TORONTO, ON--(Marketwired - October 21, 2016) - Northland Power Inc. ("Northland") (TSX: NPI) (TSX: NPI.PR.A) (TSX: NPI.PR.B) (TSX: NPI.PR.C) (TSX: NPI.DB.B) (TSX: NPI.DB.C) announced today that its wholly-owned subsidiary, Iroquois Falls Power Corp. and Northland's managed facilities, Cochrane Power Corporation and Kirkland Lake Power Corporation (collectively, the "Northland Applicants") have received retroactive payments ($94.7 million net to Northland) from the Ontario Electricity Financial Corporation (OEFC).
The OEFC made the retroactive payments on October 21st as a result of the court ruling in favour of the Northland Applicants and other power producers on the ongoing legal case regarding the interpretation of their power purchase agreements with the OEFC. On September 13, 2016, the Ontario Court of Appeal dismissed the motion brought by the OEFC to set aside or vary the order of the Ontario Court of Appeal dated August 5, 2016, dismissing OEFC's motion for a stay of the portion of the judgment of the Ontario Superior Court of Justice dated March 12, 2015 regarding the retroactive payments.
Consistent with the treatment of prior payments received in relation to the legal case, the retroactive payments will be recorded into revenue as of the date of receipt. The OEFC has sought leave to appeal the legal case decision in its entirety to the Supreme Court of Canada. Retention by the Northland Applicants of the retroactive payments, and any other prior payments received in relation to the legal case, would be adversely impacted in the event of an unfavourable outcome from the Supreme Court proceeding. More details are available in Northland's second quarter financial reports dated August 10, 2016 which can be found on SEDAR, or on Northland Power`s website: www.northlandpower.ca.
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 1,394 MW of operating generating capacity and 932 MW (642 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.
Northland's cash flows are diversified over four geographically separate regions and regulatory jurisdictions in Canada and Europe.
Northland's common shares, Series 1, Series 2 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.B, NPI.PR.C, NPI.DB.B, and NPI.DB.C, respectively.