22.09.2023 22:33:27 - dpa-AFX: GNW-Adhoc: Northland Power Announces Financial Close of the 1.1 GW Baltic Power Offshore Wind Project in Poland Green Financing
TORONTO, Sept. 22, 2023 (GLOBE NEWSWIRE) -- Northland Power Inc. ("Northland" or
the "Company") (TSX: NPI), today announced that its Baltic Power offshore wind
project ("Baltic Power" or the "project") in Poland has met all conditions and
reached financial close for its 20-year CAD-equivalent $5.2 billion non-recourse
green financing.
A consortium of 25 financial institutions is supporting the project, including
the European Investment Bank (EIB), European Bank for Reconstruction and
Development (EBRD), Euler Hermes, Export and Investment Fund of Denmark and
Export Development Canada.
Baltic Power will play an important role in helping the Polish government
achieve its renewable energy target where installed capacity of offshore wind
energy is expected to reach up to 11 GW by 2040. Once operational, Baltic Power
is expected to provide clean energy to more than 1.5 million Polish households
annually.
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
16 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
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:
Mr. Adam Beaumont, Vice President
Mr. Dario Neimarlija, Vice President
647-288-1019
investorrelations@northlandpower.com
(mailto:investorrelations@northlandpower.com)
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