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Northland Power Inc. Q3-2017 Earnings, Price Target Update

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Northland develops, builds, owns and operates natural gas, wind and solar powered facilities. Northland owns or has a net economic interest in 2,319 MW of operating generating capacity (1,732 MW net to Northland). Two of their three capital projects were completed in 2017 adding wind power generating capacity 932MW ( 642 MW net to Northland). The wind projects include a 60% equity stake in Gemini, a 600 MW offshore wind project, and an 85% equity stake in Nordsee One, a 332 MW offshore wind project, both located in the North Sea. In Jan-2017 Northland agreed to acquire a third European development, the 252MW Deutsche Bucht project with an estimated completion cost of $1.9B. It is located 95 km northwest of the island of Borkum in the German Exclusive Economic Zone, 77 km from Northland's other German offshore wind project, Nordsee One. Prior to the completion of the Deutsche Bucht project, 36% of capacity is natural gas fired, 58%- wind power and 6% solar. All the natural gas fired facilities are located in Canada. For the wind power facilities 30% are located in Canada and 70% are in Europe. The solar facilities are all located in Canada. Growth in productive capacity has been focused on wind power in the North Sea area of Europe.

Total assets increased to $8.6B at Dec-31-2016 up from $2.8B as of Dec-31-2013 excluding the pending acquisition of Deutsche Bucht. Total assets are forecast at $10B as of De-31-2017. NPHI, a corporation owned by James C. Temerty, effectively owns 35% of Northland Power Inc.

Capital Development

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