Northland Power Continues to Deliver: Announces Strong 2013 Third Quarter Results and Continued Advancements on Construction and Development Pipeline
TORONTO, ONTARIO – Nov. 8, 2013 –
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Northland Power Inc. (“Northland” or the “Company”) (TSX:NPI) (TSX:NPI.PR.A) (TSX:NPI.PR.C) (TSX:NPI.DB.A)
Highlights
- Strong financial results for quarter:Announced project Gemini, a 600 MW offshore wind power generation project currently in advanced development, for which Northland has the rights to acquire a majority (55%) equity stake. The project has already achieved significant development milestones;
- Quarterly adjusted EBITDA increased by 101% from $37.6 million in 2012 to $75.7 million in 2013, primarily due to contributions from newly operating North Battleford and ground-mounted solar facilities;
- Quarterly free cash flow increased by 550% over same period 2012; from $6 million to $39 million, commensurate with the higher adjusted EBITDA;
- The quarterly payout ratio was 63% of free cash flow (84% excluding the effect of dividends re-invested through the Dividend Reinvestment Plan);
- Completed construction on two more ground-mounted solar facilities; and
- Successfully completed approximately $900 million of project financings.
Northland reported its financial results today for the quarter ended September 30, 2013. The complete third quarter report for 2013, including management’s discussion and analysis and unaudited interim condensed consolidated financial statements, is available atwww.sedar.com under Northland’s profile and www.northlandpower.ca.
“We are continuing to deliver on our commitments by generating strong results across our increasingly diverse operating portfolio, which now includes six ground-mounted solar projects in Ontario,” said John Brace, President and CEO. “We are seeing the positive results from our development and construction pipelines. Our third quarter results demonstrate that we are well-positioned to deliver a stable dividend to our shareholders while continuing our growth trajectory. Our projects under construction and in advanced development are progressing as expected and we are making progress towards finalizing development of the Gemini offshore wind project.”
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