Northland Power Inc. Completes $862.5 Million Secondary Offering of Common Shares

Northland Power Holdings Inc. and related shareholders completed a secondary offering, including an over-allotment option, consisting of 36,938,000 common shares of Northland Power Inc. at a price of $23.35 per common share, representing gross proceeds of $862,502,300. Northland Power Holdings Inc. and the other selling shareholders are controlled, directly or indirectly, by James C. Temerty, the founder of Northland Power.

The offering was made through a syndicate of underwriters on a bought deal basis led by CIBC World Markets Inc. The syndicate included BMO Nesbitt Burns Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc., Desjardins Securities Inc., Canaccord Genuity Corp., HSBC Securities (Canada) Inc., Industrial Alliance Securities Inc. and Raymond James Ltd.

Borden Ladner Gervais LLP represented Northland Power Inc. and the selling shareholders with a team led by Paul Mingay that included Frank Callaghan, Kent Kufeldt, Jason Saltzman, Robert Eeuwes, Joseph DiPonio and Michael Cremers (Corporate and Securities) and Daniel Lang (Tax).

The underwriters were represented by McCarthy Tétrault LLP with a team that included Jonathan Grant, Wendi Locke, Michael Eldridge, Jeremy Pleasant and Zachary Masoud (Business Law, Construction and Power) and Gabrielle Richards (Tax).