TORONTO, March 25, 2024 (GLOBE NEWSWIRE) -- Northland Power Inc. ("Northland" or
the "Company") (TSX: NPI) today announced that Mike Crawley, Northland's
President and Chief Executive Officer, and the Board of Directors have agreed to
a change in leadership for the Company. As such, Mr. Crawley, after leading
Northland for the past six years, will be stepping down from his role.
Under the succession plan, Mr. Crawley will remain with Northland until
September 30, 2024. John Brace, Chair of the Board of Directors, has been
appointed Executive Chair as of today and will act as a bridge between Mr.
Crawley and the next President & CEO as part of the transition. As Executive
Chair, Mr. Brace will leverage his prior experience as Northland's CEO from
2003 to 2018 where he was responsible for the Company's successful development
of its efficient natural gas fleet and the expansion into offshore wind and
onshore renewables. Ian Pearce, Chair of the Governance and Nominating
Committee, has been appointed Lead Independent Director. After the appointment
of a new President & CEO, Mr. Brace is expected to return to his position as
Non-Executive Board Chair and Mr. Pearce will remain as Lead Independent
Director.
"Mike led Northland through a period of dynamic growth, forging strategic
partnerships in core markets, growing the Company's operating capacity and
expanding its diverse development pipeline," said Mr. Brace. "Northland is in a
strong position thanks to Mike's successful execution of our growth plan. Most
recently, financing was secured for three major projects, which will increase
our generating and storage capacity by over 70 per cent, while also
substantially extending the weighted average duration of our contractual revenue
agreements. We are profoundly thankful for his many successes and steadfast
leadership at Northland."
With Northland's growth targets secured through 2027 and major construction
programs well underway, the Company has launched a global search for a new
leader to guide Northland's continued growth.
"The completion of the Company's many accomplishments in 2023 led to the Board
and Mike reflecting on Mike's nine-year tenure with Northland, six of which as
President & CEO," said Mr. Brace. "Looking ahead to the future and after a
number of productive discussions between Mike, myself and the Board, we have
agreed that this is an opportune time, with Northland in a strong position to
transition to new leadership. We will continue to deliver against the strategy
and near-term priorities presented at our recent Investor Day."
"I am very proud of all that Northland has accomplished over my last nine years
with the Company, including the six as President & CEO," said Mr. Crawley. "We
have consistently delivered strong financial results, significantly expanded
Northland's operating base and established a large and diverse growth pipeline.
What I am most proud of, however, is the incredible talent Northland has
retained, nurtured and attracted during this period. It is those people who will
ensure that the Company continues to thrive and grow during both favourable and
challenging market conditions. I will be working with John and the team to
ensure a smooth transition and I look forward to Northland's continued success
in the months and years ahead."
Construction at Hai Long, Baltic Power and Oneida continue to progress as
planned and Northland's financial guidance and outlook remain unchanged.
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 3.4GW (net 2.9GW) of
operating capacity. The Company also has a significant inventory of projects in
construction and in various stages of development encompassing approximately
12GW 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.
For further information, please contact:
Dario Neimarlija, Vice President, FP&A and Investor Relations
647-288-1019
investorrelations@northlandpower.com
Victor Gravili, Head of Global Brand & Integrated Communications
416-970-0200
communications@northlandpower.com
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute forward-looking
information within the meaning of applicable securities laws ("forward-looking
statements"), including, in particular, statements regarding the Company's
leadership transition and strategy, future financial and operational results and
outlook, and any other statements regarding events or developments that the
Company believes or anticipates will or may occur in the future. 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. Forward-looking
statements include statements that are not historical facts and 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 are based upon certain material
factors or assumptions that were applied in developing the forward-looking
statements, including process, timing, oversight and outcomes for Northland's
leadership succession planning, the design specifications of development
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, satisfy any project finance
lender conditions to closing sell-downs or obtain adequate financing regarding
contemplated construction, acquisitions, dispositions, investments or
financings, 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 that could cause results or events to differ from current expectations
include, but are not limited to, risks associated with further regulatory and
policy changes in Spain which could impair current guidance and expected
returns, risks associated with merchant pool pricing and revenues, risks
associated with sales contracts, the emergence of widespread health emergencies
or pandemics, Northland's reliance on the performance of its offshore wind
facilities at Gemini, Nordsee One and Deutsche Bucht for over 50% of its
Adjusted EBITDA, counterparty and joint venture risks, contractual operating
performance, variability of sales from generating facilities powered by
intermittent renewable resources, wind and solar resource risk, unplanned
maintenance risk, 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, project
development risks, integration and acquisition risks, procurement and supply
chain risks, financing risks, disposition and joint-venture risks, competition
risks, interest rate and refinancing risks, liquidity risk, inflation risks,
commodity availability and cost risk, construction material cost risks, impacts
of regional or global conflicts, 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, labour shortage risk,
management transition risk, geopolitical risk in and around the regions
Northland operates in, large project risk, reputational risk, insurance risk,
risks relating to co-ownership, bribery and corruption risk, terrorism and
security, litigation risk and legal contingencies, and the other factors
described in the "Risks Factors" section of Northland's Management's Discussion
and Analysis and Annual Information Form for the year ended December 31, 2023,
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, unless otherwise
indicated, stated as of the date hereof and 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.
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