NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
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MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.
Northland Power Income Fund (Northland or the Company)
(TSX:NPI.UN)(TSX:NPI.DB)(TSX:NPI.DB.A)(TSX:NPP.PR.A) reported its financial
results today for the quarter ended June 30, 2010.
FINANCIAL AND OPERATING HIGHLIGHTS
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3 Months Ended 6 Months Ended
Jun. 30 Jun. 30
2010 2009 2010 2009
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FINANCIAL (thousands, except
per unit amounts)
Sales $77,865 $44,686 $140,910 $97,563
Income from operations $25,564 $14,445 $46,373 $36,002
EBITDA $39,200 $21,270 $69,667 $51,194
Net income (loss) $1,952 ($3,097) $11,502 $13,816
Standardized distributable
cash ($24,119) $18,935 ($29,290) $41,540
Distributable cash $23,022 $17,113 $41,438 $39,628
Cash distributions declared
to Unitholders $19,305 $16,836 $38,577 $33,671
Per Trust Unit - basic
Standardized distributable
cash ($0.3375) $0.3037 ($0.4101) $0.6662
Distributable cash $0.3221 $0.2745 $0.5802 $0.6355
Cash distributions declared
to Unitholders $0.2700 $0.2700 $0.5400 $0.5400
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OPERATIONS
Electricity sales volume
(megawatthours) 551,879 366,214 1,049,108 737,842
Steam sales volume
(thousands of pounds) 480,781 236,313 767,168 603,602
Fuel consumption (thousands
of gigajoules) 3,933 2,905 7,247 5,831
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Consolidated sales for the second quarter of 2010 were $77.9 million, while
income from operations was $25.6 million. Northland facilities, including the
Thorold cogeneration plant, which came on stream April 1, operated well during
the quarter, although winds were lighter than expected at both the Canadian and
European wind farms.
Compared with the second quarter of 2009, operating income benefited from higher
electricity sales, including the operating results for the Thorold and Jardin
d'Eole facilities, and the one-time fee relating to the prepayment of the loan
to Panda Energy Corporation ("PEC").
Net income was $5 million higher than in the same quarter last year, despite an
increase in interest expense due to the addition of debt at Thorold CoGen L.P.
and Saint-Ulric Saint-Leandre Wind LP and non-cash charges, including:
-- a change in the fair value of Northland's interest rate swaps;
-- an increase in contract amortization related to the operations of the
Thorold facility; and
-- the write-down to fair value of Northland's investment in PEC, following
the loan prepayment.
Distributions
Declared cash distributions to Unitholders for the quarter totalled $0.27 per
trust unit ("Unit"), representing a payout ratio of 84% of distributable cash.
Distributable cash was $23 million for the quarter, $5.9 million higher than the
same period in 2009.
Development
Northland continued to pursue a wide range of clean and renewable energy
projects. These efforts produced a number of positive results, both during and
subsequent to the quarter:
FIT Awards: On April 8, the Ontario Power Authority awarded Northland 18
long-term contracts to build 216 megawatts ("MW") of renewable green energy
projects under the Ontario government's feed-in-tariff ("FIT") program.
Northland's FIT projects include 13 ground-mounted solar projects totalling 130
MW across the province, the 60 MW Manitoulin Island wind farm, and four
run-of-river hydro projects totalling 26 MW on the Kabinakagami River in
partnership with Constance Lake First Nation. Northland expects to invest almost
$1 billion in these projects over the next four years.
Spy Hill Project: Also in April, Northland closed the financing for its
wholly-owned 86 MW Spy Hill peaking plant in Saskatchewan. A consortium of the
Canadian Imperial Bank of Commerce, the Bank of Montreal and the Bank of Nova
Scotia will extend project financing of $111 million. Northland has provided
equity for the project, which began construction in June for expected completion
in the fall of 2011. The completed facility will supply peak demand power to
SaskPower under a 25-year power purchase agreement ("PPA").
North Battleford Project: On June 14, Northland broke ground at the future site
of the North Battleford Energy Centre. The 260 MW baseload facility is being
built near North Battleford, Saskatchewan, about 150 km north-west of Saskatoon.
Completion is scheduled for the second quarter of 2013. All power produced will
be sold to SaskPower under a 20-year PPA. Closing of the project debt financing
is expected in the third quarter of 2010. The project capital cost is planned at
$700 million.
Mont Louis Wind Project: Site clearing began in July on the 100 MW wind farm
located in Quebec's Gaspe region near the Municipality of Mont Louis, about 150
km east of Matane. Hydro-Quebec has awarded the project a 20-year PPA. GE Canada
("GE") will supply 67 GE 1.5sle 1.5 MW wind turbines for the project. Mont Louis
is expected to achieve full commercial operations by the third quarter of 2011,
subject to the completion of interconnection facilities by Hydro-Quebec. The
total project cost is planned at $176 million or net $146 million after
reimbursement of substation and interconnection costs by Hydro- Quebec. On July
30, Northland announced that Investissements Quebec had agreed to lend $15
million to the Mont Louis wind project. Northland expects to raise about $105
million of non-recourse project debt, with financial close expected in September
2010.
Other Significant Events
Prepayment of Panda Senior Loan: On May 27, PEC prepaid the outstanding balance
on Northland's senior loan, together with a prepayment fee of $5.2 million. The
loan, initially made in 2003, was scheduled to be fully repaid by November 2021.
The prepayment was triggered by a payment in consideration for changes to the
230 MW Panda-Brandywine project's PPA. Northland continues to hold a 19% equity
interest in PEC that now includes full voting rights.
Corporate Conversion: On June 21, Unitholders at Northland's annual general
meeting overwhelmingly approved a plan to convert Northland from an income trust
into a corporation. Management expects to complete the conversion on December
31, 2010, with the new corporation continuing to operate as Northland Power Inc.
effective January 1, 2011.
New Trustees: Unitholders also approved the addition of Gordon F. Cheesbrough,
V. Peter Harder and Linda Bertoldi as trustees, joining returning trustees James
Temerty (Chairman), the Right Hon. John Turner, Pierre Gloutney and Dr. Marie
Bountrogianni. Sadly, Mr. Cheesbrough passed away unexpectedly on June 23 prior
to assuming his responsibilities as trustee.
$150 Million Preferred Share Offering: On July 6, a wholly-owned subsidiary,
Northland Power Preferred Equity Inc., obtained a commitment from a syndicate of
underwriters led by CIBC World Markets Inc. to purchase 6 million Cumulative
Rate Reset Preferred Shares, Series 1 guaranteed by Northland at a price of
$25.00 per share, for aggregate gross proceeds of $150 million. The offering
closed on July 28.
New Web Site: Northland's new web site went live on July 27 at
www.northlandpower.ca. In addition to providing information for investors and
other stakeholders, the site illustrates Northland's positive impact on the
communities where it operates, the stakeholders with whom it interacts and the
environment around its facilities.
Overview and Outlook
Northland management views second quarter operating results as the natural
outcome of decisions made to secure the Company's future and pursue its
strategic goals. Northland continues to pursue a disciplined approach to
managing both operations and risk. Each of the new projects in development and
construction is based on a long-term government-backed PPA and financed with
non-recourse project loans on attractive terms.
The project pipeline acquired with Northland Power Inc. ("NPI") in 2009
continues to prove its value. The Spy Hill and North Battleford thermal projects
in Saskatchewan, the 216 MW in awarded FIT projects, and the 100 MW Mont Louis
wind farm were all in NPI's project pipeline. Northland is continuing to grow
its development pipeline.
Following conversion to a corporation, Northland expects to maintain its current
level of distributions of $1.08 per Unit in the form of dividends to its
shareholders.
ABOUT THE FUND
Northland is a Canadian income trust that has ownership or economic interests in
10 power projects totalling over 1,100 MW (net 872 MW). Northland's assets
comprise natural-gas-fired plants which efficiently and cleanly produce
electricity and steam as well as facilities generating renewable energy from
wind and biomass. Sales are made almost entirely under long-term contracts with
a current weighted average duration of 13 years. Northland's plants are located
in Canada, the United States and Germany. In addition, Northland has the 86 MW
Spy Hill project, 260 MW North Battleford project and 100 MW Mont Louis wind
farm in construction, and 216 MW of wind, solar and run-of-river hydro projects
awarded under the Ontario Power Authority's feed-in-tariff program in advanced
stages of development. Northland also has a diverse development portfolio of
high-quality 'Clean and Green' energy projects, including wind, solar, natural
gas, and hydro assets that supports its strategy of sustainable growth primarily
through internally developed opportunities.
The Fund's trust units, two series of convertible debentures, and Northland
Power Preferred Equity Inc.'s preferred shares, which trade on the Toronto Stock
Exchange under the symbols NPI.UN, NPI.DB, NPI.DB.A, and NPP.PR.A respectively,
are qualified investments for RRSPs and DPSPs under the Canadian Income Tax Act.
The Fund has in place a distribution re- investment plan that allows Unitholders
who are residents of Canada to automatically have their monthly cash
distributions reinvested in additional units. Participants do not pay any costs
associated with the plan, including brokerage commissions. For further
information or to join the plan, contact your financial advisor or broker.
FORWARD-LOOKING STATEMENTS
Certain statements in this news release, other than statements of historical
fact, are forward- looking statements based on certain assumptions and reflect
Northland's and its subsidiaries' current expectations. Forward-looking
statements are provided for the purpose of presenting information about
management's current expectations and plans relating to the future and readers
are cautioned that such statements may not be appropriate for other purposes.
These statements may include, without limitation, statements regarding the
operations, business, financial condition, priorities, ongoing objectives,
strategies and outlook of Northland's and its subsidiaries' for the current
fiscal year and subsequent periods. 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". This
information is based upon certain material factors or assumptions that were
applied in drawing a conclusion or making a forecast or projection as reflected
in the forward-looking statements, including the perception of historical
trends, current conditions and expected future developments, as well as other
factors that are believed to be appropriate in the circumstances. Although these
forward-looking statements are based upon management's current reasonable
expectations and assumptions, they are subject to numerous risks and
uncertainties, including those set out in the management's discussion and
analysis section of Northland's 2009 annual report, Northland's Annual
Information Form dated March 31, 2010, and Northland Power Preferred Equity
Inc.'s prospectus dated July 19, 2010, certain of which are beyond management's
control. 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, or what benefits, including the
amount of distributions, Northland and Unitholders will derive therefrom.
The forward-looking statements contained in this quarterly report are made as of
the date hereof for the purpose of providing readers with Northland's
expectations for the coming year. The forward-looking statements may not be
appropriate for other purposes. Other than as specifically required by law,
Northland undertakes no obligation to update any forward-looking statements to
reflect events or circumstances after the date on which such statement is made,
or to reflect the occurrence of unanticipated events, whether as a result of new
information, future events or results, or otherwise.
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