Representing Northland’s Second Sustainability-Linked Financing and EDC’s Inaugural Sustainability-Linked Transaction

TORONTO- BNP Paribas, a leading global bank, announced today that it has recently closed an amendment to add sustainability-linked incentives to its Letter of Credit (“LC”) Facility with renewable power producer, Northland Power Inc. (“Northland”).

Northland converted its $50 million bilateral LC Facility with BNP Paribas to a sustainability-linked agreement, which is backed by Canada’s export credit agency, Export Development Canada (“EDC”). This marks EDC’s first sustainability-linked LC facility, which will support Northland’s current and future renewable energy growth strategy, including offshore wind projects across the globe. EDC’s bonding solutions, offered in partnership with private sector financial institutions, help free up the working capital that companies need to operate.

This LC facility also represents Northland’s second sustainability-linked credit facility, after Northland renewed, extended and converted its CAD $1 billion revolving credit facility (“RCF”) to a sustainability-linked loan (“SLL”) structure in September 2021. The SLL structure aligns with Northland’s Green Financing Framework, unveiled in the first half of 2021. The five-year RCF features a pair of KPIs with targets linked to increasing Northland’s renewable energy generation and reducing carbon intensity. BNP Paribas acted as a co-sustainability structuring agent on the SLL.

“EDC is pleased to partner with BNP Paribas through our bonding program to support Northland Power as it scales up its renewable power generation capacity,” said Guillermo Freire, Senior Vice President, Mid-Market, and responsible for EDC’s cleantech practice. “This sustainability-linked LC facility for Northland Power is a good example of how industry partners can work together to help Canadian companies grow internationally, support the global energy transition, and help build an innovative and sustainable future.”

Northland continues to progress its plan to double its renewable power generating capacity by the end of the decade. Northland’s plan includes developing and operating a portfolio of large- scale offshore wind projects in Europe and Asia, further adding to its offshore wind portfolio, where it is already the fourth largest owner and operator generating capacity globally.

“BNP Paribas is very proud to be a strategic partner to corporations actively participating in the fight against climate change. We are dedicated to working with our corporate clients to identify tailored solutions that align with their specific efforts and commitments toward achieving their ESG goals”, said Rod O’Hara, Head of Canada Corporate Coverage of BNP Paribas. “We couldn’t be happier to continue our partnership with Northland Power, as the company progresses on its sustainability journey, and to support EDC with its inaugural sustainable transaction.”

BNP Paribas acted as Sole Structuring Agent. Elsewhere in Canada, the Bank has played key roles in several noteworthy sustainability-linked transactions. By using innovative financing solutions, Canadian corporates have a unique opportunity to create the economy of the future.

About BNP Paribas in Canada
For over 60 years, BNP Paribas in Canada has been helping Canadian businesses and institutions grow by offering them a full range of specialized financial services and investment products. With over 1,250 employees in offices in Montreal and Toronto, BNP Paribas in Canada combines a clear understanding of the Canadian landscape with global expertise.

About BNP Paribas
BNP Paribas is the European Union’s leading bank and key player in international banking. It operates in 65 countries and has nearly 190,000 employees, including nearly 145,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group’s commercial & personal banking and several specialised businesses including BNP Paribas Personal Finance and Arval ; Investment & Protection Services for savings, investment and protection solutions ; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, the Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Turkey, Eastern Europe as well as via a large network in the western part of the United States. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific.

BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group’s performance and stability.

Learn more: https://group.bnpparibas/en/

About EDC
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage. As international risk experts, we equip Canadian companies with the tools they need – the trade knowledge, financing solutions, equity, insurance, and connections – to grow their business with confidence. Underlying all our support is a commitment to sustainable and responsible business.

For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit https://www.edc.ca.

About Northland Power
Northland Power is a global power producer dedicated to helping the clean energy transition by producing electricity from clean renewable resources. Founded in 1987, Northland has a long history of developing, building, owning and operating clean and green power infrastructure assets and is a global leader in offshore wind. In addition, Northland owns and manages a diversified generation mix including onshore renewables, efficient natural gas energy, as well as supplying energy through a regulated utility.

Headquartered in Toronto, Canada, with global offices in eight countries, Northland owns or has an economic interest in 3.2 GW (net 2.8 GW) of operating capacity. The Company also has a significant inventory of projects in construction and in various stages of development encompassing over 14 GW of potential capacity.

Publicly traded since 1997, Northland’s common shares, Series 1, Series 2 and Series 3 preferred shares trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A, NPI.PR.B and NPI.PR.C, respectively.

Contacts

Press
BNP Paribas

Claire Schiff
+1 (646) 634 4042
claire.schiff@us.bnpparibas.com

EDC
Export Development Canada
1-888-222-4065
media@edc.ca

Toronto, Canada, January 26, 2022 – The BNP Paribas Foundation, the philanthropic arm of BNP Paribas, Europe’s leading financial institution, is pleased to announce today the donation of $30 000 CAD/year to the DAREarts “All the Arts” program. This support is part of the BNP Paribas Foundation’s international program, Dream Up, which offers to disadvantaged children and teenagers around the world the opportunity to practice a wide range of artistic disciplines.

Following successful collaboration in 2020 between BNP Paribas in Canada and DAREarts, this partnership will support 145 children between the age of 9 and 13 living in underrepresented and marginalized communities of the Greater Toronto Area, the Vancouver region and the Halifax area. The DAREarts program offers children the opportunity to see themselves differently through exploring and creating with the arts.

Sonja Volpe, CEO of BNP Paribas in Canada, said, “BNP Paribas is committed to supporting communities around the world, and this initiative is the next step in our partnership with DAREarts. We are proud to help foster stronger communities throughout Canada by helping children develop leadership skills and self-confidence.”

Children and teenagers participating in the “All the Arts” program have experienced social isolation or bullying, struggled to make connections with their peers, required more support than their school can provide, or do not have access to out-of-school learning and enrichment opportunities. By using arts-based learning methods, Canadian children who benefit from the “All the Arts” program develop key leadership skills including self-confidence, self-expression, problem solving, communication and critical thinking skills through the practice of the arts. These tools are crucial in developing confident, open minded, stimulated, empathetic and healthy youth.

Jennifer Wilson, President and CEO of DAREarts, said, “This new support for our program from the BNP Paribas Foundation is a testament to the quality of our partnership and the bank’s commitment to giving as many children as possible the means to develop their skills and abilities. With this financial support from the foundation, we will be able to expand our ‘All the Arts’ program and help more children in more communities develop these valuable skills.”

BNP Paribas has a long track record of commitment to its global community. The support granted to the DAREarts organization is one of many in Canada as BNP Paribas aims to help the communities it serves. As an international leader in sustainable finance, BNP Paribas’ engagement in Canadian communities is an extension of its sustainability targets ensuring that the bank’s activity has a positive impact on the world.

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About DAREarts
DAREarts is a Canadian charity that empowers young people in underserved communities through arts-based education programs. That includes partnering with First Nations to work alongside their youth, artists and elders to together address life challenges including isolation, hopelessness, mental wellness and suicide. In its 25 years, DAREarts has reached over 200,000 young Canadians.

Learn more: https://www.darearts.com

About the BNP Paribas Foundation
Under the aegis of the Fondation de France, the BNP Paribas Foundation has been playing a key role in corporate philanthropy since its creation in 1984. The Foundation coordinates and contributes to BNP Paribas’s philanthropy strategy in all parts of the world where the Group has establishment.

The BNP Paribas Foundation’s actions aim at promoting innovative projects dedicated to culture, social inclusion and the environment. For each partner, the Foundation is committed to providing optimal support with a long-term vision. Dialogue, loyal support and a relationship based on trust are the hallmarks of its pledge as a patron.

Learn more: https://group.bnpparibas/en/group/bnp-paribas-foundation

About BNP Paribas in Canada
For over 60 years, BNP Paribas in Canada has been helping Canadian businesses and institutions grow by offering them a full range of specialized financial services and investment products. With over 1,250 employees in offices in Montreal and Toronto, BNP Paribas in Canada combines a clear understanding of the Canadian landscape with global expertise.

Learn more: https://www.bnpparibas.ca/en/

About BNP Paribas
BNP Paribas is the European Union’s leading bank and key player in international banking. It operates in 68 countries and has more than 193,000 employees, including nearly 148,000 in Europe. The Group has key positions in its three main fields of activity: Retail Banking for the Group’s retail-banking networks and several specialized businesses including BNP Paribas Personal Finance and Arval, Investment & Protection Services for savings, investment and protection solutions, and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, the Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realize their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated retail-banking model across several Mediterranean countries, Turkey, Eastern Europe as well as via a large network in the western part of the United States. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific.

BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group’s performance and stability.

Learn more: https://group.bnpparibas/en/

Press Contacts

BNP Paribas
Claire Schiff
+1 (646) 634 4042
claire.schiff@us.bnpparibas.com

DAREarts
Jarvis Strong
+1 (416) 639 6109
jstrong@darearts.com

·        A direct support plan, activated in over 30 countries

·        Local support for hospitals, vulnerable populations and young people

·        An additional commitment bringing the Group’s contribution to over €50m

Montreal, Canada, April 13, 2020 – BNP Paribas, a premier global bank, announces additional global aid for the medical sector and at risk populations fighting the COVID-19 virus with donations now totaling over $76 million (€50 million) worldwide.

BNP Paribas and its subsidiaries around the world mobilized from the start of the health crisis to support the hospital system, medical research and institutions that help the most vulnerable and disadvantaged.

BNP Paribas in Canada is making the following donations to local hospitals and food bank organizations:

Montréal

·        CHUM – Centre Hospitalier de l’Université de Montréal to help the CHUM Research for the Québec COVID Biobank, an urgent study on the determinants of COVID-19 infection and its morbidity and mortality. 

·        Moisson Montréal, member of Food Banks Canada and Food Banks of Quebec serving 257 community organizations.

Toronto

·        Toronto General & Western Hospital Foundation, through its Rest Safe Program, which will help support the health and well-being of courageous frontline care providers.

·        Second Harvest, which provides food used in shelters, faith-based organizations, food banks, community organizations and other programs that support over 500,000 of the most vulnerable and marginalized populations in the Greater Toronto Area.

The bank is also contributing:

·        Personal Protective Equipment (PPE): over 7,000 masks to Quebec Health Authorities for hospitals facing PPE shortages in Montreal.

·        Employee Match option: BNP Paribas employees in Canada will have an opportunity to make a personal donation to the organizations listed above which the bank will match.

·        Additional support for existing charitable partners: BNP Paribas has committed additional support to current charitable partners in Montreal and Toronto who provide essential relief services to some of the most disadvantaged individuals.

Sonja Volpe, Principal Officer and CEO of BNP Paribas in Canada, stated: ‘’We live in an extraordinary time that affects all of us both professionally and personally. BNP Paribas in Canada especially is proud to support the various organizations and partners on the front line of this health crisis who are helping those in need. We will continue to be fully engaged during this crisis in support of our employees, clients and partners.”

BNP Paribas is also making significant donations throughout the Region in the US, Argentina, Brazil, Colombia, Mexico, and Peru.

About BNP Paribas in Canada

For over 55 years, BNP Paribas in Canada has been helping Canadian businesses and institutions grow by offering them a full range of specialized financial services and investment products. With over 1000 employees in offices in Montreal and Toronto, BNP Paribas in Canada combines a clear understanding of the Canadian landscape with global expertise.

About BNP Paribas

BNP Paribas is a leading bank in Europe with international reach. It is present in 71 countries, with more than 199,000 employees, of whom more than 151,000 are in Europe. The Group has key positions in its three major business areas: Domestic Markets and International Financial Services, whose retail banking and financial services networks are grouped into Retail Banking & Services, and Corporate & Institutional Banking, which focuses on corporate and institutional clients. The Group supports all of its customers (individuals, associations, entrepreneurs, SMEs, large businesses and institutions) in carrying out their projects by offering them financing, investment, savings and protection services. In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the leading specialist in retail financing in Europe. BNP Paribas is also developing its integrated retail banking model in the Mediterranean basin countries, Turkey and Eastern Europe and has a significant network in the West of the United States. In its Corporate & Institutional Banking and International Financial Services businesses, BNP Paribas enjoys leadership in Europe, a strong presence in the Americas, as well as a solid and fast growing business in Asia Pacific.

Press Contact

Sauveur Menella – 514-285-6202 – sauveur.menella@ca.bnpparibas.com

Keely Gispan – 212-340-5867 keely.gispan@us.bnpparibas.com

Montreal, Canada, November 12, 2019 – BNP Paribas, a premier global banking partner, today announced that following several years of rapid growth at its Montreal operations, it will be moving its Canadian main office from McGill College Avenue to 2001 Robert Bourassa Boulevard this fall.

In addition to its growing Canadian client business, BNP Paribas’ Montreal operations have become an important operating platform for the group’s regional and global operations. “Given the growth of our Montreal operations with close to 1,000 employees, it was important to redesign our offices and bring our employees together into a new space adapted to the realities and efficiencies of today’s working environment with a more open layout that fosters collaboration,’’ says Sonja Volpe, Principal Officer and CEO of BNP Paribas in Canada.

Several key features of the new Montreal office include:

  • An Innovation Lab supporting new ways of working, designed in part through a contest with students from Université de Montréal;
  • Murals of seven local artists painted on the various floors reflecting the creativity of the Montreal art community, organized with the help of MU, an arts-based charitable organization;
  • A focus on employee health and well-being with a WELL Certified working environment designed in collaboration with Provencher Roy, a leader in urban architecture in Canada.

‘We continue to invest in our employee experience which we think ultimately benefits our clients. We are also committed to maintaining a stimulating work environment across a diverse workforce,” says Raymond Rio, Head of Human Resources of BNP Paribas in Canada.

About BNP Paribas in Canada

For over 55 years, BNP Paribas in Canada has been helping Canadian businesses and institutions grow by offering them a full range of specialized financial services and investment products. With over 950 employees in offices in Montreal and Toronto, BNP Paribas in Canada combines a clear understanding of the Canadian landscape with global expertise.

About BNP Paribas

BNP Paribas is a leading bank in Europe with international reach. It is present in 72 countries, with more than 202,000 employees, of whom more than 154,000 are in Europe. The Group has key positions in its three major business areas: Domestic Markets and International Financial Services, whose retail banking and financial services networks are grouped into Retail Banking & Services, and Corporate & Institutional Banking, which focuses on corporate and institutional clients. The Group supports all of its customers (individuals, associations, entrepreneurs, SMEs, large businesses and institutions) in carrying out their projects by offering them financing, investment, savings and protection services. In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the leading specialist in retail financing in Europe. BNP Paribas is also developing its integrated retail banking model in the Mediterranean basin countries, Turkey and Eastern Europe and has a significant network in the West of the United States. In its Corporate & Institutional Banking and International Financial Services businesses, BNP Paribas enjoys leadership in Europe, a strong presence in the Americas, as well as a solid and fast growing business in Asia Pacific.

Press Contact
Sauveur Menella – 514-285-6202 – sauveur.menella@ca.bnpparibas.com
Keely Gispan – 212-340-5867 – keely.gispan@us.bnpparibas.com

BNP Paribas Closes Sustainability-Linked RCF with Brookfield Renewable Partners

NEW YORK and TORONTO, Jan. 06, 2020 (GLOBE NEWSWIRE) — BNP Paribas, a premier global banking partner, today announced that it has closed a bi-lateral, incentive-linked corporate revolving credit facility (“RCF”) with Brookfield Renewable Partners L.P. (TSX: BEP.UN; NYSE: BEP), structured as a sustainability-linked loan (“SLL”). This is one of the first SLLs offered in Canada and the first for BNP Paribas in Canada.

SLLs typically incorporate a pricing mechanism linked to a client’s environmental, social or governance (ESG) performance. The key feature of this RCF structure is a pricing incentive whereby Brookfield Renewable Partners’ cost of debt declines as it continues to expand its renewable and clean electricity generating capacity and meets pre-determined CO2 emissions avoidance levels. This alignment ultimately reflects the vision of placing sustainability at the core of its business strategy.

Brookfield Renewable Partners operates one of the world’s largest publicly-traded renewable power platforms. In 2018, its portfolio helped to avoid 25 million tons of CO2 equivalent emissions. The portfolio consists of hydroelectric, wind, solar and storage facilities in North America, South America, Europe and Asia, and totals over 18,000 megawatts of installed capacity and an 8,000 megawatt development pipeline. Brookfield Renewable Partners has an established track record of creating value by prudently acquiring, building and financing assets, and actively managing its operations.

“BNP Paribas’s sustainability-linked loan aligns well with our goal of expanding our renewable power portfolio as we continue to play a leading role in the decarbonization of the global power generation grid,” said Julian Deschâtelets, Managing Director at Brookfield Renewable, responsible for the capital markets and treasury function globally. “We also see this facility as a complement to issuances under our Green Bond framework.”

Sonja Volpe, Principal Officer and CEO BNP Paribas in Canada, stated: “We are delighted to be helping Brookfield Renewable Partners, one of the world’s largest investors in renewable power, to build on its leadership position in renewables. The sustainability lending space has grown rapidly worldwide, and BNP Paribas is proud to be a leader in renewable energy financing, and Sustainable Finance more broadly.”

BNP Paribas has acted as Sustainability Coordinator or Sustainability Structuring Agent for many transactions this past year. Dreyfus, a leading merchant and processor of agricultural goods globally, and NRG Energy, a U.S. power utility leader, each announced debut SLLs structured by the Bank in the U.S. in July. In the UK, BNP Paribas provided Optivo, a charitable housing association, as well as UK Housing Association Peabody Trust, with five-year RCFs.

In 2011, BNP Paribas decided to place the fight against climate change at the forefront of its priorities. The Bank financed more than €15bn in renewable energy in 2018, and is among the top 3 issuers of green bonds in euros. At the end of 2018, the total financing provided by BNP Paribas that contributed to the energy transition and the SDGs was €168bn.

Press Contacts
Mylene BENMOUSSA – +1 212-841-2351 – mylene.benmoussa@us.bnpparibas.com
Keely GISPAN – +1 212-340-5867 – keely.gispan@us.bnpparibas.com