Northland Power Inc. to Construct 13 Utility-Scale Solar Farms over the next 24 Months
TORONTO, July 24, 2012—SMA has entered into a contract with Canadian independent power producer Northland Power Inc. (Northland), to equip the company with SMA Medium-Voltage Power Platforms for multiple solar projects in Ontario, Canada, totaling up to 130 MW.
Northland is committed to executing its large solar energy portfolio under the Feed-in Tariff (FIT) program, which is part of the Green Energy Act in Ontario. With completion expected in mid-2014, Northland‘s solar portfolio will consist of 13 solar farms, each with a capacity of 10 MW. SMA began working with Northland Power on this project more than two years ago.
"SMA is pleased to have been selected by Northland Power on such an important endeavor and notable portfolio of projects," said Jurgen Krehnke, president of SMA Canada. "Northland Power is one of Canada's leading independent power producers and has shown great commitment to increasing solar energy production. We are confident that SMA's MV Power Platforms will provide the optimum quality, performance and compliance with Ontario domestic content that Northland requires to successfully implement a project of this scale."
The MV Power Platform is SMA's utility-scale direct medium-voltage connection solution using award-winning Sunny Central technology. Notably for this project, the MV Power Platform will employ cUL listed 1000 V Sunny Central inverters that can operate in temperatures as low as -40 C. The platform consists of two 1000 V cUL listed Sunny Central inverters, an environmentally-friendly transformer, DC/AC disconnect cabinets and a control and supply panel.
"We chose SMA because of its reputation for quality products and experience executing projects of this magnitude," said John Brace, President and CEO of Northland. "SMA shares our dedication to renewable energy, and we know that we can trust its solutions. We look forward to working with SMA to advance Ontario's solar future."
SMA's MV Power Platforms are recognized for their diverse service options, easy plug-and-play installation scheme and rapid field deployment. SMA ships the product directly to job sites for setup. The MV Power Platform is the most cost-effective way to modularly install large-scale PV power converters.
The SMA Group generated sales of €1.7 billion in 2011 and is the global market leader for solar inverters, a key component of all PV plants. It is headquartered in Niestetal, near Kassel, Germany, and is represented in 20 countries on four continents. The Group employs more than 5,500 people worldwide, plus a number of temporary employees that varies on a seasonal basis. SMA's broad product portfolio includes a compatible inverter for every type of module on the market and for all PV plant sizes. The product range includes inverters both for grid-connected PV plants and for off-grid systems. SMA can therefore provide an ideal inverter solution for all plant sizes and types. Since 2008, the Group's parent company, SMA Solar Technology AG, has been listed on the Prime Standard of the Frankfurt Stock Exchange (S92) and also in the TecDAX index. In recent years, SMA has received numerous awards for excellence as an employer and in 2011 and 2012 achieved first place in Germany's nationwide Great Place to Work® competition. www.SMA-Canada.ca
About Northland Power
Northland develops, builds, owns and operates power generation facilities in Canada, the United States and Germany. Northland's facilities produce electricity from clean natural gas and renewable energy sources such as solar, wind and biomass, and the company sells its product under long-term power purchase agreements. Northland maintains an active development and construction program to discover new and innovative power generation opportunities; both independently and in partnership with First Nations, municipal and other power project developers. Northland's mission is to create sustainable value for customers, shareholders and communities. Northland's common shares, Series 1 preferred shares, Series 3 preferred shares and convertible debentures trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A, NPI.PR.C and NPI.DB.A, respectively.
This release contains certain forward-looking statements which are provided for the purpose of presenting information about Northland and SMA management's current expectations and plans. Readers are cautioned that such statements may not be appropriate for other purposes. 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." These statements may include, without limitation, statements regarding future 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 operations, business, financial condition, priorities, ongoing objectives, strategies and outlook of both companies. These statements are based upon certain material factors or assumptions that were applied in developing the forward-looking statements, including the design specifications of development projects, Northland and SMA 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.
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 release are based on assumptions that were considered reasonable on July 10, 2012. Other than as specifically required by law, Northland and SMA 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 otherwise.