Northland Power Obtains Means to Invest in Nordsee One

Northland Power Inc. has closed its offering of USD 231,000,000 in public shares. 

The company has also announced the concurrent closing, on a private placement basis, of the previously announced issuance of 3,125,000 Common Shares representing USD 50,000,000 of gross proceeds to a subsidiary of Northland Power Holdings Inc., a company controlled by Mr. James C. Temerty, at the same price per Common Share offered to the public pursuant to the Offering.

Northland intends to use the proceeds of the Offering, net of the underwriters’ fees, and the proceeds of the Private Placement to fund a portion of Northland’s investments in the Nordsee One project and the Grand Bend wind project in Ontario, to replenish working capital and for general corporate purposes.

Image: RWE