in News Departments > FYI
print the content item

Ontario-based Northland Power Inc. plans to issue shares to the public in Canada to help pay for the 600 MW Gemini offshore wind project, being developed off the coast of The Netherlands in the North Sea.

With a syndicate of underwriters led by CIBC and BMO Capital Markets, the company will issue, on a bought deal basis, 9.375 million of common shares at a price of C$16 each, representing C$150 million of gross proceeds and C$75 million aggregate principal amount of 5.00% extendible convertible unsecured subordinated debentures.

Under a private placement, Northland will also issue 3.125 million common shares to Northland Power Holdings Inc., a company controlled by Northland Power Inc. founder James C. Temerty, or an affiliate. The company says this will represent gross proceeds of about C$50 million.

Temerty, together with his associates and affiliates, will collectively hold 1 million Class A shares and over 50.777 common shares of Northland, representing an approximate 35% interest in Northland on a fully diluted basis.

As previously announced, Northland has entered into agreements to acquire a 60% equity interest in the EUR 2.8 billion Gemini offshore project. Northland expects its total investment in the wind farm to be approximately C$550 million, and the project is slated to be completed in 2017.

The company also plans to use whatever funds it raises for general corporate purposes.





Trachte Inc._id1770
Latest Top Stories

Why States Should Adopt A Renewable Portfolio Standard

A new study analyzes the potential benefits of state renewable energy mandates, as well as recommends what such policies should include.


Sen. Reid Vows To Bring Wind PTC To A Vote By Year's End

Nevada's senior senator provides some encouragement to wind industry advocates during his annual Clean Energy Summit.


Steadily, Wind Turbine OEMs Resume R&D Investment

An increased commitment to research and development will likely lead to wind energy innovation - not to mention a likely increase in patent-protected technology.


Quebec Government Postpones Wind Power RFP; No New Date Scheduled

The request for proposals (RFP) is part of an overall 800 MW wind power tranche that will serve as a bridge to the next phase in the province's energy future.


Setting The Record Straight: How Many Birds Do Wind Turbines Really Kill?

Several peer-reviewed studies are more or less in agreement with avian mortality rates caused by wind turbines. However, one study, which is wildly off from the others, is most often cited in the media. Why?

Canwea_id1984
Renewable NRG_id1934
Future Energy_id2008
UnitedEquip_id1995