Northland Power Income Fund Announces Monthly Distributions to Unitholders for the Second Quarter of 2008
Posted on: Friday, 18 April 2008, 15:00 CDT
Northland Power Income Fund (the "Fund") (TSX: NPI.UN)(TSX: NPI.DB) is pleased to announce distributions to unitholders in the amount of $0.09 per unit per month for the 2nd quarter of 2008 as follows:
Month Record Date Distribution Date Amount April April 30 May 15 $0.09 May May 31 June 16 $0.09 June June 30 July 15 $0.09
About Northland Power Income Fund
Northland Power Income Fund indirectly owns interests in six power generating facilities: three natural gas-fired combined-cycle cogeneration power plants that efficiently and cleanly produce electricity and steam for sale, and three wind farms. Two cogeneration plants are located in Ontario: the 120 megawatt ("MW") Iroquois Falls facility that has been wholly-owned by the Fund since its inception in 1997, and the 110 MW Kingston facility. Through its 19% equity interest in Panda Energy Corp (PEC) and loan to a PEC subsidiary, the Fund has an interest in the 230 MW Panda-Brandywine cogeneration power plant located just outside Washington, D.C. Electricity produced from the cogeneration plants is sold under long-term power purchase agreements (PPAs) with creditworthy entities to ensure revenue stability, and long-term contracts assure the supply and price of natural gas, which is the Fund's largest cost. The 54 MW Mont Miller wind farm in the Gaspesie region of Quebec supplies electricity to Hydro-Quebec under a long-term PPA while the Fund's two wind farms in Germany, with a combined capacity of 21.5 MW, sell electricity to regional power utilities under the provisions of German renewable energy legislation. The Fund has committed to provide $30 million as subordinated debt to Northland Power Inc.'s 265 MW Thorold Cogeneration Project that is under construction near the Town of Thorold, Ontario.
The Fund's trust units and convertible debentures, which trade on the Toronto Stock Exchange under the symbols NPI.UN and NPI.DB respectively, are qualified investments for RRSPs and DPSPs under the Canadian Income Tax Act. The Fund has in place a distribution re-investment plan that allows unitholders who are residents of Canada to automatically have their monthly cash distributions reinvested in additional units. Participants do not pay any costs associated with the plan, including brokerage commissions. For further information or to join the plan, contact your financial advisor or broker.
Contacts: Northland Power Income Fund Management Inc. Barb Bokla Investor Relations Manager (416) 962-6262 x156 (416) 962-6266 (FAX) Northland Power Income Fund Management Inc. Boris Balan Director, Communications & Business Development (416) 962-6262 x116 (416) 962-6266 (FAX) Email: info@NPIFund.com Website: www.NPIFund.com
SOURCE: Northland Power Income Fund
Source: MARKET WIRE
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