2015 Highlights

Northland Power is an independent power producer.
We develop, finance, build, own and operate facilities in Canada and internationally that produce clean and green energy using natural gas, biomass, wind and solar technology. Our goal is to create long-term shareholder value by investing in sustainable power projects that generate stable cash flows.

2015

Northland Power Inc.

19th Annual Report

2015 Highlights

On all fronts, 2015 was a successful year for Northland with many important developments; 2016 is off to a strong start.

Significant advancements on our $6 billion construction portfolio

  • Gemini

    600 MW offshore wind farm – progressing on schedule and within budget

    • Installed the first two turbines
    • Completed installation of all 150 turbine foundations
    • Completed installation and successful testing of the critical electrical infrastructure
  • Nordsee One

    332 MW offshore wind farm – progressing on schedule and within budget

    • Closed €1.2 billion debt and equity financing and commenced construction
    • Completed installation of 18 turbine foundations
    • Advanced construction and production of key equipment
  • Grand Bend

    100 MW wind farm – progressing on schedule and within budget

    • Closed $400 million debt and equity financing and commenced construction
    • Completed major construction activities, including installation of 28 of the 40 wind turbines
    • Completed full energization of the switching station
  • Ground Mounted Solar

    130 MW portfolio – all facilities now operational

    • Completed final four 10 MW ground-mounted solar facilities
    • Generally met or exceeded management’s operational performance expectations of all 13 facilities
 

Robust Operating and Financial Performance

  • Operating Income of $274 million, a 10% increase over 2014
  • Adjusted EBITDA of $402 million, an 11% increase over 2014
  • Free cash flow of $182 million, a 10% increase over 2014
  • Total shareholder returns of approximately 30% since 2014
  • Dividends of $1.08 per share

Financing Completed

  • Refinanced Thorold (265 MW cogeneration facility) bank debt
  • Increased size of corporate credit facility
  • Raised approximately $440 million of common equity and convertible debentures to fund investments in Nordsee One and Grand Bend

Power Purchase Agreement Extended

  • Successfully secured the Kirkland Lake power purchase agreement for another 15 years
 

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