The contract was awarded by Hydro-Quebec under the province’s request for community and First Nations wind power proposals. Northland has partnered with the municipality of Frampton, which has a 33% interest in the project. Northland expects the Frampton wind farm to start commercial operations in 2015.
Northland already operates the 127.5 MW Jardin d’Eole wind farm near Matane in Quebec’s Gaspe region and has a 100 MW wind farm under construction near Mont Louis, also in the Gaspe. Northland’s operating assets total 815 megawatts (MW) of generating capacity. The company’s development pipeline totals 3,300 MW, of which 683 MW have power contracts, including 446 MW under construction.
In November, Northland closed $106 million in non-recourse debt financing for the Mont Louis wind farm project. The company is also building the 260 MW North Battleford natural-gas-fired combined cycle facility and the 86 MW Spy Hill natural-gas-fired peaking plant, both in Saskatchewan. All three projects are on budget and on or ahead of schedule. All energy produced by these projects will be sold under long term contracts to provincially-backed power authorities.
When all projects under construction are completed in 2013, Northland’s net generating capacity will exceed 1,250 megawatts, an increase of over 50%.
Northland is a Canadian income trust that has ownership or economic interests in 9 power projects totalling over 1,050 MW (net 815 MW). Northland’s assets comprise natural-gas-fired plants which efficiently and cleanly produce electricity and steam as well as facilities generating renewable energy from wind and biomass.
Sales are made almost entirely under long-term contracts with a current weighted average duration of 14 years. Northland’s plants are located in Canada, the United States and Germany. In addition, Northland has the 86 MW Spy Hill project, 260 MW North Battleford project and 100 MW Mont Louis wind farm in construction, and 216 MW of wind energy, solar and run-of-river hydro projects awarded under the Ontario Power Authority’s feed-in-tariff program in advanced stages of development. Northland also has a diverse development portfolio of high-quality ‘Clean and Green’ energy projects, including wind, solar, natural gas, and hydro assets to support its strategy of sustainable growth primarily through internally developed opportunities.
Northland’s shares, two series of convertible debentures, and Northland Power Preferred Equity Inc.’s preferred shares, which trade on the Toronto Stock Exchange under the symbols NPI.UN, NPI.DB, NPI.DB.A, and NPP.PR.A respectively, are qualified investments for RRSPs and DPSPs under the Canadian Income Tax Act. Northland has in place a distribution re- investment plan that allows shareholders who are residents of Canada to automatically have their monthly cash dividends reinvested in additional shares. Participants do not pay any costs associated with the plan, including brokerage commissions. For further information or to join the plan, contact your financial advisor or broker.