NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
TORONTO, March 01, 2022 (GLOBE NEWSWIRE) -- Northland Power Inc. ("Northland" or the "Company") (TSX: NPI) announced today that it has established an at-the-market equity program (the "ATM Program") that allows the Company to issue up to $500,000,000 of common shares from treasury (the "Common Shares") to the public from time to time, at the Company's discretion. Any Common Shares sold in the ATM Program will be sold through the Toronto Stock Exchange (the "TSX") or any other marketplace on which the Common Shares are listed, quoted or otherwise traded (collectively, the "Marketplaces") at the prevailing market price at the time of sale.
The ATM Program provides Northland with additional financing flexibility to fund its growth initiatives should it be required or desirable in the future. The volume and timing of distributions under the ATM Program, if any, will be determined at the Company's sole discretion. The Company is not obligated to make any sales of Common Shares under the ATM Program.
The ATM Program will be effective until the earlier of July 16, 2023 and the date that all of the Common Shares issuable under the ATM Program have been issued, unless terminated prior to such date by the Company or the Agents in accordance with the terms of the equity distribution agreement dated March 1, 2022 (the "Equity Distribution Agreement") between the Company and CIBC Capital Markets, National Bank Financial Inc., BMO Nesbitt Burns Inc., Desjardins Securities Inc., RBC Dominion Securities Inc., TD Securities Inc. and Scotia Capital Inc. (collectively, the "Agents"). Distributions of the Common Shares through the ATM Program will be made pursuant to the terms of the Equity Distribution Agreement.
Northland intends to use the net proceeds from the ATM Program, if any, to fund the advancement of Northland's growth projects and for general corporate purposes. As Common Shares sold in the ATM Program will be distributed at prevailing market price at the time of the sale, prices may vary among purchasers during the period of the distribution.
"As a growth company with a significant pipeline of development projects, Northland is committed to unlocking value by deploying capital to advance our growth projects," said Pauline Alimchandani, Northland's Chief Financial Officer. "Our funding plan, as disclosed within our most recent Investor Day held on February 8th, provides for flexibility to access various sources of capital pools to fund the financial close (FC) equity requirements for our projects, both at the corporate and project level. The ATM Program provides another source of funding to further enhance our flexibility."
The ATM Program is being established pursuant to a prospectus supplement dated March 1, 2022 (the "Prospectus Supplement") to the Company's short form base shelf prospectus dated June 16, 2021 (the "Shelf Prospectus"). The Prospectus Supplement, the Shelf Prospectus and the Equity Distribution Agreement are available on SEDAR at www.sedar.com. The Agents will send copies of the Prospectus Supplement and the Shelf Prospectus via requests made to either of the following individuals:
CIBC Capital Markets, attn: Equity Capital Markets, 161 Bay Street, 5th Floor, Toronto, ON M5J 2S8, by email at Mailbox.CanadianProspectus@cibc.com or by phone at (416) 594-7339
National Bank Financial Inc., attn: Gavin Brancato, 130 King Street West, 4th Floor Podium, Toronto, ON M5X 1J9, by email at firstname.lastname@example.org or by phone at (416) 869-7568
This news release does not constitute an offer to sell or the solicitation of any offer to buy, nor will there be any sale of these securities, in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, state or jurisdiction.
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 3.2 GW (net 2.8 GW) of operating generating capacity. The Company also has a significant inventory of projects in construction and in various stages of development encompassing over 14 GW of potential capacity.
Publicly traded since 1997, Northland's common shares, Series 1, Series 2 and Series 3 preferred shares trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A, NPI.PR.B and NPI.PR.C, respectively.
This release contains certain forward-looking statements. Readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expects," "anticipates," "plans," "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 may include, without limitation, statements regarding issuances of Common Shares under the ATM Program, the ability of Northland's funding plan to provide flexibility to capital, the ATM providing a source of further funding and Northland's use of proceeds under the ATM Program, if any. These statements are based upon certain material factors or assumptions that were applied in developing the forward-looking statements. 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, the use of proceeds as intended and the other factors described in the "Risks and Uncertainties" section of Northland's 2021 Annual Report and Annual Information Form, both of which can be found at www.sedar.com under Northland's profile and on Northland's website northlandpower.com, as well as the risks set out under the heading "Risk Factors" in the Prospectus Supplement. 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.
The forward-looking statements contained in this release are based on assumptions that were considered reasonable on date of release. 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.
For further information, please contact:
Wassem Khalil, Senior Director, Investor Relations
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