Northland Power Inc. (“Northland” or the “company”) (TSX: NPI)
announces the sale of its full 49 per cent ownership stake in the
Nordseecluster offshore wind portfolio (NSC) to its partner on the
portfolio, RWE Offshore Wind GmbH (RWE). The sale provides RWE with
100 per cent ownership of the projects for a cash consideration of
approximately EUR 35 million, which represents a premium to
Northland’s costs incurred to date. This transaction will transfer
the assets and liabilities, and all committed contractual
obligations of Northland in relation to NSC, to RWE. NSC’s total
gross capacity comprises 1,560 megawatts (MW) of offshore wind
projects including: Nordsee Two, Nordsee Three, Delta Nordsee and
Godewind.
“Northland is constantly evaluating its
19-gigawatt (GW) portfolio and prioritizes projects that are
strategically and financially consistent with its investment
approach. Evaluation of the NSC in the current environment is
leading to higher expected costs for the project, that are only
partially being offset by higher expected revenue offtake. As a
result, the project no longer meets Northland’s investment
criteria,” said Mike Crawley, President and CEO, Northland.
The sale of the NSC is not expected to impact
Northland’s growth trajectory, as the company has a large
development pipeline of renewable projects that are expected to
deliver material growth in capacity and Adjusted EBITDA by
2030.
“Offshore wind is a focal point of our strategy
and with growth in offshore wind set to outpace all other
renewables, Northland’s leading position in offshore wind positions
the Company to be a significant player in this segment through the
decade. I want to acknowledge and thank the employees involved in
the development of these projects for their contributions and
efforts to Northland’s success,” added Mr. Crawley.
Developing, constructing and operating offshore
wind facilities is an important part of Northland’s growth
strategy. The company expects that significant increases to its
renewable capacity will come from offshore wind projects and will
drive value and growth over the next decade. Europe and Germany
remain important markets for Northland as the company continues to
look to support development of renewable energy to achieve their
decarbonization goals.
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Northland has a 60 per cent interest in the 600 MW Gemini project
in the Netherlands which achieved commercial operations in 2017,
while in Germany, the Company has an 85 per cent interest in the
332 MW Nordsee One project, which achieved commercial operations in
2018, and 100 per cent interest in the 252 MW Deutsche Bucht
project, which achieved commercial operations in 2020.
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In Poland, Northland is developing the Baltic Power offshore wind
project, which it has a 50 per cent interest and is expected to
reach financial close in 2023 with full commercial operations in
2026.
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In Scotland, Northland’s efforts are focused on developing its two
ScotWind projects, Spiorad na Mara and Havbredey, which it has a
75.5 per cent interest. The projects encompass 2.3 GW of fixed and
floating foundation projects expected to reach commercial
operations in late 2029/2030 for the fixed foundation project, and
early 2030s for the floating foundation project.
Globally, the company’s current priority is to
develop and achieve financial close for two significant offshore
wind projects in 2023, the 1 GW Hai Long project in Taiwan and the
1.2 GW Baltic Power project in Poland.
The company’s pipeline includes 19 GW of
offshore and onshore renewable projects in Canada, US, Europe,
Asia, and Latin America.
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 3.0 GW (net 2.6 GW) of operating capacity. The Company
also has a significant inventory of projects in construction and in
various stages of development encompassing over 19 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. 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, attainment of financial close and commercial
operations which may differ from expectations stated herein, the
potential for future production from project pipelines, cost and
output of development projects, litigation claims, plans for
raising capital, the potential impact of certain tax credits, and
the future operations, business, financial condition, financial
results, priorities, ongoing objectives, strategies and outlook of
Northland, and its subsidiaries and joint ventures. There is a risk
that delays in closing the financings, failure to obtain the
anticipated level of finance commitments and failure to close one
or more financings could affect construction schedules and/or
Northland’s cash or credit position and capital funding needs.
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, the ability to obtain necessary approvals,
satisfy any closing conditions, or obtain adequate financing
regarding contemplated construction, acquisitions, dispositions,
investments or financings, 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 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, 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 risks, project development risks, disposition and
joint-venture risks, acquisition risks, financing risks, interest
rate and refinancing risks, impact of regional or global conflicts,
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, terrorism and security, 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.sedar.com under Northland’s profile and on Northland’s website
at northlandpower.com.
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:
Mr. Wassem Khalil, Senior Director, Investor
Relations647-288-1019investorrelations@northlandpower.com
Northland Power (TSX:NPI)
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Northland Power (TSX:NPI)
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