AGENDA 1. Formal meeting 2. Management presentation 3. Q&A - - PowerPoint PPT Presentation
Annual General Meeting May 19, 2015 AGENDA 1. Formal meeting 2. Management presentation 3. Q&A period 0 NPI.TO Formal Meeting Call to Order Notice of Meeting Quorum and Voting Procedure Presentation of Financial
Annual General Meeting May 19, 2015
NPI.TO AGENDA
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James C. Temerty Chairman The Right Honourable John N. Turner, Q.C. Linda L. Bertoldi Marie Bountrogianni
Barry Gilmour Russell Goodman
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Investor Presentation May 19, 2015
NPI.TO AGENDA
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This written and accompanying oral presentation contains certain forward-looking statements which are provided for the purpose of presenting information about management’s current expectations and plans. Readers are cautioned that such statements may not be appropriate for other
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”. These statements may include, without limitation, statements regarding future adjusted EBITDA or adjusted EBITDA, cash flows and dividend payments, the construction, completion, attainment of commercial operations, cost and output of development projects, plans for raising capital, and the future operations, business, financial condition, financial results, priorities, ongoing objectives, strategies and outlook of Northland and its subsidiaries. This information is based upon certain material factors or assumptions that were applied in developing the forward-looking statements, including the design specifications of development projects, the provisions of contracts to which Northland or a subsidiary is a party, management’s current plans, its 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. Some of the factors that could cause results or events to differ from current expectations include, but are not limited to, construction risks, counterparty risks, operational risks, the variability of revenues from generating facilities powered by intermittent renewable resources and the other factors described in the “Risks and Uncertainties” section of Northland’s 2014 Annual Report and 2014 Annual Information Form, which are both filed electronically at www.sedar.com and Northland’s website www.northlandpower.ca. Northland’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. The forward-looking statements contained in this presentation are based on assumptions that were considered reasonable at time of delivery. Other than as specifically required by law, Northland undertakes no obligation to update any forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or
All figures are presented in Canadian dollars unless otherwise indicated.
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CDN/US Germany
1,345 MW ~$2.5B Capital Costs ~$2.5B Market Cap
EU - North Sea
~900 MW added ~$5.5B Capital Costs
North America Latin America
2,000+ MW >$8B Total Capital Costs
EU - North Sea
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1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015F 2016F 2017F
*All projects are reported at Northland’s net economic interest
Thermal Onshore Wind Solar Offshore Wind (Europe)
2,000MW* Operating Capacity
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Gemini Senior Debt Ground-mounted Solar Cluster IV Senior Debt Ground-mounted Solar Phase I Bond Refinancing Corporate Credit Facility Corporate Term Loan Nordsee Senior Debt Grand Bend Senior debt Thorold Refinancing Corporate Credit Facility
Common Shares Convertible Debentures Convertible Debentures Common Shares
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Completed 3 Ground Mounted Solar Projects Completed McLean’s Wind Farm Completed Sale of Frampton Development Assets
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Europe and Africa
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* Northland announced plans to sell a 37.5% interest in these projects to First Nations pending certain conditions being met
Offshore Wind Europe
Project Costs: Over €4 billion
Onshore Canada Renewables
Project Costs: Over $700 million
Gemini
600 MW offshore wind farm COD: 2017 60% interest
Nordsee One
332 MW offshore wind farm COD: End of 2017 85% interest
Grand Bend
100 MW onshore wind farm COD: 2016 50% interest
Ground Mounted Solar
4 x 10 MW solar farms COD: 2015 100%* interest
Management focused on executing 1,072 MW of projects currently under construction.
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CHECKLIST Power contract obtained
Turbine supply
Construction contractor
Receipt of final permits
Financing
Commence Construction
COD (both expected in 2017)
Gemini
~85 kilometers from shore Two wind parks 75 turbines each
Nordsee One
~40 kilometers from shore 54 turbines
60 kilometers apart
Over €4 billion of projects totaling 932MW of construction in the North Sea progressing well
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Commercial Operation on Schedule for 2017
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Aeolus at Luchterduinen
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Monopiles
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Transition Pieces
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Nexus Cable Laying Vessel
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Nexus Cable Carousel
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Cable burial equipment
Cable Laying Equipment
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Offshore Substation
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Jacket
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Wave Walker
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Statue of Liberty (93 m) Turbine height including foundation (225m)
Airbus 380 Length (73m) Wingspan (80m) Length of blade (63 m) Over twice as long as a new TTC streetcar
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substation fabrication
2015
2016
2017
Milestones
Nordsee One construction has commenced
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Evaluate larger
Canada Target growth markets Long-term power purchase agreements Implement proven technologies Appropriate project return thresholds
Stable high-quality projects with attractive returns
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EUROPE
Offshore Wind in: Belgium France Germany Netherlands United Kingdom
MEXICO & LATIN AMERICA CANADA & THE UNITED STATES
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0% 100% 200% 300% 400% 500% 600% 700% 800%
April '97 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 Northland Power Peer Group
TSX
YEAR
Since its 1997 IPO, Northland has delivered a 12% compounded annual return to shareholders
NPI Annual Total Return
5-year 11% Post merger 17% 10-year 10% Since inception 12%
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Construction Projects
NUG Contract Renegotiations
projects
Focus on development pipeline
Operations
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Annual General Meeting May 19, 2015
NPI.TO AGENDA
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Adam Beaumont Director of Finance 647.288.1929 Barb Bokla Manager, Investor Relations 647.288.1438 Sarah Charuk Director of Communications 647.288.1105 investorrelations@northlandpower.ca northlandpower.ca