TORONTO, Dec. 13, 2019 (GLOBE NEWSWIRE) -- Northland Power Inc. ("Northland") (NPI.TO) announces that John W. Brace, a current Director of Northland has been named Chair of the Board effective immediately. James C. Temerty has stepped down as Chair but will continue to serve as a Director of the company.
Mr. Temerty has led the company since its inception in 1987 and was instrumental in shaping Northland as it grew from a start-up Canadian Power Producer to a global player in the renewable power sector.
Mr. Temerty commented, "I am extremely proud to have worked with some of the most talented and dedicated professionals in the power sector over my 32 years with Northland. I also want to acknowledge the tremendous contribution that all current and past board members have made to Northland’s success. I have every confidence that the company will continue its track record of steady growth with John leading the Board and I look forward to my continued involvement with Northland.”
Mr. Brace joined Northland in 1988, shortly after the company was founded. He was appointed Chief Executive Officer (CEO) in 2003 and served in the role until his retirement in 2018. John helped steer Northland through many of its projects and initiatives and its growth over his tenure as CEO. He was appointed to Northland’s Board of Directors in 2018 where he has continued his involvement in the future success of the company.
John Brace said, “I look forward to taking on the role and responsibilities of Chair and to be working closely with management to help support the continued growth of the company. On behalf of the Board, I would like to thank Jim for his dedication and valuable leadership as Chair and we look forward to his continued presence on the Board.”
ABOUT NORTHLAND POWER
Northland Power is a global developer, owner and operator of sustainable infrastructure assets that deliver predictable cash flows. Headquartered in Toronto, Canada, Northland was founded in 1987 and has been publicly traded since 1997 on the Toronto Stock Exchange (NPI.TO).
The Company owns or has an economic interest in 2,429 MW (net 2,014 MW) of operating generating capacity and 399 MW of generating capacity under construction, representing the Deutsche Bucht offshore wind project in the German North Sea and the La Lucha solar project in Mexico. Northland also owns a 60% equity stake in the 1,044 MW Hai Long projects under development in Taiwan.
Northland's common shares, Subscription Receipts, Series 1, Series 2 and Series 3 preferred shares and Series C convertible debentures trade on the Toronto Stock Exchange under the symbols NPI, NPI.R, NPI.PR.A, NPI.PR.B, NPI.PR.C and NPI.DB.C, respectively.
This release contains certain forward-looking statements. Readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects,” “anticipates,” “plans,” “believes,” “estimates,” “intends,” “targets,” “projects,” “forecasts” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” These statements may include, without limitation, statements regarding Northland’s expectations or ability to complete any future offerings of securities. These statements are based upon certain material factors or assumptions that were applied in developing the forward-looking statements. Although these forward-looking statements are based upon management’s current reasonable expectations and assumptions, they are subject to numerous risks and uncertainties. Some of the factors that could cause results or events to differ from current expectations include, but are not limited to, construction risks, counterparty risks, operational risks, foreign exchange rates, regulatory risks, maritime risks for construction and operation, and the variability of revenues from generating facilities powered by intermittent renewable resources and the other factors described in the “Risks and Uncertainties” section of Northland’s 2018 Annual Report and Annual Information Form, both of which can be found at www.sedar.com under Northland's profile and on Northland’s website northlandpower.com. Northland’s actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur.
The forward-looking statements contained in this release are based on assumptions that were considered reasonable on date of release. Other than as specifically required by law, Northland undertakes no obligation to update any forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.
For further information, please contact:
Wassem Khalil, Senior Director, Investor Relations & Strategy
+1 (647) 288-1019