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					Investor Presentation




November 2011




                        1
Forward Looking Information Disclaimer

This written and accompanying oral presentation contains certain forward‐looking statements which are provided for the 
purpose of presenting information about 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 Northland and its subsidiaries. This information is 
based upon certain material factors or assumptions that were applied in developing the forward looking statements including
based upon certain material factors or assumptions that were applied in developing the forward‐looking statements, including 
the design specifications of development projects, the  provisions of contracts to which Northland or a subsidiary is a party, 
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. Some of the factors that could cause results or events to differ from current 
expectations include, but are not limited to, construction risks, counterparty risks, operational risks, the variability of revenues 
from generating facilities powered by intermittent renewable resources  and the other  factors described in the “Risks and 
Uncertainties” section of Northland’s 2010 Annual Report and 2010 Annual Information Form, which are both filed electronically 
at www.sedar.com and Northland’s website www.northlandpower.ca. Northland’s 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
th             di       i li d b th      f      d l ki     t t       t   d        di l                       b i        th t      f th
events anticipated by the forward‐looking statements will transpire or occur.  The forward‐looking statements contained in this 
presentation are based on assumptions that were considered reasonable at time of delivery.  Other than as specifically required 
by law, Northland 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.
or otherwise




                                                                                                                                         2
Northland Overview

 Develop Finance            Build         Own      Operate

 Canadian based, clean and green Independent Power Producer     
 since 1987
 Well‐diversified across many projects and geographical jurisdictions
 Strategic and disciplined organic growth platform 
 Strategic and disciplined organic growth platform
 Stable, long‐term contracted (non‐merchant) projects with 
 creditworthy counterparties. 
 S&P debt rating BBB– positive outlook 


     VISION: Intelligent Energy for a Greener Planet
                                                                        3
Stability and Growth

                              Stability              Growth
      1 004MW i
      1,004           ti
              in operating assets
                               t             Development Pipeline consists of
                                             Development Pipeline consists of 
                                           construction and development assets
      14‐year weighted average PPA
      Commitment to $1.08/share  
      Commitment to $1 08/share                              9%
      annual dividend                                              12%
      $1.5 billion tax pools
      Long average tenure of                        2,800
                                                    2 800MW
      management team
            i    l    i       l h lh
      Exceptional environmental, health 
                                                     79%
      and safety records
      Management ownership: 36%↑*
          g              p     ↑               260MW I C         i
                                               260MW In Construction
                                               340MW Advanced Development
* Includes conversion of merger shares         2,200MW Development Pipeline      4
Diversified by Geography and Technology
                                                                                                                                Germany
 1. Cochrane 32 MW*
                                                                                                                     10

 2. Iroquois Falls 120 MW

 3. Kirkland Lake 99 MW*
                                                                                                                                   11
 4. Thorold 265 MW

 5. Kingston 110 MW

 6. North Battleford 260 MW
                                                                CANADA
 7. Spy Hill 86 MW                                                                                                        9
                                                                                               Quebec            8
 8. Jardin d’Éole 128 MW                            6

 9. Mont Louis 100 MW                                      7
                                                                               1   2
 10. Kavelstorf  7MW                                                 Ontario           3


 11. Eckolstädt 14 
 11 Eckolstädt 14 MW                     Saskatchewan                                            13
                                                                                                        5

 12. Brandywine 44 MW**                                                                    4

 13. Rooftop 1 MW**

    Under construction            Natural Gas      Solar       UNITED STATES                                12
    In operation                  Biomass          Wind
                                                                                                                     Maryland
* Represents Northland’s 75% economic interest
** Represents Northland’s ownership interest                                                                                              5
Diversified EBITDA Portfolio

EBITDA by Facility – 2011F*                                                           Kingston 21%




                                                                                                                 Mont Louis 7%*




                                                                                                                            Spy Hill 7%*
          Iroquois Falls 22%

                                                                   $148M                                                    German Wind 1%
                                                                                                                            German Wind  
                                                                including corporate 
                                                                                                                           Panda Brandywine 2%
                                                                      charges

                                                                                                                        Jardin d’Éole 10%




                                       Thorold 30%
                                       Thorold 



*The facility percentages have been prorated for a full 12 month period as Mont Louis and Spy Hill facilities are only operational for a portion of 2011.    6
   Experienced Management
                                                                                                             Management has over 
                                                                                                             Management has over
Management owns                                                                                          185+ years of experience in 
approximately 36%                                                                                          the energy industry with 
of Northland equity.                                                                                     average tenure of 15 years. 
                                        James Temerty                                John Brace
                                                                                                                                    . 
                                          Chairman                      President and Chief Executive Officer
                                    Formed Northland 1987                           Joined 1988




       Paul Bradley                        Sam Mantenuto                          Tony Anderson                           Michael Shadbolt
   Chief Financial Officer         Chief Operating Officer and Chief          Chief Investment Officer                    Vice President and 
        Joined 2011                      Development Officer                         Joined 1989                           General Counsel
                                             Joined 1997                                                                     Joined 2011




                    David G. Dougall                              Dino Gliosca                                  Jim Cipolla
               Vice President, Operations                  Vice President, Engineering                   Vice President, Gas and 
                      Joined 1990                                  Joined 1987                            Electricity Marketing
                                                                                                               Joined 1999                      7
Strong Balance Sheet
     S&P Debt Rating
   BBB– Positive Outlook 
               (October 18, 2011)
                                                                                                               5%
                                                                                                               Preferred Shares

                                                                                                                      1%
                                                                                                                      Convertible 
                                                                                                                      Debentures/Shares
                                                                                                                      D b t     /Sh
                                                                   ENTERPRISE
                                                                     VALUE


                                                        $3 1
                                                        $3.1        Nov. 2011
                                                                                     O
                                                                                BILLION

                                                                                                                       31%
                                                                                                                       Non Recourse
                                                                                                                       Non‐Recourse
                                                                                                                       Project Debt
                               63%
                               Equity
      at recent $16.44 share price*; 
                118 million shares**




* Closing November 15, 2011
** Represents shares recognized for accounting purposes which includes Convertible Class A, Class C Shares and Replacement Rights.        8
Full In‐house Capabilities

                                    Project 
                                   Origination


                    Fuel and 
                                                  Concept 
                   Electricity 
                                                 Engineering
                  Management




        Operations & 

        M
           Asset 
        Management  t
                                  100%
                                  NORTHLAND
                                                            Corporate & 
                                                              Project 
                                                             Financing
                                                             Fi    i

                                   IN‐HOUSE



                  Construction                    Permitting 
                  Management                     Management


                                   Community 
                                    Relations


                                                                           9
  Recent Successes —Mont Louis and Spy Hill
                                            Mont Louis
                                              100MW wind farm
                                                 y
                                              20 year PPA
                                              $173M project cost vs. 
                                              $181M budget
                                              Borea construction
                                              B         t ti
COD September 2011
Completed ahead of schedule, under budget
Completed ahead of schedule, under budget

                                            Spy Hill
                                              86MW gas‐fired peaker
                                              25 year PPA
                                              25      PPA
                                              $137M project costs vs. 
                                              $141M  budget
                                              Aecon and Black & 
COD October 2011
COD October                                   Veatch construction
Completed ahead of schedule, under budget
Completed ahead of schedule, under budget                                10
Growth Pipeline




Construction
               p
Advanced Development
Development
                       11
Construction and Development Pipeline
                                          260MW ‐ In Construction
                                          340MW ‐ Advanced Development
            16%                           2,200MW ‐ Development Pipeline
         Hydro /
  Pumped Storage
                                                    19%
                                                    Wind
                     Construction and


                   2,800
                   Development Pipeline
                                        MW
                                                        7%
                                                       Solar



         58%
    Natural Gas
                                                                           12
North Battleford, Saskatchewan, Canada
                                     On track for 
                                     Q2 2013 
                                     completion

                                     260MW
                                     gas‐fired 
                                     combined cycle plant
                                                y p

                                     20 year
                                     PPA


                                     $677M
                                     project cost

                                     Construction
                                     Kiewit
                                     COD guarantee
                                     Q4 2013
                                     Q4 2013

                                                            13
    Construction: On‐time, On‐budget

    Northland’s tradition is on‐time, on‐budget project delivery

                                                                 Budget    Actual     %       On
Facility                                 COD    Location   MW
                                                                  (M)       (M)      Under   Time
Iroquois Falls cogeneration plant        1997     ON       110    $158      $151     4.18%
Iroquois Falls gas turbine replacement   2003     ON       80      $24       $23     2.13%
Kirkland Lake peaker facility            2004     ON       30      $30       $30     1.33%
Mont Miller wind farm                    2005     QC       54      $98       $93     5.11%
Jardin d’Éole wind farm                  2009     QC       128    $268      $268     0.22%
Thorold cogeneration facility            2010     ON       265    $520      $509     2.12%
     Louis wind farm
Mont Louis wind farm                     2011     QC       100    $181      $173     4.42%
                                                                                     4 42%
Spy Hill peaker facility                 2011     SK       86     $141      $137     2.83%


    North Battleford currently under construction is on budget and on schedule
    North Battleford currently under construction is on budget and on schedule

                                                                                                    14
Advanced Development Projects

                                               Mclean’s Mountain
     Grand Bend                                60MW  $180M
     100MW $300M
        MW     M                               COD 2012
                                               COD 2012
     COD 2013




                             340         MW
                             under contract
    Frampton
    24MW  $75M
    COD 2013

                                                Ground mounted solar
       Kabinakagami                             130MW  $600M‐630M
       26MW  $120M                              COD  2012‐2013
       COD 2014




                  Total Project Costs ~$1.3 billion
                                                                       15
Ground‐Mount Solar  
                                          Ontario, Canada
                                          Ontario Canada


 130MW: 13 projects x 10MW
 Total project costs $600M – $630M
        p               y     p
 Development essentially complete
  – Power contract obtained 
  – Construction contractor 
    Panel manufacturer/supplier chosen 
  – Panel manufacturer/supplier chosen
  – Interconnection assessment 
  – Advanced permitting 
  – Financing 
    (Q1‐Q2 2012 first 6 projects)
 In Service 2012 – 2013 
 I S i 2012 2013

                                                            16
McLean’s Mountain on Manitoulin Island
                                            Ontario, Canada
                                            Ontario Canada

 60MW wind farm
 Total project cost ~$180M
 Total project cost ~$180M
 50/50 partnership with First Nations
 Development essentially complete
  – Power contract obtained 
               pp y
  – Turbine supply 
  – Construction contractor 
  – Land Secured                         North 
                                        Manitoulin 
                                         Island
    Wind assessment 
  – Wind assessment
  – Interconnection assessment 
  – Advanced permitting 
  – Financing (Q1‐Q2 2012)
 Target in‐service date of Q4 2012                            17
Grand Bend
                                              Ontario, Canada
                                              Ontario Canada



 100MW wind farm
 Total project cost ~$300M
 Significant development to date including:
 Significant development to date including:
  – Land secured 
  – Power contract 
     Wind assessment 
  – Wi d
  – Interconnection assessment 
 Target in‐service date of Q4 2013
 Target in service date of Q4 2013
 Poised to leverage a strong 
 relationship with local First Nations 
            p
 to a successful partnership
                                                                18
Additional Project Pipeline


                          Cogeneration
                          Distributed energy


                          Pumped storage
                          P    d t



                             d          l
                          Wind in several regions



                          Solar in several regions




                                                     19
Marmora Pumped Storage  
                                                                    Ontario, Canada
                                                                    Ontario Canada


 Hydro pumped storage facility
 Stores off‐peak power for                                                                        
 on‐peak use
 Supports grid stability
 Proven technology
 $660 million CAPEX
 400MW
 Ideal site



                                                                                                     20
Northland as an Investment




Financials and Summary
                             21
Financial Highlights


           p
  Market Cap of $1.8 billion
  Dividend Yield of ~ 6.5%
  Revenue of more than 
  Revenue of more than
  $300 million
  EBITDA forecasted to 
  EBITDA forecasted to
  double by 2014                                              Revenue Growth
                                               $300M
  Successfully raised
  Successfully raised 
  $1.3 billion in financing                                                                    
                                       $200M

  between 2007‐2010                    $100M


                                                  $M
                                                       2006   2007   2008   2009   2010   2011F
                                                                                                  22
Industry‐leading Returns

Since its 1997 IPO, Northland Power has delivered a compounded 
annual return to investors of 12.4% doubling the TSX total return
500%
                                        10 year                          5 year              Merger                         Northland Power
                                        outlook                          outlook
                                                                                                                            TSX
400%
                                                                                                                            Peer Group*


300%

                                                                                                                        NPI Annual Total Return
200%                                                                                                                    Post Merger:  31.3%
                                                                                                                        5 Year:  13.8%
100%                                                                                                                    10 year:  12.2%
                                                                                                                        Since Inception:  12.4%
   0%
             April  '97    '98    '99    '00   '01    '02    '03   '04    '05    '06   '07    '08    '09    '10   '11
              '97
* Peer Group includes TransAlta Corp., Capital Power Corp., Algonquin Power & Utilities Corp, Brookfield 
Renewable Power Fund, Boralex Inc., Innergex Renewable Energy Inc.                                                                            23
Disciplined Development

  Power Sales            Long‐term power contracts
                         Creditworthy counterparties
                         Creditworthy counterparties
                         Predictable economics
                         Power off‐taker assumes fuel risks, where 
                         fuel cannot be otherwise hedged
  Project Financing      Non‐recourse single project
                         Fully amortizing
                         Term matched to PPA
                         Interest rate and Forex hedging
  Construction           Fixed price guarantee
                         Penalty provisions
  Equipment and Supply   Fixed price guarantee
                         Comprehensive maintenance contracts
  Insurance                   p                     p g
                         Comprehensive insurance program
                         “Loss prevention” mindsets

                                                                      24
Future Stability and Growth
         Millions
         $450

         $400

         $350

         $300

         $250
    DA
EBITD




         $200

         $150

         $100

          $50

            $0

          ‐$50

                       2011F                              2012F      2013F               2014F
                    Existing Thermal                              Construction Thermal
                           g
                    Existing Renewables                                          p
                                                                  Advanced Development Renewables
                    Corporate Costs                               Managed Thermal
                    Consolidated EBITDA midpoint
This chart is based on management’s current projections                                             25
PREMIUM DRIP – A Win‐Win Opportunity

Dividend Re‐investment Plan (DRIP)
     For management – a key liquidity tool, enabling 
     For management a key liquidity tool enabling
     Northland to raise growth capital at a low cost
     For shareholders – a convenient means to purchase
     For shareholders  a convenient means to purchase 
     additional shares at a discounted price without 
     incurring brokerage commissions 
     Effective November 2011 for dividends payable in 
     December 2011
                                                            Features of DRIP*
   Type of Plan                                       Treasury or Market Purchases
   Issue price from treasury                    Discounted to 5 day weighted average price
   Current discount premium                                        5%

* See www.northlandpower.ca for more details.                                                26
Liquidity Management

   No meaningful cash taxes for forseeable future 
     in spite of January 1, 2011 corporatization
     in spite of January 1 2011 corporatization


   $800M
   $                          $
                              $677M                        $1.1
                                                           $ B
   from operating assets   from construction projects   from contracted projects




                                                                                   Northland’s 
            GUARANTEED                                  FUTURE                     Tax Pools




                   $1 5
                   $1.5            B                    $1.1
                                                        $1 1                  B

                                                                                                  27
Why Invest in Northland? 

 Stability: The track record, commitment and ability 
 to deliver. Commitment to $1.08 annual dividend.
                              $
 Opportunity & Growth: An exciting portfolio of 
 attractive development projects.
 attractive development projects.
 Experienced Team: Strong, seasoned people at 
 every level.
 every level.

     Management s ownership of more than 36% 
     Management’s ownership of more than 36%
     ensures alignment with shareholder interests



                                                        28
Appendix




           29
Operating Projects

                                                                                                                                           PPA     Gas 
Project                    Loc.             Size           Ownership                              Technology
                                                                                                                                          term    Term
                                                                                                                                                  2015‐
                                                                                                                                                  2015
           ll
Iroquois Falls             ON           120 MW                 100%                  l
                                                                               Natural gas cogeneration                                   2021
                                                                                                                                                  2016
Kingston                   ON           110 MW                 100%            Natural gas combined cycle                                 2017    2017

Thorold                    ON           265 MW                 100%            Natural gas cogeneration                                   2030    2030

Spy Hill                  SASK           86 MW                 100%            Natural gas peaking plant                                  2036     n/a
Panda                     Mary
                                        230 MW                  19%            Natural gas combined cycle                                 2021    2021
Brandywine                ‐land
Jardin d’Éole               QC          128 MW                 100%            Wind                                                       2029     n/a
Kavelstorf &              Germ
                                         22 MW                 100%            Wind                                                       n/a*     n/a
Eckolstadt                ‐any
Mont Louis
Mont Louis                  QC          100 MW
                                        100 MW                 100%            Wind                                                       2031     n/a
Solar Rooftop              ON             2 MW                  75%            Rooftop solar                                              2031     n/a
                                                                               Biomass & natural gas combined cycle
Kirkland Lake              ON           132 MW                    **                                                                      2015    2015
                                                                               and peaking
Cochrane                   ON            42 MW                    **           Biomass & natural gas combined cycle                       2015    2016

 * German electricity production is purchased by local power utilities as required by German legislation at predetermined prices.
 ** Northland manages these facilities under contract, however Northland has an effective 75% residual economic interest in these facilities.             30
   Construction & Development Projects

Project                                                                                                       Expected              PPA           Expected 
                       Loc.          Size         Ownership                     Technology
Construction                                                                                                    COD                Term          Capital Cost
Northh                                                                         Natural gas 
                                                                                     l
                       SASK       260 MW              100%                                                     Q3 2013            20 year           $677M *
Battleford                                                                   combined cycle

Development

McLean’s Mtn            ON         60 MW             <100%                          Wind                       Q4 2012            20 year          $180M **

Ground Mount                                                                                                     2012‐
                        ON        130 MW              100%                Ground mount solar                                      20 year         $600‐630M
Solar                                                                                                            2013

Kabinakagami            ON         26 MW             <100%                 Run‐of‐river hydro                    2014             40 year          $120M **

Grand Bend              ON        100 MW             <100%                          Wind                       Q4 2013            20 year          $300M **

Frampton                QC         24 MW             <100%                          Wind                         2015             20 year           $75M **




    • The North Battleford project is currently under construction and financing has been arranged.
    **   Represents full cost of the project (100%).  Northlands estimated ownership interest is (50% Manitoulin, Kabinakagami, Grand Bend and 66% Frampton)    31
Corporate & Project Economics
 Project                             2010                 2010                  2011*                   2011*                Proforma**                Proforma**
 Thermal                            EBITDA                Debt                 EBITDA                    Debt                  EBITDA                  Debt Service
                                                         Service                                        Service
 Cochrane***                           1.1M                 n/a                    1M                      n/a                 1M + PIF^^                      n/a
    kl d k ***
 Kirkland Lake***                      1.2M                  /
                                                            n/a                    2M                       /
                                                                                                           n/a                 2M + PIF^^                       /
                                                                                                                                                               n/a
 Iroquois Falls                       40.0M                 n/a               38M‐39M                      n/a                  36M‐40M                        n/a
 Kingston                             45.5M               16.9M               39M‐40M                      17M                  39M‐46M                   10M‐16M
 Thorold                              41.2M              32.7M^               59M‐60M                      40M                  56M‐58M                   38M‐39M
 Spy Hill                               n/a                 n/a                 3M‐4M                      2M                   14M‐16M                   9M– 11M
 Total Thermal                        129M                49.6M              142M‐146M                    59M                 148M‐163M                   57M‐66M
 Renewables
        ill
 Mount Miller                          61
                                       6.1M                3.5M
                                                           3                       n/a
                                                                                    /                       /
                                                                                                           n/a                        /
                                                                                                                                     n/a                        /
                                                                                                                                                               n/a
 Jardin d’Éole                        16.4M              13.8M~               15M‐16M                     13M~                  16M‐19M                     13‐14M
 Kavelstorf &
                                       1.9M                 n/a                 2M‐3M                      n/a                    2M‐3M                        n/a
 Eckolstadt
 Solar Rooftop                          n/a                 n/a             Less than $1M          n/a ‐100% Equity           Less than $1M            n/a‐100% Equity

 Mont Louis                             n/a                 n/a                 4M‐5M                      3M                   13M‐15M                    9M‐11M
 Total Renewables                     24.4M               24.6M               21M‐25M                     16M                   31M‐38M                   22M‐25M
*  Forecasted EBITDA and debt service costs for 2011.
**  Proforma EBITDA and debt service represents the estimated EBITDA and debt service for facility given no unusual events/external factors.  Includes current operating    
     facilities, construction projects and advanced development projects
***  Northland manages these facilities under contract, however under certain conditions Northland has an effective 75% residual economic interest in these facilities.
~  Excludes one‐time payments to re‐finance bridge loan.  
^  Includes one‐time prepayment fee of $5.5M relating to the repayment of sub debt. 
^^  PIF (Performance Incentive Fees) Estimated to be approximately $10M total between Cochrane and Kirkland Lake on proforma **basis.                                          32
 Corporate & Project Economics
                                                                                                 2011*
                            2010                2010                       2011*                                      Proforma**               Proforma**
Project                                                                                           Debt 
                           EBITDA            Debt Service                 EBITDA                                        EBITDA                 Debt Service
                                                                                                 Service
Panda
Brandywine                  12.3M                  n/a               Less than $1M                  n/a             Less than $1M                     n/a
(19% equity) 
General and 
                        (11.6M)***                5.2M               (10M)‐(12M)~                  5M^                (11M)‐(13M)                    3M^ 
Administrative
Development 
                         (10.2M)^^                 n/a                 (7M)‐(10M)                   n/a               (9M)‐(10M)                      n/a
Expenses
Total 
                           (9.5M)                 5. M
                                                  5.2M                (17M)‐(21M)
                                                                      (   )(    )                   5M               ( 0M) ( M)
                                                                                                                     (20M)‐(22M)                      3M
C
Corporate




  *  Forecasted EBITDA and debt service costs for 2011.
  **  Proforma EBITDA and debt service represents the estimated EBITDA and debt service for facility given no unusual events/external factors Includes current
                EBITDA and debt service represents the estimated EBITDA and debt service for facility given no unusual events/external factors.  Includes current 
      operating facilities, construction projects and advanced development projects
  ***  Includes one‐time write‐off of accounts receivable.
  ~  Excludes proceeds from sale of South Kent. 
  ^   Corporate debt service costs includes debenture and letter of credit interest payments.
  ^^  Includes one‐time write‐off of deferred development expenses.                                                                                                  33
Corporate & Project Economics

   Project                        2010                2010                 2011*           2011*               Proforma**            Proforma**
   Construction                  EBITDA            Debt Service           EBITDA         Debt Service            EBITDA              Debt Service
   North Battleford                  /
                                    n/a                   /
                                                         n/a                n/a
                                                                             /                  /
                                                                                               n/a              85M‐93M                38M‐39M
   Total 
                                      ‐                    ‐                  ‐                  ‐              85M‐93M                38M‐39M
   Construction



   Development
   McLean’s Mtn                     n/a                  n/a                n/a                n/a              9M‐11M~                 4M – 6M
   Ground Mount
                                    n/a
                                     /                    /
                                                         n/a                 /
                                                                            n/a                n/a
                                                                                                /               70M 74M
                                                                                                                70M‐74M                 43M‐45M
                                                                                                                                        43M 45M
   Solar
   Kabinakagami                     n/a                  n/a                n/a                n/a               6M‐7M~                3M‐4M***
   Grand Bend                       n/a                  n/a                n/a                n/a             17M‐18M~              10M‐11M***
   Frampton                         n/a                  n/a                n/a                n/a               5M‐7M~                3M‐4M***
   Total 
                                      ‐                    ‐                  ‐                  ‐             107M‐117M                63M‐70M
   Development

*  Forecasted EBITDA and debt service costs for 2011. 
**  Proforma EBITDA and debt service represents the estimated EBITDA and debt service for facility given no unusual events/external factors.  Includes current 
    operating facilities, construction projects and advanced development projects
***  Estimated debt service costs to be 60% of EBITDA for projects that have not yet secured financing. 
~   Represents Northland’s current estimated ownership interest  (50% ‐ Manitoulin, Kabinakagami, Grand Bend) (66% ‐ Frampton).                                   34
Corporate & Project Economics

                                         2010                                        2011*
Project                  2010                                  2011*                                      Proforma**                  Proforma**
                                         Debt                                         Debt 
Group                   EBITDA                                EBITDA                                        EBITDA                    Debt Service
                                        Service                                      Service
Thermal                  129M            49.6M            142M‐146M                    59M            148M‐163M+PIF~                    57M‐66M
Renewables               24.4M           24.6M              21M‐25M                    16M                 31M‐38M                      22M‐25M
   p
Corporate               (    )
                        (9.5M)            5.2M            (
                                                          (17M)‐(21M)
                                                              )(    )                   5M               (   )(    )
                                                                                                         (20M)‐(22M)                         3M
Construction                 ‐               ‐                    ‐                       ‐                85M‐93M                      38M‐39M
Development                  ‐               ‐                    ‐                       ‐              107M‐117M                      64M‐70M
TOTAL                   143.9M           79.4M            146M‐150M                    80M           351M‐389M +PIF~                  183M‐203M




* Forecasted EBITDA and debt service costs for 2011.
** Proforma EBITDA and debt service represents the estimated EBITDA and debt service for facility given no unusual events/external factors. Includes current 
    operating facilities, construction projects and advanced development projects
~ PIF (Performance Incentive Fees) Estimated to be approximately $10M total between Cochrane and Kirkland Lake on proforma **basis.                             35
   Illustration of Merger Shares Over Time
No. of Shares (M)                                                                                                   EBITDA (M)
     160,000,000
             160                                                                                                    $400

    140,000,000
            140                                                                                                     $350

    120,000,000
            120                                                                                                     $300

    100,000,000
            100                                                                                                     $250

     80,000,000
     80 000 000
             80                                                                                                     $200
                                                                                                                    $

     60,000,000
             60                                                                                                     $150

     40,000,000
             40                                                                                                     $100

     20,000,000
             20                                                                                                     $50

                 0
                 0                                                                                                  $0
                           2010A                   2011F                  2012F             2013F        2014F
                         Common Shares                                               Class A Exchangeable Shares
                         Replacement Rights                                          Class B Convertible Shares
                         Class C Convertible Shares                                  Illustrative EBITDA midpoint

   This chart has been complied by Northland management for illustrative purposes only                                           36
Experienced Management

      James Temerty             Jim is an entrepreneur with over 40 years of business experience. Before establishing Northland Power 
      Chairman                  in 1987, he had a successful career in computer‐related companies, building the world’s largest chain 
      Joined 1987               of Computerland franchises and guiding Softchoice Corporation to its position as a leading North 
                                American provider of technology solutions and services.  Jim is also active in philanthropy, serving as 
                                chair of the board of governors of the Royal Ontario Museum from 2002 to 2009. He was appointed a 
                                chair of the board of governors of the Royal Ontario Museum from 2002 to 2009. He was appointed a
                                member of the Order of Canada in 2008, and awarded the Ernst and Young Entrepreneur of the Year 
                                in 2010 for Canada.



      John Brace                Most of John’s career has been at Northland Power. He has held various positions in development, risk 
      President and 
      P id t d                                t      t ti
                                management, construction and operations. He is now responsible for the overall business affairs of 
                                                               d      ti    H i               ibl f th         ll b i       ff i f
      Chief Executive Officer   Northland. 
      Joined 1988               John served as chair and president of the Association of Power Producers of Ontario and as a member 
                                of the Electricity Conservation and Supply Task Force. John received his bachelor of science degree in 
                                engineering physics from Queen’s University.




      Paul Bradley              Paul is responsible for the financial affairs of Northland Power. Prior to joining Northland, Paul was 
      Chief Financial Officer   managing director and head of power and utilities (corporate finance) at Macquarie Capital Markets. 
      Joined 2011               Earlier positions include vice president electricity resources at the Ontario Power Authority with 
                                responsibility for the generation procurement program and the finance, administration and 
                                information technology portfolios; executive director at CIBC's global power and utilities group; and 
                                development and finance roles at Duke Energy Corporation.  Paul is a graduate of Boston College and a 
                                CPA (inactive). 




                                                                                                                                           37
Experienced Management

      Sam Mantenuto                  Sam is responsible for leading business development, gas and electricity marketing and engineering. 
      Chief Operating Officer and    Sam had a 17‐year career with Ontario Hydro, where he held positions in power system operations, 
      Chief Development Officer      finance, regulatory hearings, the executive office and power marketing.  Sam’s industry activities 
      Joined 1997                    include serving as board chair of the Association of Power Producers of Ontario and as a board 
                                     member of Cogen Ontario. Most recently he served on the Ontario government’s NUG Advisory
                                     member of Cogen Ontario. Most recently he served on the Ontario government s NUG Advisory 
                                     Committee and chaired the NUG subcommittee responsible for negotiating with Ontario Electricity 
                                     Financial Corp. Sam holds an honours bachelor of science degree in electrical engineering and MBA 
                                     from the University of Toronto. 


      Tony Anderson                  Tony is responsible for directing Northland’s investment activities and providing support to the CFO 
      Chief Investment Officer
      Chief Investment Officer       with respect to capital raising. In 1997, Tony directed the sale of the Northland plant at Iroquois Falls 
                                     with respect to capital raising In 1997 Tony directed the sale of the Northland plant at Iroquois Falls
      Joined 1989                    through a $308 million IPO for Northland Power Income Fund. This marked the first public financing of 
                                     a Canadian independent power project. As CFO of the fund and its successor, Northland Power Inc., 
                                     Tony has implemented Northland's growth strategy and spearheaded all acquisitions. 
                                     Tony holds a bachelor of science degree and a diploma in management from McGill University. 




      Michael Shadbolt               Michael is responsible for providing legal advice and guidance to Northland Power on all aspects of its 
      Vice President,                business activities.
      General Counsel                Prior to Northland, Michael was in private legal practice for 18 years including as a partner at Macleod 
      Joined 2011                    Dixon LLP and Borden Ladner Gervais LLP. His practice since 1998 has focused on the development of 
                                     electricity and thermal generation projects with an emphasis on renewable and clean energy projects. 
                                     Michael provided corporate, commercial and transactions advice for a wide range of energy market 
                                     participants, including generators, distributors, district energy companies and large energy consumers.
                                     Michael holds a BA (economics) from McMaster University, an MA (economics), LLB and MBA from the 
                                     University of Western Ontario and a LLM from Osgoode Hall Law School.




                                                                                                                                                  38
Experienced Management

      David G. Dougall       David is responsible for the asset management group at Northland Power. He is accountable for the 
      Vice President,        operational and financial performance of all of Northland’s operating plants, including meeting the 
      Operations             requirements of plant contracts and our quality, environmental and health and safety management 
      Joined 1990            systems. 
                             David has 34 years of engineering experience. He joined Northland s engineering and technical 
                             David has 34 years of engineering experience. He joined Northland’s engineering and technical
                             support team in 1990 after 15 years of design and project management experience in the steel and 
                             pulp and paper industries.  David holds a master of science degree in civil engineering from Queen’s 
                             University. 


      Dino Gliosca           Dino is responsible for the engineering group that provides support for Northland Power’s new project 
      Vice President, 
      Vice President         development, as well as existing plant operations. Dino s career has been entirely focused on power 
                             development as well as existing plant operations Dino’s career has been entirely focused on power
      Engineering            project engineering and development‐related activities. Since joining Northland in 1987, he has been 
      Joined 1987            involved in all of Northland’s projects from conceptual and detailed design to project engineering 
                             management.  Dino holds a bachelor of applied science degree in mechanical engineering from the 
                             University of Waterloo. 




      Jim Cipolla            Jim is responsible for Northland’s gas and electricity management and procurement functions. His 
      Vice President,        responsibilities include managing power sales for Northland’s facilities and customers, procuring and 
      Gas and Electricity    selling natural gas for Northland’s plants and customers, and optimizing natural gas and power 
      Marketing              production contracts and assets. 
      Joined 1999            Prior to joining Northland, Jim spent more than 18 years at Ontario Hydro and the Independent 
                             Electricity Market Operator. His responsibilities included market rules development, system 
                             operations and energy trading, marketing, forecasting and competitive intelligence.  Jim holds a 
                             bachelor of applied science degree from the University of Toronto. 




                                                                                                                                      39
  Investor Relations Contacts


         Adam Beaumont
        Director of Finance
        Director of Finance
           647.288.1929

investorrelations@northlandpower.ca

     www.northlandpower.ca


           Barb Bokla
    Manager, Investor Relations 
         647.288.1438
         647 288 1438




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