Northland Power Announces Closing of Bought Deal Equity Offering

TORONTO, April 21, 2021 (GLOBE NEWSWIRE) — Northland Power Inc. (“Northland”) (TSX: NPI) is pleased to report the closing of its previously announced bought deal equity offering (the “Offering“) of common shares (“Shares”). A total of 22,500,500 Shares, including 2,045,500 Shares issued pursuant to the exercise in full by the underwriters of their over-allotment, were issued at an offering price of $44.00 per Share for aggregate gross proceeds $990,022,000.

The net proceeds of the Offering will be used to fund the cash purchase price of a portfolio of operating onshore renewable assets in Spain with a total combined net capacity of 540 megawatts, with the remainder of the net proceeds, allocated to fund equity capital requirements including acquisition costs for Baltic Power, expected near-term capital commitments for Northland’s portfolio of 4 to 5 GW of identified development projects and to repay borrowings under Northland’s corporate revolving credit facility.

The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This news release does not constitute an offer to sell or the solicitation of any offer to buy, nor will there be any sale of these securities, in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, state or jurisdiction.

ABOUT NORTHLAND POWER

Northland Power is a global power producer dedicated to helping the clean energy transition by producing electricity from clean renewable resources. Founded in 1987, Northland has a long history of developing, building, owning and operating clean and green power infrastructure assets and is a global leader in offshore wind. In addition, Northland owns and manages a diversified generation mix including onshore renewables, solar and efficient natural gas energy, as well as supplying energy through a regulated utility.

Headquartered in Toronto, Canada, with global offices in eight countries, Northland owns or has an economic interest in 2.7 GW (net 2.3 GW) of operating generating capacity and a significant inventory of early to mid-stage development opportunities encompassing approximately 4 to 5 GW of potential capacity.

Publicly traded since 1997, Northland’s common shares, Series 1, Series 2 and Series 3 preferred shares trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A, NPI.PR.B and NPI.PR.C, respectively.

FORWARD-LOOKING STATEMENTS

This release contains certain forward-looking statements. Readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects,” “anticipates,” “plans,” “believes,” “estimates,” “intends,” “targets,” “projects,” “forecasts” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” These statements may include, without limitation, statements regarding Northland’s expected use of proceeds from the Offering. These statements are based upon certain material factors or assumptions that were applied in developing the forward-looking statements. Although these forward-looking statements are based upon management’s current reasonable expectations and assumptions, they are subject to numerous risks and uncertainties. Some of the factors that could cause results or events to differ from current expectations include, but are not limited to, the Underwriters decision whether to exercise the over-allotment, Northland’s ability to close the acquisition of the Portfolio or its use of the net proceeds as intended and the other factors described in the “Risks and Uncertainties” section of Northland’s 2020 Annual Report and Annual Information Form, both of which can be found at www.sedar.com under Northland’s profile and on Northland’s website northlandpower.com, as well as the risks set out under the heading “Risk Factors” in the Prospectus Supplement that Northland filed on SEDAR in relation to the Offering. Northland’s actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur.

The forward-looking statements contained in this release are based on assumptions that were considered reasonable on date of release. Other than as specifically required by law, Northland undertakes no obligation to update any forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.

For further information, please contact:

Wassem Khalil, Senior Director, Investor Relations & Strategy
+1 (647) 288-1019
investorrelations@northlandpower.com
northlandpower.com