Date closed: 4/21/2021
Value: $990 million
On April 21, 2021, Northland Power Inc. completed its bought deal offering 22,500,500 common shares, including 2,045,500 Shares issued pursuant to the exercise in full by the underwriters of their over-allotment option, for aggregate gross proceeds $990,022,000.
The proceeds of the offering will be used to fund the cash purchase price of a portfolio of operating onshore renewable energy assets in Spain with a total combined net capacity of 540 megawatts, and to fund various equity capital requirements including acquisition costs for Baltic Power, expected near-term capital commitments for Northland's portfolio of 4 to 5 GW of identified development projects, and to repay borrowings under Northland's corporate revolving credit facility.
Northland, headquartered in Toronto, Ontario, is a global power producer dedicated to helping the clean energy transition by producing electricity from clean renewable resources.