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Northland Power Inc. Q2-2019 Earnings & Price Target

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Northland develops, builds, owns and operates natural gas, off-shore wind and solar powered facilities. Northland owns or has a net economic interest in 2,429MW of operating generating capacity (2,014 MW net to Northland) and 399 MW of generating capacity under construction, representing the Deutsche Bucht offshore wind project in the German North Sea and the La Lucha solar project in Mexico. Northland also owns a 60% equity stake in the 1,044 MW Hai Long projects under development in Taiwan. In Oct-2019 they agreed to acquire from Brookfield Infrastructure Partners LP (BIP.UN) the Colombian regulated utility Empresa de Energía de Boyacá (EBSA) COP 2,665B ($US1.05B) including debt. During 2012, Brookfield Infrastructure acquired a 17% interest in Empresa de Energia deBoyaca S.A., its Colombian distribution operation, for $55M($323M total) with Brookfield retaining control.

Two of their three off shore wind 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. Excluding the completion of the Deutsche Bucht project, 47% of capacity is natural gas fired, 32% - wind power and 21% solar. All the natural gas fired facilities are located in Ontario and Quebec; wind power facilities are located in offshore Europe. 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 year PPA subject to permitting and obtaining financing.

Ownership

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