TORONTO, ONTARIO--(Marketwire - Nov. 19, 2009) -
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Northland Power Income Fund (the "Fund") (TSX:NPI.UN)(TSX:NPI.DB)(TSX:NPI.DB.A) announced
today that its 127.5 MW Jardin d'Eole wind farm project near Matane, Quebec, will commence
commercial operations under the terms of its power purchase agreement with Hydro-Quebec at midnight
tonight. The project comprises 85 General Electric 1.5 MW wind turbines.
The Jardin d'Eole project will sell electricity to Hydro-Quebec under a 20-year Power Purchase
Agreement that was awarded to Northland Power Inc. in the 2003 Hydro-Quebec Call for Tenders for
wind power. The project will also receive a portion of the federal EcoEnergy incentive for wind
power for 10 years.
"We are very proud of the whole team that brought in this project 11 days ahead of schedule and
well within its $268 million total budget," said John Brace, President and CEO of the Fund.
"The effort involved tremendous cooperation with Hydro-Quebec and support from all levels of
government in Quebec, especially the RCM of Matane and the municipalities of Saint-Ulric,
Saint-Leandre and the City of Matane, who did so much to make this project happen. Our EPC
contractor, Borea Construction, did a great job in delivering the project ahead of schedule. And,
with over 60 landowners providing land for the turbines and infrastructure, we look forward to a
long and close relationship with our community partners in the St Ulric and St Leandre area".
The wind farm was built by Borea Construction ULC, a Quebec-based joint venture between Montreal's
Pomerleau Construction and DH Blattner and Sons of Minnesota. The wind turbine towers and nacelles
were supplied to General Electric from the Marmen facility in Matane, the nacelle shells were also
fabricated in Matane at VCI Composites, and the blades were manufactured for General Electric by LM
Glasfibre in their factory in Gaspe. In total, the project represents an investment of over $100
million in the Gaspesie economy and an additional $20 million in the Quebec economy outside the
Gaspesie, and will provide ongoing employment to 10 local service and operations staff.
The Jardin d'Eole project was developed by Northland Power Inc. ("NPI") and the Fund
acquired all the rights to the project following the July 2009 merger with NPI. This is the Fund's
second wind farm in Quebec, joining the 54 MW Mont Miller project that began operation in 2005 in
Murdochville. It continues the Fund's strategy of investing in sustainable 'clean and green' power
generating assets with long-term power purchase agreements.
ABOUT THE FUND
Northland Power Income Fund is a Canadian income trust that has ownership or economic interests in
10 power projects totaling over 1,100 megawatts ("MWs") (net 872 MWs). The Fund'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 average duration of 14 years. The Fund's plants are located
in Canada, the United States and Germany. The merger with NPI on July 16, 2009 internalized
management and provided the Fund with the ability to grow organically by generating its own
development opportunities, as well as bringing in NPI's sizeable portfolio of high-quality
development prospects.
The Fund's trust units and convertible debentures, which trade on the Toronto Stock Exchange under
the symbols NPI.UN, NPI.DB and NPI.DB.A, 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 the Fund'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 the Fund'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 the Fund's 2008
annual report, the Fund's Annual Information Form dated March 13, 2009, the Fund's Management
Information Circular dated May 1, 2009, and the Supplement to the Management Information Circular
dated July 10, 2009 certain of which are beyond management's control. The Fund'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, the Fund and Unitholders will derive therefrom.
The forward-looking statements contained in this news release are made as of the date hereof for the
purpose of providing readers with the Fund's expectations for the coming year. The forward-looking
statements may not be appropriate for other purposes. Other than as specifically required by law,
the Fund 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.
