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Northland Power completes C$500M private placement of Series 2023-A Green Subordinated Notes

Date Closed

June 21, 2023

Lead Office



500.00 Million CAD

On June 21, 2023, Northland Power Inc. ("Northland") completed its private placement offering (the "Offering") of C$500 million Fixed-to-Fixed Rate Green Subordinated Notes, Series 2023-A, due June 30, 2083 (the "Notes"). The Offering represents Northland’s first green corporate hybrid bond issuance pursuant to its Green Financing Framework. Northland intends to use the net proceeds for financing investments in “green” projects that meet the criteria of Northland’s Green Financing Framework, including the Baltic Power offshore wind farm in Poland and the Oneida energy storage project in Ontario.

The Offering was made through a syndicate of underwriters co-led by CIBC Capital Markets and HSBC Securities.

McCarthy Tétrault advised CIBC Capital Markets and HSBC Securities with a team led by Jonathan Grant that included Andrew Parker, Michael Eldridge, Sarah Ferguson, Mitchell Lui (Business), and Fred Purkey (Tax).