Northland Power Income Fund is a Canadian open-ended income trust that indirectly owns equity interests in six power facilities: three combined-cycle cogeneration power plants that efficiently and cleanly produce electricity and steam and three wind power projects. Two cogeneration plants are located in Ontario: the 120 megawatt (MW) Iroquois Falls facility, which has been wholly owned by the Fund since its inception in 1997, and the 110 MW Kingston facility. Through its 19% equity interest in Panda Energy Corp. (PEC) and loan to a PEC subsidiary, the Fund owns an interest in the 230 MW Panda-Brandywine cogeneration facility located outside Washington, D.C. Electricity and steam sales from the cogeneration facilities are made under long-term power purchase agreements (PPAs) with creditworthy customers to ensure revenue stability, and long-term contracts assure the supply and price of natural gas, which is the Fund’s largest cost. The 54 MW Mont Miller wind farm in Murdochville, Quebec, supplies power under a 21-year PPA, while the Eckolstädt and Kavelstorf wind farms in Germany, with a total installed capacity of 21.5 MW, supply energy to local utilities under long-term prices set by federal legislation.
Since 1997, the Fund has been administered by Northland Power Income Fund Management Inc., a subsidiary of Northland Power Inc. – a leading independent power company with extensive experience in private power development and management.
The Fund’s trust units and convertible debentures, which trade on the Toronto Stock Exchange under the symbols NPI.UN and NPI.DB respectively, are qualified investments for RRSPs and DPSPs under the Canadian Income Tax Act.