Northland is a income trust that has ownership or economic interests in 10 power projects totaling over 1,100 megawatts (“MW”) (net 872 MW). The trust announced in June of 2010 that it will go through a reorganization that will convert Northland Power Income Fund from an income trust into a corporation. It is expected that the conversion will be completed December 31, 2010 and the new corporation will continue operating as Northland Power Inc. effective January 1, 2011.
“We are very pleased that the Unitholders have shown such support for this conversion,” said Northland’s President and CEO, John Brace. “While this reorganization was in part necessitated by changes to the taxation system, which will see income trusts taxed at the same rate as corporations beginning in 2011, we also think it provides us tremendous opportunity to grow our business in the future. As a corporation, we can more easily access the capital necessary to fund our pipeline of development projects, two of which are already in construction, with several more in very advanced stages of development. Beyond that, we plan to continue adding to our portfolio of ‘clean and green’ development projects, to help ensure steady growth prospects for a long time to come.”
Following this reorganization, the new corporation will benefit from a large tax pool which should enable the corporation to defray the payment of income taxes for several years. V. Peter Harder, Linda Bertoldi and Gordon Cheesbrough were elected as trustees, joining returning trustees James Temerty (Chairman), the Hon. John Turner, Pierre Gloutney, and Dr. Marie Bountrogianni.
Dave "The Connector" Forde has been involved in the technology industry across Canada for over 10 years in sales and marketing roles. Part of my passion is to connect people and help to grow businesses. Chair of 
