Northland Power Inc. (TSX:NPI) entered into an share purchase agreement to acquire 100% interest in NaiKun Wind Development, Inc. from Naikun Wind Energy Group Inc. (TSXV:NKW) on March 27, 2020. Pursuant to the terms of the agreement, the consideration includes cash consideration, future payments consisting of an annual cash distribution and an option to purchase up to a 10% interest in Northland's interest in NaiKun Offshore Wind Farm project. The transaction is subjected to regulatory approvals, Naikun Wind Energy Group's board approval and shareholder approval of Naikun Wind Energy Group. As of March 27, 2020, the transaction has been unanimously approved by board and Shareholders of Naikun Wind Energy Group and and the TSX Venture Exchange Approval have also been received. As of May 15, 2020, 50% of shareholders were represented with 99% of voted shares of Naikun Wind Energy Group voted in favour of the sale of Naikun Wind Development Inc to Northland Power Inc. The transaction is expected to close in mid- 2020.

Ben Slager and Geoff Peters of Mogan Daniels Slager acted as legal advisor to Naikun Wind Energy Group Inc. (TSXV:NKW) and Shane Freitag of Borden Ladner Gervais LLP acted as legal advisor to Northland Power Inc. PricewaterhouseCoopers "PwC" assisted in identifying and securing a strategic partner for the NaiKun Wind Development. In exchange for services PwC received fixed monthly fixed monthly fees of CAD 12,500 and 1 million stock options which PwC will exercise equal to the value of fees up to CAD 0.1 million. Additionally, PwC will be entitled to 2% of any proceeds received by NaiKun for a period of 24 months, subject to a maximum fee of CAD 0.5 million.

Northland Power Inc. (TSX:NPI) completed the acquisition of 100% interest in NaiKun Wind Development, Inc. from Naikun Wind Energy Group Inc. (TSXV:NKW) on September 1, 2020.