02.26
Northland Power (NPI.UN): $12.90 – Q4/09 Results Shy of Expectations
Sector Perform, Average Risk
NPI’s Q4/09 ACFFO/unit was $0.27 compared to RBC CM estimate of $0.35 and $0.33 in Q4/08. Strong contribution from the gas-fired facilities was more than offset by weak wind generation, and higher-than-expected project development and financing costs. The fund will convert to a corporation in late 2010 or early 2011. Management intends to maintain the current $1.08/unit distribution post conversion. The fund continues to make progress on the two SaskPower projects, which were awarded PPAs in late 2009. The Spy Hill project is expected to begin commercial operations by December 2011 and the North Battleford projects is expected to be commissioned in 2013. The fund is also developing a number of renewable energy projects in Ontario and Quebec.
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