SOURCE: Northland Power Inc.

Northland Power Inc.

July 08, 2015 17:52 ET

Northland Announces Milestone Reached on Gemini Offshore Wind Project

TORONTO, ON--(Marketwired - July 08, 2015) - Northland Power Inc. ("Northland") (TSX: NPI) (TSX: NPI.PR.A) (TSX: NPI.PR.C) (TSX: NPI.DB.B) (TSX: NPI.DB.C) announced that the first steel foundation, or monopile, for the 600MW Gemini offshore wind project located in the North Sea, was successfully installed on schedule on July 1st, 2015. Installation activity is now progressing quickly, with 7 monopiles installed as of the issuance of this release.

The monopiles, which are being installed by the project's EPC contractor, Van Oord Dredging and Marine Contractors BV (Van Oord), have each been designed for their specific location in the wind farm. Depending on sea depth, the monopiles vary in length from 59 to 73 metres. They each have a diameter of approximately 7 meters, and wall thicknesses of 7 to 11 centimetres.

Once construction is complete, Gemini will be comprised of 150 wind turbines, each mounted on a monopile foundation; Siemens will supply and erect the turbines. The wind farm encompasses two 34 square kilometer areas and is located 85 kilometers off the coast of Groningen in the Netherlands. Invisible from the coast, the project will generate energy in the part of the North Sea where wind speeds are among the best in the world for offshore wind power.

"The installation of these first monopiles is a significant project milestone," said John Brace, CEO of Northland. "I am pleased to report that the project continues to progress on budget and on schedule, thanks to the work of Van Oord, the support of our Gemini partners and the great efforts of the Gemini team. We look forward to sharing future milestones as they are achieved."

The project is owned by Northland Power (60%), Siemens Financial Services (20%), Van Oord (10%) and N.V. HVC (10%). During the three-year construction period, an estimated 500 people will work on Gemini. The wind farm is expected to be fully operational by 2017, and will generate clean and renewable energy for 1.5 million people in the Netherlands.

ABOUT NORTHLAND

Northland is an independent power producer founded in 1987, and publicly traded since 1997. Northland develops, builds, owns and operates facilities that produce 'clean' (natural gas) and 'green' (wind, solar, and hydro) energy, providing sustainable long-term value to shareholders, stakeholders, and host communities.

The Company owns or has a net economic interest in 1,313 MW of operating generating capacity and 972 MW (682 MW net to Northland) of generating capacity under construction, including a 60% equity stake in Gemini, a 600 MW offshore wind project, and an 85% equity stake in Nordsee One, a 332 MW offshore wind project, both located in the North Sea; as well as a 100 MW onshore wind farm in Grand Bend, Ontario currently in construction.

Northland's cash flows are diversified over four geographically separate regions and regulatory jurisdictions in Canada and Europe.

Northland's common shares, Series 1 and Series 3 preferred shares and Series B and Series C convertible debentures trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A, NPI.PR.C, NPI.DB.B, and NPI.DB.C, respectively.

FORWARD-LOOKING STATEMENTS

This release contains certain forward-looking statements which are provided for the purpose of presenting information about management's current expectations and plans. Readers are cautioned that such statements may not be appropriate for other purposes. 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." These statements may include, without limitation, statements regarding plans for raising capital and statements regarding the impact of certain events on Northland's financial results and previously issued financial guidance. These statements are based upon certain material factors or assumptions that were applied in developing the forward-looking statements, including management's current plans, its 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. Some of the factors that could cause results or events to differ from current expectations include, but are not limited to, operational risks, foreign exchange rates, regulatory risks, and the variability of revenues from generating facilities powered by intermittent renewable resources and the other factors described in the "Risks and Uncertainties" section of Northland's 2014 Annual Report and Annual Information Form, both of which can be found at www.sedar.com under Northland's profile and on Northland's website www.northlandpower.ca. Northland'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.

The forward-looking statements contained in this release are based on assumptions that were considered reasonable on July 8, 2015. Other than as specifically required by law, Northland undertakes no obligation to update any forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.

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