20:48:55 EDT Fri 26 Apr 2024
Enter Symbol
or Name
USA
CA



Northland Power Inc
Symbol NPI
Shares Issued 147,123,848
Close 2014-09-29 C$ 17.13
Market Cap C$ 2,520,231,516
Recent Sedar Documents

Globe says Northland puts sights on European offshore

2014-09-30 05:45 ET - In the News

The Globe and Mail reports in its Tuesday, Sept. 30, edition that Northland Power is shifting its sights to European offshore wind projects. The Globe's Richard Blackwell writes that in 2013, Northland bought a 60-per-cent interest in the Gemini wind project in the North Sea, off the coast of the Netherlands. Last month it took another big bite of European offshore wind -- an 85-per-cent share of the Nordsee project off Germany's north coast. These two ventures should be generating more than 900 megawatts of power within a few years, marking a dramatic shift for Northland. Currently, most of its operating power assets are in Canada. By 2018, thanks to Gemini and Nordsee, 60 per cent of Northland's earnings before interest, taxes, depreciation and amortization will come from European offshore wind. However, the big investments, which will require Northland to come up with boatloads of cash, have again raised a question that has dogged the company for years -- can it maintain its dividend, which at the moment requires it to pay out more than 100 per cent of its earnings to shareholders each month? Northland head John Brace insists the company will maintain the dividend.

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