Northland Power finds no buyer - report

The review of strategic alternatives for Northland Power Inc (TSE:NPI), launched in July 2016, has caught the attention of Chinese groups and Canadian pension funds, but the company did not find a buyer, Bloomberg reports.

The news agency said Wednesday, citing informed sources, that China Three Gorges Corp and State Power Investment Corp were pondering second-round bids, but former did not get regulatory approval while the latter’s offer was below Northland Power’s expectations.

The strategic review, led by CIBC World Markets Inc and JP Morgan Securities LLC, had also attracted the interest of Canadian pension funds and other potential buyers. The process has now ended.

Northland develops and owns natural gas-fired and renewable energy plants. It has a 60% stake in the 600-MW Gemini offshore wind farm in the Netherlands and 85% in the 332-MW Nordsee One offshore wind project in the German North Sea. In the first quarter of 2017 the company also agreed to buy the 252-MW Deutsche Bucht scheme. On announcing the strategic review a year ago, Northland Power founder, largest shareholder and chair James Temerty said the company would embark on a new course only if it offered superior value for shareholders and a stronger platform for growth than the one it had at the time.

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