The company expects that significant increases to its renewable capacity will come from offshore wind projects and will drive value and growth over the next decade. Crawley.ĭeveloping, constructing and operating offshore wind facilities is an important part of Northland’s growth strategy. I want to acknowledge and thank the employees involved in the development of these projects for their contributions and efforts to Northland’s success,” added Mr. “Offshore wind is a focal point of our strategy and with growth in offshore wind set to outpace all other renewables, Northland’s leading position in offshore wind positions the Company to be a significant player in this segment through the decade. The sale of the NSC is not expected to impact Northland’s growth trajectory, as the company has a large development pipeline of renewable projects that are expected to deliver material growth in capacity and Adjusted EBITDA by 2030. As a result, the project no longer meets Northland’s investment criteria,” said Mike Crawley, President and CEO, Northland. Evaluation of the NSC in the current environment is leading to higher expected costs for the project, that are only partially being offset by higher expected revenue offtake.
“Northland is constantly evaluating its 19-gigawatt (GW) portfolio and prioritizes projects that are strategically and financially consistent with its investment approach. NSC’s total gross capacity comprises 1,560 megawatts (MW) of offshore wind projects including: Nordsee Two, Nordsee Three, Delta Nordsee and Godewind. This transaction will transfer the assets and liabilities, and all committed contractual obligations of Northland in relation to NSC, to RWE. The sale provides RWE with 100 per cent ownership of the projects for a cash consideration of approximately EUR 35 million, which represents a premium to Northland’s costs incurred to date.
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(“Northland” or the “company”) (TSX: NPI) announces the sale of its full 49 per cent ownership stake in the Nordseecluster offshore wind portfolio (NSC) to its partner on the portfolio, RWE Offshore Wind GmbH (RWE). TORONTO, (GLOBE NEWSWIRE) - Northland Power Inc. This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated September 7, 2022, to its short form base shelf prospectus dated June 16, 2021.
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