Northland Power Income Fund

Northland Power Income Fund

July 16, 2009 16:45 ET

Northland Power Income Fund Completes Merger with NPI

TORONTO, ONTARIO--(Marketwire - July 16, 2009) - Northland Power Income Fund (the "Fund") (TSX:NPI.UN)(TSX:NPI.DB) announced that the Fund has completed its merger with Northland Power Inc. ("NPI").

The transaction was subject to Unitholder approval which was received at the Annual and Special Meeting of Unitholders that was completed earlier today. Approximately 71% of the Fund's units represented at the meeting were voted in favour of the merger. Following the Unitholder meeting, the Fund completed its acquisition of NPI.

"The strategic advantages of merging the Fund with NPI and gaining access to NPI's development expertise and growth potential have been clear from the start," said John Brace, President and CEO of the Fund's manager. "We believe that this transaction will strengthen and enhance the future of the Fund for the benefit of all Unitholders."

The Fund was created by NPI in 1997 and has had a close relationship with NPI since its inception. NPI, through its wholly-owned subsidiary, Northland Power Income Fund Management Inc., has managed the Fund under contract and played an integral role in the identification, development, acquisition and operation of the Fund's assets. Under NPI's stewardship, the Fund has risen to become one of Canada's leading publicly traded income funds, generating an annual average return of 11% since the Fund's IPO in 1997 to December 31, 2008.

About the Fund

Northland Power Income Fund is a Canadian income trust that indirectly owns equity interests in six power projects, which efficiently and cleanly produce electricity and steam for sale under long-term contracts. The Fund's natural-gas-fired power plants and wind farms are located in Canada, the United States and Germany.

The Fund's Units and convertible debentures trade on the Toronto Stock Exchange under the symbols NPI.UN and NPI.DB respectively.

About NPI

NPI is a privately owned, Canadian developer, operator and owner of power plants. NPI has 459 megawatts of generating projects in operation or under construction and more than 3,600 megawatts in development. Of the projects in development, NPI has pre-qualified to bid 1,230 megawatts being procured by the Ontario Power Authority and SaskPower through competitive processes, and has over 550 megawatts of projects under development which are not expected to be subject to competitive bidding processes, including over 400 megawatts of hydro-based generation opportunities.

Contact Information

  • Northland Power Income Fund
    A.F. (Tony) Anderson
    Chief Financial Officer
    (416) 962-6262 x 120
    Northland Power Income Fund
    Boris Balan
    Director, Communications & Business Development
    (416) 962-6262 x 116
    (North American Toll-Free)