Canada

Canada

Northland secures $121 million offshore funding

CANADA: Northland Power has closed a CAD 150 million (US$121 million) sale of debentures, and will use some of the proceeds to fund offshore wind development.

Proceeds will be used to partly fund the Nordsee One project
Proceeds will be used to partly fund the Nordsee One project

The 4.75% convertible unsecured subordinated debentures began trading on the Toronto Stock Exchange on Thursday.

Northland will use the money to fund part of its investments in the 332MW Nordsee One offshore project – in which it holds an 85% stake – and the 100MW Grand Bend onshore wind farm in Ontario.

Nordsee One has cleared all regulatory hurdles, and construction is set to begin in 2016 with completion expected in 2017.

The construction permit originally stipulated that construction must start by 1 July 2014, but two extensions mean that a deadline of 1 July 2016 has now been set.

Northland Power bought an 85% stake in Nordsee One in September last year. The project is planned for a site in the North Sea, 40 kilometres north of the island of Juist.

The Canadian developer is also developing the 600MW Gemini project in Dutch waters, which is due to start construction this year.

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