Northland Power Inc. ("Northland") (TSX:NPI) (TSX:NPI.DB.A) (TSX:NPI.PR.A)
(TSX:NPI.PR.C) today announced it has entered into agreements for the rights to
acquire Typhoon Offshore B.V.'s 5% interest in Gemini, a 600MW offshore wind
project currently in advanced development. Subject to final documentation and
the approval of its Board, this would top up Northland's intended majority
equity stake in Gemini to 60%. 


Gemini is located 85 kilometres off the coast of the Netherlands in the North
Sea. Combining favourable sea bed conditions with one of the strongest and most
reliable wind resources in the world, the North Sea could produce enough energy
to power Europe four times over. Once constructed, Gemini will be the largest
wind farm in the North Sea.


Northland has taken a lead role in completing the remaining outstanding
development activities since its announcement in August 2013, and intends to
continue its active leadership role during construction and into operations. 


Gemini will play an important role in helping the Government of Netherlands'
achieve renewable energy targets mandated by the European Union's Renewable
Energy Directive, which calls for all Member States to reach a 20% share of
energy from renewable sources by 2020. There is currently 5 GW of installed
capacity in 58 operating offshore wind farms in European waters with another 5.5
GW in construction or advanced development. According to the European Wind
Energy Association (EWEA), it is anticipated that there will be up to 150 GW of
installed offshore wind power in the EU by 2030, meeting 14% of the EU's
electricity demand.


"Today's announcement underlines our confidence in this project", noted John
Brace, CEO of Northland Power. "We are very pleased with the progress made to
date, and look forward to working with our consortium partners to bring Gemini
to fruition."


Gemini is well advanced, and has received commitments for EUR 1,094 million in
senior secured construction and term debt from 10 international commercial banks
and Export Development Canada (EDC). In association with a EUR 500 million
facility previously announced by the European Investment Bank and loans under
negotiation and subject to credit approval with three European export credit
agencies (Denmark's EKF, Germany's Euler Hermes and Belgium's
Delcredere/Ducroire), this completes the EUR 2.2 billion of senior debt required
by Project Gemini.


Project Gemini's total cost is projected to be EUR2.8 billion, and is expected
to be financed with a combination of non-recourse project debt, mezzanine
financing and equity from the consortium. 


"Acquiring the rights to a majority equity stake in Gemini is consistent with
our commitment to fostering sustainable growth that allows us to deliver
reliable returns to investors", added James Temerty, Chairman of Northland
Power's Board of Directors. "The accretive nature of this project will benefit
Northland's shareholders over the long-term". 


ABOUT NORTHLAND

Northland is an independent power producer founded in 1987, and publicly traded
since 1997. Northland develops, builds, owns and operates facilities that
produce 'clean' (natural gas) and 'green' (wind, solar, and hydro) energy,
providing sustainable long-term value to shareholders, stakeholders, and host
communities. 


The company owns or has a net economic interest in 1,329 MW of operating
generating capacity, with an additional 90 MW (60 MW net to Northland) of
generating capacity currently in construction, and another 190 MW (119 MW net to
Northland) of wind, solar and run-of-river hydro projects with awarded power
contracts. In addition, Northland has acquired the rights to a majority equity
stake in Gemini. Northland's cash flows are diversified over five geographically
separate regions and regulatory jurisdictions in Canada, Europe and the United
States.


Northland's common shares, Series 1 and Series 3 preferred shares and
convertible debentures trade on the Toronto Stock Exchange under the symbols
NPI, NPI.PR.A, NPI.PR.C and NPI.DB.A, respectively.


FORWARD-LOOKING STATEMENTS

This release contains certain forward-looking statements which are provided for
the purpose of presenting information about management's current expectations
and plans. Readers are cautioned that such statements may not be appropriate for
other purposes. Forward-looking statements include statements that are
predictive in nature, depend upon or refer to future events or conditions, or
include words such as "expects," "anticipates," "plans," "believes,"
"estimates," "intends," "targets," "projects," "forecasts" or negative versions
thereof and other similar expressions, or future or conditional verbs such as
"may," "will," "should," "would" and "could." These statements may include,
without limitation, statements regarding future EBITDA, free cash flows,
dividend payment and dividend payout ratios, the construction, completion,
attainment of commercial operations, cost and output of development projects,
plans for raising capital, and the operations, business, financial condition,
priorities, ongoing objectives, strategies and outlook of Northland and its
subsidiaries. These statements are based upon certain material factors or
assumptions that were applied in developing the forward-looking statements,
including the design specifications of development projects, the provisions of
contracts to which Northland or a subsidiary is a party, management's current
plans, its perception of historical trends, current conditions and expected
future developments, as well as other factors that are believed to be
appropriate in the circumstances. Although these forward-looking statements are
based upon management's current reasonable expectations and assumptions, they
are subject to numerous risks and uncertainties. Some of the factors that could
cause results or events to differ from current expectations include, but are not
limited to, construction risks, counterparty risks, operational risks, foreign
exchange rates, regulatory risks, maritime risks for construction and operation,
and the variability of revenues from generating facilities powered by
intermittent renewable resources and the other factors described in the "Risks
and Uncertainties" section of Northland's 2012 Annual Report and Annual
Information Form, both of which can be found at www.sedar.com under Northland's
profile and on Northland's website www.northlandpower.ca. Northland's actual
results could differ materially from those expressed in, or implied by, these
forward-looking statements and, accordingly, no assurances can be given that any
of the events anticipated by the forward-looking statements will transpire or
occur. 


The forward-looking statements contained in this release are based on
assumptions that were considered reasonable on January 29, 2014. Other than as
specifically required by law, Northland undertakes no obligation to update any
forward-looking statements to reflect events or circumstances after such date or
to reflect the occurrence of unanticipated events, whether as a result of new
information, future events or results, or otherwise. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Northland Power Inc.
Sarah Charuk
Director of Communications
647-288-1105
Sarah.charuk@northlandpower.ca
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