Northland Power Inc.

Northland Power Inc.

February 08, 2011 17:59 ET

Northland Power Inc. Announces New Chief Financial Officer

TORONTO, ONTARIO--(Marketwire - Feb. 8, 2011) - Northland Power Inc. ("Northland") (TSX:NPI)(TSX:NPI.DB)(TSX:NPI.DB.A)(TSX:NPI.PR.A) announced today the appointment of Paul Bradley as Chief Financial Officer. Mr. Bradley will assume his new position on April 1, 2011. 

"All of us at Northland are delighted that Paul has agreed to join us at this exciting time of growth," said Northland CEO John Brace. "He brings a wealth of experience in the energy sector and will be a strong addition to our team."

Most recently Mr. Bradley was Managing Director and Head of Power and Utilities (Corporate Finance) at Macquarie Capital Markets Canada Ltd. Prior positions include Vice President, Electricity Resources at the Ontario Power Authority, where he was responsible for the generation procurement program and the finance, administration and information technology portfolios; and Executive Director at CIBC in the Global Power and Utilities Group. Earlier in his career, Paul held various positions in project development, finance, treasury and risk management at Duke Energy Corporation. Paul was also the founder and Managing Director of PJB Energy Solutions, a direct investment and financial advisory organization dedicated to clean technologies and renewable energy.

Tony Anderson, Northland's CFO from its earliest days and financial architect of much of its growth, will remain a full member of the leadership team as Chief Investment Officer, responsible for directing new financings.

"Paul will make a great fit with Northland Power," said Mr. Anderson. "His financial expertise and knowledge of the energy business will add to our strategic perspective and give us additional leadership resources around which to build our portfolio. I look forward to having him on board."

Mr. Bradley is Northland Power's second senior appointment in the past two months. In early January, Michael Shadbolt joined the company as Vice President and General Counsel.

Before his Northland appointment, Michael was in private practice for 18 years including as a partner at Macleod Dixon LLP and Borden Ladner Gervais LLP. Since 1998 his practice has focused on the development of electricity and thermal generation projects with an emphasis on renewable and clean energy projects. Michael has provided corporate, commercial and transaction advice for a wide range of energy market participants, including generators, distributors, district energy companies and large energy consumers. Northland Power was among Michael's clients.


Northland owns or has an economic interest in 9 power projects totalling over 1,050 MW (net 815 MW). Northland'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 weighted average duration of 14 years. Northland's plants are located in Canada, the United States and Germany. In addition, Northland has the 86 MW Spy Hill project, 260 MW North Battleford project and 100 MW Mont Louis wind farm in construction, and 216 MW of wind, solar and run-of-river hydro projects awarded under the Ontario Power Authority's feed-in-tariff program in advanced stages of development. In December 2010, Northland was awarded a 20-year power purchase agreement for a 24 MW wind farm in Frampton, Quebec. Northland also has a diverse development portfolio of high-quality 'Clean and Green' energy projects, including wind, solar, natural gas, and hydro assets to support its strategy of sustainable growth primarily through internally developed opportunities.

Northland's common shares, preferred shares and two series of convertible debentures, which trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A, NPI.DB and NPI.DB.A, respectively, are qualified investments for RRSPs, RRIFs and DPSPs under the Canadian Income Tax Act. Northland has in place a dividend re-investment plan that allows common shareholders who are residents of Canada to automatically have their monthly cash dividends reinvested in additional common shares. 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.

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