Industry Updates

Northland bags $1.2bn war chest

25 Jun, 2018

Northland Power of Canada has almost doubled a corporate credit facility to $1.25bn to fund development and acquisition opportunities.

The company has agreed the deal with 12 financial institutions, including Canadian Imperial Bank of Commence and Bank of Montreal, for the fund, which comprises a $1bn ‘revolver’ and $250m term loan.

The former includes a so-called ‘accordion feature’, which would give access to an additional $500m.

Northland said the beefed-up fund, which was previously $700m in total, is largely as a result of greater cash flows from the Gemini and Nordsee 1 offshore wind farms in the Netherlands and Germany respectively.

Chief financial officer Paul Bradley said: "This new facility confirms the Canadian and international financial community's confidence in Northland, highlights the quality and stability of our cash flows and provides a solid foundation to execute on our commitment to growth."

Image: Nordsee One