- Northland Power has announced that it will acquire a portfolio of onshore renewable projects in Spain
- The company has completed a C$900 million bought deal equity financing to fund the acquisition
- The acquisition places Northland as a top 10 renewable power operator in Spain
- Northland Power is a power producer dedicated to helping the clean energy transition by producing electricity from clean renewable resources
- Northland Power (NPI) is down 5.77 per cent and is trading for $43.78 per share
Northland Power has announced that it will acquire a portfolio of onshore renewable projects from a Spanish renewable energy fund.
Helia Renovables is a fund sponsored by Plenium Partners Asset Management and Bankinter. The full amount of the transaction will be distributed between the latter two companies.
The portfolio includes 33 operating assets comprised of onshore wind, solar PV, and concentrated solar located throughout Spain.
Northland will pay €345 million (C$520 million) to the Spanish company and will assume the portfolio’s debt in the amount of €716 million (C$1.075 million).
To fund the acquisition, Northland has completed a concurrent $900 million bought deal equity financing. The financing will also fund other current projects of the company.
In 2020, Spain made a commitment to achieve 70 per cent electricity generation from renewable energy sources by 2030 as part of the Law on Climate Change and Energy Transition.
The acquisition immediately places Northland as a top 10 renewable power operator in Spain and creates a platform for growth in an attractive market for renewables.
Mike Crawley, President and CEO of Northland, commented,
“This transaction is consistent with our strategy and positions Northland for further growth and diversification while providing us with near-term cash flow.”
Northland expects to close the acquisition in the third quarter of 2021, subject to customary closing conditions as well as required foreign investment approval by Spanish regulators.
Northland Power is a power producer dedicated to helping the clean energy transition by producing electricity from clean renewable resources.
The company is developing, building, owning, and operating clean and green power infrastructure assets and is a global leader in offshore wind.
Northland Power (NPI) is down 5.77 per cent and is trading for $43.78 per share as of 1:55 pm ET.
