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Northland Power closes purchase of Colombian utility

Canadian power plant owner Northland Power Inc. has completed its acquisition of a 99.2% stake in Colombian regulated utility Empresa de Energía de Boyacá ESP.

The Colombian utility was acquired from Fondo de Capital Privado de Infraestructura Brookfield Colombia and BCIF Holdings Colombia II SAS, controlled by Brookfield Infrastructure Partners LP. The transaction is part of the Toronto-headquartered company's push into new markets.

"The acquisition will serve as a platform for future growth for Northland and we look forward to working with the local management team to unlock the growth opportunities in Colombia to benefit the customers we service and Northland's shareholders," Northland President and CEO Mike Crawley said in a news release Jan. 14.

Northland operates power plants primarily in Canada, though it has investments in offshore wind projects in Germany and Taiwan along with a solar facility in Mexico. The acquisition of Empresa de Energía de Boyacá ESP is its first regulated utility operation.

In accordance to a tariff resolution approved by regulators in December 2019 and pursuant to the share purchase agreement, the purchase price was adjusted to C$$960 million from C$1.05 billion and may still be subject to further post-closing adjustments.

To finance the acquisition, Northland Power completed a bought-deal offering of approximately C$346.5 million subscription receipts. The Canadian company issued a total of 14,289,000 of subscription receipts and exchanged them into common shares.

Holders of subscription receipts at closing will receive a dividend equivalent cash payment equal to 40 cents per subscription receipt.

The common shares exchanged for subscription receipts will start trading on the Toronto Stock Exchange under the symbol NPI.