Northland Power acquires 252 MW German Offshore Wind Farm

Northland Power Inc. and Highland Group Holdings Ltd., have signed a definitive agreement whereby Northland will acquire 100% of Deutsche Bucht, a 252 MW offshore wind farm project currently in advanced development.

The total estimated project cost is approximately EUR 1.2 Billion and once its operational it is expected to generate over 1,000 gigawatt hours of electricity per year.

Northland expects to invest approximately $400 million of corporate funds with the balance of the project cost provided by project financing and pre-completion revenues. Financial closing is expected mid-2017. Northland expects this investment will be sourced from cash on hand, corporate liquidity, and preferred shares. As a result of the additional financing, management is revising its 2017 free cash flow per share guidance to be in the range of $1.03 to $1.18 per share from $1.10 to $1.25 per share.

Chief Executive Officer of Northland Power, John  Brace said that they are pleased to add a third solid and robust offshore wind project to Northland’s portfolio. Continued growth in the thriving offshore wind sector is an important component of Northland’s strategic development approach. DeBu will support their commitment to deliver long term value to shareholders, while aiding the global transition to clean and green energy sources.

Image Source: Northland Power