Northland Power Inc. (TSX:NPI) entered into an agreement to acquire 96.5% stake in portfolio of operating onshore renewable assets in Spain (Portfolio) from Helia Renovables, FCR managed by Bankinter Capital Riesgo, SGECR, S.A. and Plenium Partners Asset Management, S.G.E.I.C., S.A. for €1.06 billion on April 1, 2021. The total cash consideration to be paid will be €345 million together with the assumption of debt in the amount of €716 million. In a related transaction, Northland Power will shortly enter long-term euro denominated foreign exchange swaps/hedges for the cash flow generated from the Portfolio assets to mitigate foreign exchange volatility, consistent with its corporate risk mitigation strategy. Northland Power will enter a concurrent CAD 900 million (€600.66 million) bought deal equity financing to fund the acquisition. As of April 22, 2021 Northland Power Inc has raised $783.8 million (€652.9 million) gross proceeds from a bought deal equity offering to fund the transaction. The deal is subject to regulatory approvals, Foreign Investment Approval by Spanish regulators and customary closing conditions. The transaction is expected to be completed in the third quarter of 2021. The transaction will deliver both immediate cash flow accretion and a platform for further onshore renewables development in Spain and is immediately accretive to Northland’s free cash flow per share and adjusted free cash flow per share. Banco Santander is acting as exclusive financial advisor, while CMS Albiñana & Suarez de Lezo is acting as legal advisor to Northland Power. Citi and Garrigues are acting as financial advisor for Helia Renovables managed by Bankinter and Plenium Partners. Ernst & Young Abogados, S.L. provided financial and tax due diligence to Helia in the transaction.