“It has been a journey of collaboration for Giiwedin Noodin and our partner Northland Power to achieve COD on the Grand Bend Wind Farm. We look forward to years of benefits from this energy partnership.” — Graham Hoogterp, President Giiwedin Noodin FN Energy Corporation
The IESO awarded the project a 20 year contract under Ontario’s Feed-in-Tariff (FIT) program for renewable energy. The wind farm consists of 40 Siemens wind turbines, and is expected to produce enough clean, renewable energy each year to power approximately 30,000 Ontario homes.
Grand Bend is Northland’s second wind project completed under the Ontario FIT program. The 60 MW McLean’s Mountain Wind Farm on Manitoulin Island began operations in 2014, and is also a 50/50 partnership with local First Nations (the United Chiefs and Councils of Mnidoo Mnising First Nations).
“Northland’s continued growth demonstrates our commitment to generating stable cash flows and creating long-term value for our shareholders and partners,” said John Brace, Northland’s CEO. “We are pleased to add the project to our fleet of operating assets while reducing Ontario’s carbon footprint, and are thankful to all involved in bringing this project to completion on budget and within the expected project schedule.”
Northland is an independent power producer founded in 1987, and publicly traded since 1997. Northland develops, builds, owns and operates facilities that produce ‘clean’ (natural gas) and ‘green’ (wind, solar, and hydro) energy, providing sustainable long-term value to shareholders, stakeholders, and host communities.
The Company owns or has a net economic interest in 1,394 MW of operating generating capacity and 932 MW (642 MW net to Northland) of generating capacity under construction, including 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.
Northland’s cash flows are diversified over four geographically separate regions and regulatory jurisdictions in Canada and Europe.
Northland’s common shares, Series 1, Series 2 and Series 3 preferred shares and Series B and Series C convertible debentures trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A, NPI.PR.B, NPI.PR.C, NPI.DB.B, and NPI.DB.C, respectively.
ABOUT GIIWEDIN NOODIN
Giiwedin Noodin is a partnership between Aamjiwnaang First Nation and Bkejwanong (Walpole Island) First Nation. We are a single purpose entity; to manage the affairs of the First Nations side of the Grand Bend Wind Farm.
This release contains certain forward-looking statements which are provided for the purpose of presenting information about management’s current expectations and plans. 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 the construction, completion, attainment of commercial operations, cost and output of development projects, and the operations, and outlook of Northland and its subsidiaries. These statements are based upon certain material factors or assumptions that were applied in developing the forward-looking statements, including the design specifications of development projects, the provisions of contracts to which Northland or a subsidiary is a party, management’s current plans, its perception of historical trends, current conditions and expected future developments, as well as other factors that are believed to be appropriate in the circumstances. 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, construction risks, counterparty risks, operational risks, regulatory risks, maritime risks for construction and operation, and the variability of revenues from generating facilities powered by intermittent renewable resources and the other factors described in the “Risks and Uncertainties” section of Northland’s 2015 Annual Report and Annual Information Form, both of which can be found at sedar.com under Northland’s profile and on Northland’s website northlandpower.ca. 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 June 1, 2016. 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.
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