Northland Power Income Fund
TSX : NPI.UN
TSX : NPI.DB
TSX : NPI.DB.A

Northland Power Income Fund

December 07, 2009 16:45 ET

Opening of Northland Power Jardin d'Eole Wind Farm

MATANE, QUEBEC--(Marketwire - Dec. 7, 2009) -

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Northland Power Income Fund (the "Fund") (TSX:NPI.UN)(TSX:NPI.DB)(TSX:NPI.DB.A) officially inaugurated its 127.5 MW Jardin d'Eole wind farm project near Matane, Quebec. The project was opened by the Hon. Nathalie Normandeau, Minister of Natural Resources of Quebec, together with James Temerty, Chairman of the Fund, and other dignitaries. The project commenced commercial operations under the terms of its power purchase agreement with Hydro-Quebec on November 20, 2009. The project comprises 85 General Electric 1.5 MW wind turbines.

The Jardin d'Eole project will sell electricity to Hydro-Quebec under a 20-year Power Purchase Agreement that was awarded to Northland Power Inc. in the 2004 Hydro-Quebec Request for Proposals for wind power. The project will also receive a portion of the federal EcoEnergy incentive for wind power for 10 years.

"We are very proud of the whole team involved in this project, and we're pleased to celebrate its opening today," said John Brace, President and CEO of the Fund. "The presence of Minister Normandeau is especially fitting, given the tremendous support we received over several years from her personally and the entire Quebec government. We are also happy that so many of our friends, supporters, and partners from the RCM of Matane and the municipalities of Saint-Ulric, Saint-Leandre and the City of Matane, could join us in this celebration, as well as our colleagues from Hydro-Quebec. Without their help, and the great effort put in over the 18 months of construction by our contractor, Borea Construction, and all their local subcontractors, we would not be enjoying today's festivities."

The wind farm was built by Borea Construction ULC, a Quebec-based joint venture between Montreal's Pomerleau Construction and DH Blattner and Sons of Minnesota. The wind turbine towers and nacelles were supplied to General Electric from the Marmen facility in Matane, the nacelle shells were also fabricated in Matane at VCI Composites, and the blades were manufactured for General Electric by LM Glasfibre in their factory in Gaspe. In total, the project represents an investment of over $100 million in the Gaspesie economy and an additional $20 million in the Quebec economy outside the Gaspesie, and will provide ongoing employment to 10 local service and operations staff.

The Jardin d'Eole project was developed by Northland Power Inc. ("NPI") and the Fund acquired all the rights to the project following the July 2009 merger with NPI. This is the Fund's second wind farm in Quebec, joining the 54 MW Mont Miller project that began operation in 2005 in Murdochville. It continues the Fund's strategy of investing in sustainable 'clean and green' power generating assets with long-term power purchase agreements.

ABOUT THE FUND

Northland Power Income Fund is a Canadian income trust that has ownership or economic interests in 10 power projects totaling over 1,100 megawatts ("MWs") (net 872 MWs). The Fund's assets comprise natural-gas-fired plants which efficiently and cleanly produce electricity and steam as well as facilities generating renewable energy from wind and biomass. Sales are made almost entirely under long-term contracts with a current average duration of 14 years. The Fund's plants are located in Canada, the United States and Germany. The merger with NPI on July 16, 2009 internalized management and provided the Fund with the ability to grow organically by generating its own development opportunities, as well as bringing in NPI's sizeable portfolio of high-quality development prospects.

The Fund's trust units and convertible debentures, which trade on the Toronto Stock Exchange under the symbols NPI.UN, NPI.DB and NPI.DB.A, are qualified investments for RRSPs and DPSPs under the Canadian Income Tax Act. The Fund has in place a distribution re-investment plan that allows Unitholders who are residents of Canada to automatically have their monthly cash distributions reinvested in additional units. Participants do not pay any costs associated with the plan, including brokerage commissions. For further information or to join the plan, contact your financial advisor or broker.

FORWARD LOOKING STATEMENTS

Certain statements in this news release, other than statements of historical fact, are forward-looking statements based on certain assumptions and reflect the Fund's and its subsidiaries' current expectations. Forward-looking statements are provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements may include, without limitation, statements regarding the operations, business, financial condition, priorities, ongoing objectives, strategies and outlook of the Fund's and its subsidiaries' for the current fiscal year and subsequent periods. 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". This information is based upon certain material factors or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking statements, including the 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, including those set out in the management's discussion and analysis section of the Fund's 2008 annual report, the Fund's Annual Information Form dated March 13, 2009, the Fund's Management Information Circular dated May 1, 2009, and the Supplement to the Management Information Circular dated July 10, 2009 certain of which are beyond management's control. The Fund'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, or what benefits, including the amount of distributions, the Fund and Unitholders will derive therefrom.

The forward-looking statements contained in this news release are made as of the date hereof for the purpose of providing readers with the Fund's expectations for the coming year. The forward-looking statements may not be appropriate for other purposes. Other than as specifically required by law, the Fund undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.

Contact Information

  • Northland Power Income Fund
    Barb Bokla
    Manager, Investor Relations
    (416) 962-6262 x156
    or
    Northland Power Income Fund
    Boris Balan
    Director of Communications
    (416) 962-6262 x116
    (416) 962-6266 (FAX)
    info@NPIFund.com
    www.NPIFund.com