subsidy for approximately 13 years under the German
Renewable Energy Act ("EEG") as the
base project, equating to approximately €184/MWh for 8 years and
€149/MWh for the remainder. The Demo project is expected to
be accretive to the base project since it will share the base
project's infrastructure. Inclusive of the additional
17 MW from the Demo project, Northland owns 100% of the 269 MW
offshore wind farm, which will be located in the German North
Sea.
John Brace, CEO of Northland
Power, said: "Today's announcement represents yet another first for
Northland Power. The addition of the Demo turbines is not only
innovative and accretive to the base project, but we are able to
undertake this initiative with little additional risk since they
will be integrated into the overall construction project. The
innovative new mono bucket design could be of significant benefit
to some of Northland's future offshore wind farms. The
learnings from this pilot could allow Northland to construct faster
and lower costs for certain site conditions."
The Deutsche Bucht project is
currently under construction, with completion anticipated in the
second half of 2019.
ABOUT
NORTHLAND
Northland is an
independent power producer founded in 1987, and publicly traded
since 1997. Northland develops, builds, owns and operates
facilities that produce 'clean' (natural gas) and 'green' (wind,
solar, and hydro) energy, providing sustainable long-term value to
shareholders, stakeholders, and host communities.
The Company owns
or has an economic interest in 2,458 MW (net 2,029 MW) of operating
generating capacity and 269 MW of generating capacity under
construction - the Deutsche Bucht offshore project in the North
Sea, in addition to its 60% equity stake in the 1,044 MW Hai Long
projects that hold grid allocation rights.
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.
FORWARD LOOKING
STATEMENTS
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 future adjusted EBITDA,
free cash flows, dividend payment and dividend payout ratios, the
construction, completion, attainment of commercial operations, cost
and output of development projects, litigation claims, plans for
raising capital, and the operations, business, financial condition,
priorities, ongoing objectives, strategies and outlook of Northland
and its subsidiaries. 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 projects, the provisions of contracts to which
Northland or a subsidiary is a party, management's current plans,
its perception of historical trends, current conditions and
expected future developments, as well as other factors 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 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 2016 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.ca. 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:
Contact Barb Bokla, Manager, Investor Relations,
647-288-1438
Or Sarah Charuk, Director of Communications, 647-288-1105
E-Mail:
investorrelations@northlandpower.com
Website: www.northlandpower.ca
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Northland Power Inc. via Globenewswire
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