Business & Finance
Business and Finance
Business and Finance
Mon, April 1, 2013
Sat, March 30, 2013
Fri, March 29, 2013
Thu, March 28, 2013 Aamjiwnaang First Nation, Bkejwanong First Nation and Northland Power Enter Equal Partnership on Grand Bend Wind Project
March 28, 2013 16:20 ET
Aamjiwnaang First Nation, Bkejwanong First Nation and Northland Power Enter Equal Partnership on Grand Bend Wind Project
SARNIA, ONTARIO--(Marketwire - March 28, 2013) - The Aamjiwnaang and Bkejwanong First Nations have jointly entered into a 50/50 partnership with Northland Power Inc. ("Northland") (TSX:NPI)(TSX:NPI.PR.A)(TSX:NPI.PR.C)(TSX:NPI.DB.A) to develop the 100 Megawatt Grand Bend Wind Farm Project, located near Grand Bend, Ontario.
"We are seeking to put forth a new development model thinking out of the box that will maximize the economic benefit to the First Nation for future generations to come," noted Chief of Aamjiwnaang First Nation Chris Plain. "Our experience having a long standing development corporation with a thriving industrial park built on developing long term relationships and partnerships has shown us that when we focus on the benefits that we can bring to our partners, we can achieve success as our partners succeed."
"On behalf of the Walpole Island First Nation Council, congratulations to all the partners in the development of this business venture and for all the good work by all the engagement teams," added Chief Burton Kewayosh Jr. of Bkejwanong First Nation. "With great effort, time, and commitment has come the launch of the Grand Bend Wind Farm partnership. The Walpole Island First Nation, Bkejwanong Territory, looks forward to enjoying the success of this partnership with Aamjiwnaang First Nation and Northland Power Inc." Bkejwanong First Nation, also known as Walpole Island, is located near Wallaceburg, on the border between Ontario and Michigan.
The Grand Bend Wind Farm will include up to 48 2.3 MW Siemens Turbines. The Ontario Power Authority has awarded the wind project a 20 year contract under Ontario's Feed-in-Tariff (FIT) for renewable energy.
"Northland's partnership with the Aamjiwnaang and Bkejwanong First Nations reflects our shared commitment to sustainability," said Northland CEO John Brace. "We're working together to create a stronger future - economically and environmentally. Thanks to the Ontario government for making such partnerships possible through incentives in the FIT and Aboriginal Loan Guarantee Programs. And thanks to our partners - we look forward to a long and mutually beneficial collaboration."
ABOUT NORTHLAND
Northland Power is an independent power producer founded in 1987, and publicly traded since 1997. Northland produces 'clean' (natural gas) and 'green' (wind, solar, and hydro) energy, providing sustainable long-term value to shareholders, stakeholders, and host communities. The company owns or has a net economic interest in 1,005 MW of operating generating capacity, with an additional 380 MW of generating capacity currently in construction, and another 220 MW of wind, solar and run-of-river hydro projects with awarded power contracts. Northland's cash flows are diversified over five geographically separate regions and regulatory jurisdictions in Canada, Germany and the United States.
Northland Power's common shares, Series 1 and 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.
