Northland Power buys Spanish onshore renewable projects

Toronto-based power producer Northland Power has closed its acquisition of a Spanish operating portfolio of onshore renewable projects.

Toronto-based power producer Northland Power has closed its acquisition of a Spanish operating portfolio of onshore renewable projects. The deal’s cash consideration was C$522 million together with the assumption of debt in the amount of C$1,075 million. The seller was Helia Renovables, a fund sponsored by Plenium Partners and Bankinter.

PRESS RELEASE

TORONTO, Aug. 11, 2021 (GLOBE NEWSWIRE) — Northland Power Inc. (“Northland” or the “Company”) (TSX: NPI) today confirms the successful completion of its previously announced acquisition of a Spanish operating portfolio of onshore renewable projects (the “Portfolio”), from Helia Renovables, F.C.R., a fund sponsored by Plenium Partners and Bankinter. The Portfolio has a total combined net capacity of 551 megawatts (MW), including the acquisition of minority interests not included in the initial announced transaction. The Portfolio includes 33 operating assets comprised of onshore wind (435 MW), solar PV (66 MW), and concentrated solar (50 MW) located throughout Spain. Total cash consideration paid for the acquisition was €348 million (C$522 million) together with the assumption of debt in the amount of €716 million (C$1,075 million). The acquisition was funded using proceeds from Northland’s common equity offering completed on April 14, 2021.

The Portfolio immediately places Northland as a top 10 renewable power operator in Spain and creates a platform for growth in an attractive market for renewables. Northland intends to leverage the acquisition of the Portfolio to build a platform with asset management, development, and operations and maintenance capabilities that can competitively pursue onshore renewables acquisition and development opportunities across Europe over the next decade.

“We are proud to announce the closing of the Helia acquisition, which supports Northland’s continued growth and leadership in renewable energy and establishes Northland as a top operator in one of Europe’s most attractive renewables markets,” said Mike Crawley, President and Chief Executive Officer of Northland. “The acquisition will serve as a platform for future growth in our onshore segment in Europe and we have hired senior members to our local team to help expand our position. The acquired assets will provide us with near-term cash flow to support the continued development of our offshore wind ambitions.”

All amounts are in Canadian dollars unless stated otherwise. An exchange rate of One Canadian Dollar to EURO 0.67 is used herein to establish equivalent amounts.

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, solar and 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 3.2 GW (net 2.8 GW) of operating generating capacity and a significant inventory of early to mid-stage development opportunities encompassing approximately 4 to 5 GW of potential capacity.

Publicly traded since 1997, Northland’s common shares, Series 1, Series 2 and Series 3 preferred shares trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A, NPI.PR.B and NPI.PR.C, respectively.