Northland Power raises C$231 million from public offering

CANADA: Developer Northland Power has raised C$231 million (US$185 million) from a public offering of common shares.

Northland Power owns 85% of the the Nordsee cluster
Northland Power owns 85% of the the Nordsee cluster

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A total of 14,437,500 common shares were issued at a price of C$16 (US$12.81) a share.

Northland also announced the sale of 3,125,000 shares issued in a private placement, which has raised a further C$50 million (US$40 million).

The company said it would use the proceeds from the offering to fund its investments in the 332MW Nordsee One offshore project in the German North Sea and its Grand Bend onshore wind project in Ontario, Canada.

Northland Power also raised C$150 million (US$121 million) in January, following a sale of debentures.

Northland owns an 85% stake in the 1GW Nordsee German offshore cluster, with RWE Innogy holding the remaining 15%, as well as a controlling share in the 600MW Gemini offshore project in the Netherlands.

Grand Bend is a 100MW project currently under construction on the shore of Lake Huron, southeast Ontario.

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