ABB_id2059
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.




Hybrid Energy Innovations 2015

Trachte_id2056
Latest Top Stories

The Song Remains The Same: AWEA Says Stable Policy Can Protect U.S. Wind Investment

Although the U.S. wind industry added more than four times the amount of wind in 2014 compared with 2013, predictable policy is needed to sustain its long-term success.


High Net-Worth Investors Claim 'All Of The Above' On Energy, Renewable And Otherwise

According to a recent Morgan Stanley poll, high-dollar investors favor investment in renewable energy technologies, such as wind and solar.


U.S. Wind Power Installations Surpassed 4.7 GW Last Year, Although China Still Leads

Bloomberg New Energy Finance reports that U.S. wind installations came back in a big way from a disappointing 2013.


IRS Specifies Performance, Quality Standards For Small Wind Turbines

The Internal Revenue Service (IRS) recently issued guidelines creating safety and performance standards for small wind turbines to be eligible for the 30% investment tax credit.


Hot Times North Of The Border: Canada Tops Previous Record For Installed Wind Capacity

For the second consecutive year, Canada's wind market has bested the country's previous mark for new installations.

Hybrid Energy Innovations 2015