- Toronto-based company looking for ways to grow, improve value
- Northland sees more opportunities in green energy production
Northland Power Inc. said it hired Canadian Imperial Bank of Commerce and JPMorgan Chase & Co. to explore a strategic review of the green energy company.
The review is aimed at enhancing growth, shareholder value and the ability to capitalize on opportunities in clean energy infrastructure, according to a statement Tuesday from the Toronto-based company.
“As global demand for electricity increases and the world embraces more environmentally friendly energy sources, we are seeing more and larger opportunities than ever before,” said James Temerty, Northland’s founder, largest shareholder and chairman. “To ensure the company is best positioned to capitalize on these opportunities, we determined that this is an appropriate time to review the options available for the next phase of the company’s growth.”
Northland Power owns or has an economic interest in power generation facilities in Canada, the U.S. and Germany. It produces electricity from natural gas and renewable energy sources, including solar, wind and biomass.
Northland’s stock has risen 22 percent this year in Toronto, for a market value of C$3.87 billion ($3 billion).