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INGXF - Northland Power: Development Projects Needed To Improve Its Outlook
Innergex Renewable Energy Inc
Investment Thesis
Northland Power (NPIFF) (TSX:NPI) delivered an in line quarter with modest EBITDA growth in Q1 2019. However, we expect its EBITDA to grow by double-digit in 2020 thanks to the anticipated completion of its DeBu project in late 2019. The company also added another development project, La Lucha project, to its development pipeline. This project should reach completion by H2 2020 and will improve its medium-term growth outlook. We expect new development projects to be announced in the next few quarters as the company is actively seeking good opportunities. Northland’s shares