Northland Power Income Fund

Northland Power Income Fund

October 20, 2005 12:09 ET

Northland Power Income Fund Announces Distribution to Unitholders for the Month of October 2005

TORONTO, ONTARIO--(CCNMatthews - Oct. 20, 2005) -

Announcement of October Monthly Distribution

Northland Power Income Fund (the "Fund")(TSX:NPI.UN) is pleased to announce a distribution to unitholders in the amount of $0.085 per unit for the month of October as follows:

Month Record Date Distribution Date Amount
October October 31 November 15 $0.085

Distributions are projected to be approximately 26% tax-deferred in 2005 with the remaining 74% being taxable to unitholders.

About Northland Power Income Fund

Northland Power Income Fund indirectly owns interests in four power projects: three natural-gas- fired combined-cycle cogeneration power plants that efficiently and cleanly produce electricity and steam for sale and one wind power project. Two cogeneration plants are located in Ontario: the 120 megawatt (MW) Iroquois Falls facility, which has been wholly-owned by the Fund since its inception in 1997, and the 110 MW Kingston facility, of which the Fund now owns 50%. Through its 19% equity interest in Panda Energy Corp. (PEC) and loan to a PEC subsidiary, the Fund has an interest in the 230 MW Panda-Brandywine cogeneration plant located just outside Washington, D.C. Electricity produced from the cogeneration plants are sold under long-term power purchase agreements (PPAs) with creditworthy entities to ensure revenue stability, and long-term contracts assure the supply and price of natural gas, which is the Fund's largest cost. The 54 MW Mont Miller wind power project in the Gaspesie region of Quebec supplies electricity to Hydro-Quebec under the terms of a 21-year PPA.

The Fund's trust units and convertible debentures, which trade on the Toronto Stock Exchange under the symbols NPI.UN and NPI.DB respectively, are qualified investments and not considered foreign property 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 re-invested 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.

Contact Information

  • Northland Power Income Fund Management Inc.
    Barb Bokla
    Investor Relations Manager:
    (416) 962-6262 x156
    Northland Power Income Fund Management Inc.
    Tony Anderson
    Chief Financial Officer:
    (416) 962-6262 x120
    (416) 962-6266 (FAX)