Northland Power Inc. Q2-2018 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 2,458MW of operating generating capacity (2,029 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. During Q2-2018 Northland and its 40% partner Yushan Energy Co. Ltd. were allocated 1,044 MW (626 MW net to Northland) by the Bureau of Energy of Taiwan. The award provides for 20 yr PPA subject to permitting and obtaining financing.
Northland Power Corp. has two classes of shares, Class A and common shares. There are 176.5 common shares listed on the TSX as NPI and 1M Class A shares held by James Temerty through NPHI, who is the Chairman of Northland Power.
The Class A Shares are identical to the common shares with the exception of being non-transferrable, except on a reorganization of NPHI and rights to appoint directors. Class A Shares can exercise special appointment rights for directors.
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