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7 years ago
Northland Power sells Quebec wind farm to NextEra
December 16, 2010 / 5:19 PM / 7 years ago

Northland Power sells Quebec wind farm to NextEra

* 54 MW Mont Miller wind farm sold to neighbor

* Mont Miller has Hydro-Quebec contract to 2026

OTTAWA, Dec 16 (Reuters) - Northland Power Income Fund NPI_u.TO said on Thursday that it has agreed to sell its 54 megawatt Mont Miller wind farm to NextEra Energy Resources, a power producer that owns a similar, neighboring project.

Northland did not disclose the value of the sale and was not immediately available for comment. The wind farm began commercial operation in 2005 and has a contract to sell all its power to provincial utility Hydro-Quebec until 2026.

"We were not seeking a buyer for Mont Miller, and in fact we are actively pursuing other wind farm opportunities in Quebec, but consolidation of the two projects made sense for operating and maintenance efficiencies," Northland Chief Executive John Brace said in a statement.

Florida-based NextEra owns the 54 MW Mount Copper wind farm, enough to power more than 16,200 homes, next door to Mont Miller, in Murdochville, Quebec.

Northland said it recently closed a C$106 million ($105 million) debt financing for a 100 MW wind farm it is building near Mont Louis, Quebec. It is also building two natural gas fired power facilities in Saskatchewan.

Electricity from the three projects will be sold under long-term contracts to provincial utilities, the Toronto-based company said.

When construction is completed in 2013, Northland's capacity will jump by more than 50 percent to exceed 1,250 MW. The company has natural gas, wind and biomass power facilities in Canada, the United States and Germany.

Northland said it will use proceeds from the Mont Miller sale to fund future development and for general corporate purposes. Additional property sales are not anticipated, it said.

The company has 216 MW of wind, solar and run-of-river hydroelectric projects that have been awarded contracts under Ontario's feed-in-tariff program, which it said are in advanced development.

Northland units were up 5 Canadian cents at C$15.79 on the Toronto Stock Exchange on Thursday.

$1=$1.01 Canadian Reporting by Susan Taylor; editing by Rob Wilson

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