Northland Power has closed its equity offering of common shares raising aggregate gross proceeds of $990m (€824.5m).
A total of 22,500,500 shares, including 2,045,500 shares issued pursuant to the exercise in full by the underwriters of their over-allotment, were issued at an offering price of $44 (€37) per share.
The net proceeds of the offering will be used to fund the cash purchase price of a portfolio of operating onshore renewable assets in Spain with a total combined net capacity of 540MW.
The remainder of the net proceeds will be allocated to fund equity capital requirements including acquisition costs for Baltic Power and expected near-term capital commitments for Northland’s portfolio of 4 to 5GW of identified development projects.
It will also be used to repay borrowings under Northland’s corporate revolving credit facility.