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.