Once all three projects are completed, they will add a net capacity of 692 MW to our operating portfolio, representing an increase
of approximately 50% over 2015. Like the rest of our operating facilities, these projects are expected to deliver stable cash flows through
the duration of their power purchase agreements.
With our business growing at a vigorous pace, we invested in our people and our company, adding top talent who will support key
business functions. In July, we welcomed Mike Crawley to our executive management team. A highly accomplished executive who has
played a prominent role in the development of the Canadian independent renewable power sector, Mike has already made great strides
in advancing Northland’s global business development activities.
We have significantly increased our level of activity in Europe and Mexico, positioning ourselves for strategic growth in these priority
markets. Concurrently, we are making investments in technology that will automate, streamline and integrate several core business
processes, empowering our people to effectively manage an increasingly international business and establish a more robust platform to
make informed decisions in support of our growth targets. These initiatives will ensure that we remain agile and effective in a time
of rapid growth.
2016 and Beyond
Our approach to identifying and executing new projects has not changed. We will continue to focus on increasing shareholder value by
developing high-quality projects supported by long-term revenue contracts, while carefully managing and mitigating risks. Of course, the
world is changing around us, and we are aware that we need to change with it. As such, an important facet of our strategy is to continue
to seek out technologies and jurisdictions where we can apply an early-mover advantage. We balance this agility with a keen emphasis on
effectively managing risk.
With the Paris Agreement coming out of COP21, there is an increased likelihood for further renewable energy development opportunities
in additional markets. In Canada, with a national focus on decarbonization, we are seeing some encouraging signals for new generation
procurements. In Ontario, where there is already a significant amount of wind and solar generation, we are seeing increased momentum
for energy storage projects that help optimize the value of these renewable assets. With these dynamics in play, we continue to see the
potential for development opportunities over the next few years in the Canadian renewable energy sector.
Looking abroad, we continue to see attractive opportunities for large-scale offshore wind in Europe as a result of European Union
targets for renewable energy. Mexico and parts of Latin America also provide opportunities, stemming from load growth resulting from
economic and demographic shifts. We are also monitoring other jurisdictions that meet Northland’s investment criteria that may offer
opportunities resulting from increased government focus on energy independence, sustainability and security.