Northland Power buys clean energy businesses in Canada

4 April 2013 (Last Updated April 4th, 2013 03:30)

Northland Power has acquired Canadian Environmental Energy Corporation (CEEC) and Chapais Power Services (CPSI) from The Probyn Group.

Kirkland Lake

Northland Power has acquired Canadian Environmental Energy Corporation (CEEC) and Chapais Power Services (CPSI) from The Probyn Group.

CEEC holds voting shares in Kirkland Lake Power (KLPC) and Cochrane Power (CPC), which own the 132MW Kirkland Lake and 40MW Cochrane biomass and natural-gas fired power facilities.

The Toronto-based corporation also has voting shares in CHEL, general partner of Chapais Énergie, Société en Commandite (CHESEC), which owns the 28MW biomass-fired power facility in Chapais, Quebec.

Northland Power said it will assume corporate management of CEEC, CPC, KLPC and CHEL, and operate the Chapais generating station.

President and CEO John Brace said the acquisitions are part of the company’s commitment for long-term stability and growth.

"While we do not expect them to increase near-term cash flow, for a nominal cost we are consolidating our interests in two of Ontario’s pioneering clean energy projects under our management since start-up and adding another pure renewables project to our portfolio in Québec," Brace added.

Northland Power currently owns or has an economic interest in 12 power generation assets in Canada, Germany, and the US.

The company’s facilities generate about 1,005MW of electricity, while an additional 380MW of generating capacity is currently under construction.

In November 2011, Northland Power announced that it had entered into a master module supply agreement with MEMC Singapore to purchase solar PV modules for its 130MW solar portfolio in Ontario, Canada.


Image: Aerial view of Kirkland Lake, north-eastern Ontario. Photo: Image courtesy of Town of Kirkland Lake.

Energy