Northland Power Inc. completes C$231 million public offering and C$50 million concurrent private placement of common shares

Date : 3/5/15

Value : C$281 million

On March 5, 2015, Northland Power Inc. completed an offering of 13,750,000 common shares at a price of C$16.00 per common share, representing gross proceeds of C$220,000,000. The underwriters exercised their over-allotment option in respect of the offering, bringing the total proceeds for the offering to C$231,000,000. Concurrently, Northland completed a private placement of 3,125,000 common shares to a subsidiary of Northland Power Holdings Inc., a company controlled by Mr. James C. Temerty, at the same per common share of total proceeds of C$50,000,000.

The net proceeds of the offering and concurrent private placement will be principally utilized to fund a portion of Northlands's investment Nordsee One, a 332 megawatt offshore wind development project located in the North Sea and Grand Bend onshore wind project in Ontario.

The offering was made through a syndicate of underwriters led by CIBC World Markets Inc., BMO Nesbitt Burns Inc. and National Bank Financial Inc. and included Desjardins Securities Inc., RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc., Cormark Securities Inc. and First Energy Capital Corp.

Northland was represented by Borden Ladner Gervais LLP with a team consisting of Linda Bertoldi, Paul A.D. Mingay, Habeeb Syed and Linda Tu (Corporate and Securities) and Daniel Lang (Tax).