Toronto-based independent power producer Northland Power is planning to sell $150 million in convertible debentures, each priced at $1,000, to pursue further development. The proceeds will be used to fund the Nordsee One offshore wind project, located off the coast of Germany, and the Grand Bend wind farm in Ontario.
The offering is subject to normal regulatory approvals, including approval of the Toronto Stock Exchange, and is expected to close on or about Jan. 22.
Northland Power develops, builds, owns and operates natural gas facilities as well as wind, solar and hydro projects. It has a net economic interest in more than 1.3 GW of operating generating capacity.