Investment Thesis
Northland Power (NPIFF) (TSX:NPI) operates and develops renewable power generation assets. The company has two major offshore wind projects in Germany and Taiwan that should increase its capacity by nearly 20% from today's level. However, there are no other major projects beside these two projects and there is a gap of 4~5 years between the completion dates of these two projects. This means that Northland's grow may be limited. In addition, many of its power purchase agreements do not have price escalation in its contractual price. The company also faces the