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.




Mortenson Construction_id2024

Trachte Inc._id1770
Latest Top Stories

Recapping The Wind Industry's Third-Quarter Deals

Mercom Capital Group recaps investment and merger and acquisition activity during July, August and September.


Yearly Installed Capacity Figures Already Beat 2013 Numbers, More Wind On The Way: AWEA

While the American Wind Energy Association (AWEA) lobbies Congress to extend the production tax credit, the association notes wind projects now under construction signal a vibrant 2015.


Yahoo Inks Contract To Buy Kansas Wind Power

The Internet company plans to log in to the Alexander wind project, which is being built by community developer OwnEnergy.


Could Initial Offshore Wind Projects Crash New England's REC Market?

Some are concerned that the first offshore wind projects could negatively impact pricing of renewable energy credits (RECs) in New England.


Catching Up With The DOE's Down-Select Offshore Winners

The three recipients of key U.S. Department of Energy (DOE) funding provide updates on their offshore wind demonstration projects.

Canwea_id1984
Renewable NRG_id1934