Northland Power Provides Business Update on COVID-19 Situation and Reiterates its 2020 Financial Guidance - Seite 2

Northland continues to monitor the global COVID-19 situation very closely and is taking steps to ensure that its facilities and operations continue as normal as possible. The Company will provide updates on its operations with our first quarter results in early May 2020.

Strong Financial Position

The strength of Northland’s balance sheet and stable cash flow profile, which are underpinned by long-term revenue contracts, positions the company to weather the current environment with minimal expected interruption.

• Majority of revenue and free cash flow backed by long-term power revenue contracts with creditworthy entities and counterparties, with significant government support.
• Approximately $600 million of cash and cash equivalents on hand as at February 28, 2020.
• Northland’s total available corporate credit facilities amount to $1.2 billion, with nearly $500 million of available capacity as at February 28, 2020.
• The $1.0 billion revolver credit facility does not mature until June 2024.
• Northland has a BBB (Stable) investment grade credit rating by S&P, re-affirmed by S&P on March 9, 2020.
• Prudent use of leverage with little corporate level debt: Approximately 95% of Northland’s total debt is non-recourse, project level debt.
• No significant immediate debt maturities other than $150 million of Convertible Debentures, maturing in June 2020.  

In addition to a strong balance sheet and liquidity fundamentals, and the relative stability of Northland’s revenue and free cash flow profile, the Company is currently in a position to maintain its 2020 financial guidance. For 2020, management continues to estimate adjusted EBITDA to be in the range of $1.1 billion to $1.2 billion and free cash flow per share to be in the range of $1.70 to $2.05 per share. The Company will continue to monitor the rapidly changing business environment and will provide updates to its guidance estimates if needed.

New Business Development/Transactions

Northland is well positioned through its regional development offices to capture development opportunities that will help facilitate the global advancement of renewable energy targets. Despite the challenging environment that has resulted from the COVID-19 outbreak, Northland remains in strong financial shape and the company is taking advantage of its financial position and of the opportunities in the marketplace to further enhance its pipeline of growth projects. As such, the company would like to provide     the following updates to its business.