TORONTO, ONTARIO--(Marketwire - Apr 1, 2013) - Northland Power Inc. ("Northland") (NPI.TO)(NPI-PA.TO)(NPI-PC.TO)(NPI-DBA.TO), a leading Canadian independent power producer, announced today that it has acquired from The Probyn Group™ the controlling interest in Canadian Environmental Energy Corporation (CEEC) and all the shares of Chapais Power Services Inc. (CPSI, formerly known as Probyn Power Services Inc).
"In line with our commitment to long-term stability and growth, the acquisitions are a logical move for us, to be primed for the promising future we see ahead," said John Brace, President and CEO of Northland Power. "While we do not expect them to increase near-term cash flow, for a nominal cost we are consolidating our interests in two of Ontario's pioneering clean energy projects under our management since start-up and adding another pure renewables project to our portfolio in Québec."
CEEC owns the voting shares in Kirkland Lake Power Corp. (KLPC) and Cochrane Power Corporation (CPC) which, respectively, own the 132 MW Kirkland Lake and 40 MW Cochrane biomass and natural-gas fired power facilities operated by Northland Power. CEEC also owns the voting shares in CHEL, General Partner of Chapais Énergie, Société en Commandite (CHESEC), owner of the 28 MW biomass-fired power facility in Chapais, Québec.
Subsequent to these acquisitions, Northland will assume corporate management of CEEC, CPC, KLPC, and CHEL. In addition to continuing in its role as operations manager of the Cochrane and Kirkland Lake generating stations, Northland will take on through CPSI a new role as operations manager of the Chapais generating station.
Northland and The Probyn Group will work together to ensure a seamless transition of responsibilities in the coming months. To ensure continuity, H. Allen Jackson will remain an Independent Director and Chairman of CEEC and its subsidiaries.
"Since we came together with Northland in 1990 to lay the foundations of Canada's green energy industry, we have enjoyed an excellent working relationship with this great company," said Dr. Barbara Eastman, President of The Probyn Group. "Based on our 22 years of experience with them, I am convinced that the facilities, staff, and host communities will continue to prosper under Northland's stewardship."
Northland Power is an independent power producer founded in 1987, and publicly traded since 1997. Northland produces 'clean' (natural gas) and 'green' (wind, solar, and hydro) energy, providing sustainable long-term value to shareholders, stakeholders, and host communities. The company owns or has a net economic interest in 1,005 MW of operating generating capacity, with an additional 380 MW of generating capacity currently in construction, and another 220 MW of wind, solar and run-of-river hydro projects with awarded power contracts. Northland's cash flows are diversified over five geographically separate regions and regulatory jurisdictions in Canada, Germany and the United States.
Northland Power's common shares, Series 1 and Series 3 preferred shares and convertible debentures trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A, NPI.PR.C and NPI.DB.A, respectively.