The board of Canadian independent power producer Northland Power is reviewing strategic alternatives to boost company growth, shareholder value and capitalise on a pipeline of clean energy developments.
The company has hired CIBC World Markets and JP Morgan Securities as financial advisors during the review.
Northland chief executive officer John Brace said: “It is business as usual while we undertake this important process.
“We are focused on expanding our near-term development opportunities, working with our partners to advance approximately $6bn in construction projects currently underway, and continuing to operate safely and reliably.”
Chairman and founder James Temerty said: “As global demand for electricity increases and the world embraces more environmentally friendly energy sources, we are seeing more and larger opportunities than ever before.
“To ensure the company is best positioned to capitalize on these opportunities, we determined that this is an appropriate time to review the options available for the next phase of the company’s growth.
“I can assure our shareholders, employees, customers and development partners that we will only embark on a new course if it offers superior value for shareholders and an even stronger platform for future growth than the one we have today.”
The company’s investments include a 60% stake in the 600MW Gemini offshore wind farm and an 85% interest in the 332MW Nordsee 1 offshore project, both in the North Sea.
Image: turbine installation at Gemini (Van Oord)
Northland eyes green growth
CIBC World Markets and JP Morgan hired to help with strategic review
By EBS