Northland Power Expands Offshore Wind Pipeline in Asia With Acquisition of Development Company in South Korea
TORONTO, Feb. 24, 2020 (GLOBE NEWSWIRE) -- Northland Power Inc. ("Northland") (TSX: NPI) announces the signing of an agreement to acquire Dado Ocean Wind Farm Co., Ltd. ("Dado Ocean”), a development company with multiple early stage offshore wind development sites near Chodo Island, off the south coast of South Korea. Dado Ocean is currently owned by Mr. Eui Jeong Hwang, an experienced wind power developer who will continue to support the project as a local partner, working together with Northland to achieve key milestones for the project. The acquisition is expected to close in the coming weeks, subject to customary closing conditions.
The acquisition builds on Northland’s presence in Asia and specifically in South Korea. It is anticipated that South Korea’s installed capacity will more than double by 2050, with renewables accounting for approximately 59% compared to 8% in 20181. Offshore wind will make up almost half of this renewable generation.
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Leveraging its expertise and experience in offshore wind development, Northland is positioned through this acquisition, to help South Korea achieve its renewable energy development targets. Northland’s current portfolio in Asia includes a 60% equity stake in the 1,044 MW Hai Long offshore wind project under development in Taiwan and a joint venture to pursue offshore wind development opportunities in Chiba Prefecture, Japan.
The current projects, which are in early stage development, include multiple development sites located in Chodo-ri and Sonjuk-ri of Yeosu City, 35km off the southern coast of the Korean Peninsula, and together these projects will be developed over the coming years.
"This agreement builds on Northland’s strategy to pursue opportunities in South Korea,” said Mike Crawley, President and Chief Executive Officer of Northland. "We are excited to be part of Korea’s energy transformation as it looks to the future with the government’s Renewable Energy 3020 Program, that aims to achieve 12.0 GW of offshore wind capacity by 2030."
Further commenting Mr. Crawley said "Northland’s history is one of working with local communities and respecting local rules and regulations, and we look forward to working with Mr. Hwang to deliver this for these projects. Northland is always committed to ensuring open and transparent communication, continually engaging in respectful dialogue with regular communication and striving to be a good partner and neighbour.”
Northland is a global developer, owner and operator of sustainable infrastructure assets that deliver predictable cash flows. Headquartered in Toronto, Canada, Northland was founded in 1987 and has been publicly traded since 1997 on the Toronto Stock Exchange (TSX: NPI).
Northland owns or has an economic interest in 2,429 MW (net 2,014 MW) of operating generating capacity and 399 MW of generating capacity under construction, representing the Deutsche Bucht offshore wind project in the German North Sea and the La Lucha solar project in Mexico. Northland also owns a 60% equity stake in the 1,044 MW Hai Long projects under development in Taiwan and operates a regulated utility business in Colombia.
Northland's common shares, Series 1, Series 2 and Series 3 preferred shares and Series C convertible debentures trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A, NPI.PR.B, NPI.PR.C and NPI.DB.C, respectively.
This release contains certain forward-looking statements. 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 are based upon certain material factors or assumptions that were applied in developing the forward-looking statements. 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, construction risks, counterparty risks, operational risks, foreign exchange rates, regulatory risks, maritime risks for construction and operation, 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 2018 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 northlandpower.com. 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 date of release. 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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Wassem Khalil, Senior Director, Investor Relations & Strategy
+1 (647) 288-1019
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+1 (647) 288-1105
1 Bloomberg New Energy Outlook 2019