Northland Power Announces Closing of Spanish Onshore Renewables Portfolio

The Portfolio has a total combined net capacity of 551 megawatts (MW), including the acquisition of minority interests not included in the initial announced transaction. The Portfolio includes 33 operating assets comprised of onshore wind (435 MW), solar PV (66 MW), and concentrated solar (50 MW) located throughout Spain. Total cash consideration paid for the acquisition was €348 million (C$522 million) together with the assumption of debt in the amount of €716 million (C$1,075 million). The acquisition was funded using proceeds from Northland’s common equity offering completed on April 14, 2021.

The Portfolio immediately places Northland as a top 10 renewable power operator in Spain and creates a platform for growth in an attractive market for renewables. Northland intends to leverage the acquisition of the Portfolio to build a platform with asset management, development, and operations and maintenance capabilities that can competitively pursue onshore renewables acquisition and development opportunities across Europe over the next decade.

“We are proud to announce the closing of the Helia acquisition, which supports Northland's continued growth and leadership in renewable energy and establishes Northland as a top operator in one of Europe’s most attractive renewables markets,” said Mike Crawley, President and Chief Executive Officer of Northland. “The acquisition will serve as a platform for future growth in our onshore segment in Europe and we have hired senior members to our local team to help expand our position. The acquired assets will provide us with near-term cash flow to support the continued development of our offshore wind ambitions.”