Northland Power reports strong operational progress despite lower wind conditions

The Market Online

14-05-2025

Northland Power (TSX:NPI) reported its financial and operational results for Q1 ended March 31, 2025, highlighting major project milestones, leadership changes, and continued resilience in its diversified energy portfolio
Northland achieved a significant milestone with the early and under-budget completion of the 250 MW Oneida Energy Storage Project, now the largest battery storage facility in Canada
Revenue was C$649 million, down from C$755 million in Q1 2024 and net income totalled C$111 million, compared to C$149 million in the prior year
Northland Power stock (TSX:NPI) opened trading at C$18.87
Northland Power (TSX:NPI) reported its financial and operational results for Q1 ended March 31, 2025, highlighting major project milestones, leadership changes, and continued resilience in its diversified energy portfolio. Operational highlights
Northland achieved a significant milestone with the early and under-budget completion of the 250 MW Oneida Energy Storage Project, now the largest battery storage facility in Canada. The project, which will operate under a 20-year capacity contract with Ontario's Independent Electricity System Operator, was delivered without any lost time incidents—underscoring the company's commitment to safety and execution excellence.
Progress also continued on two of Northland's flagship offshore wind projects: Hai Long Offshore Wind Project (1.0 GW) in Taiwan saw the installation of its first wind turbine and the second offshore substation topside. The project remains on track for full commercial operations in 2027.
in Taiwan saw the installation of its first wind turbine and the second offshore substation topside. The project remains on track for full commercial operations in 2027. Baltic Power Offshore Wind Project (1.1 GW) in Poland advanced with the installation of turbine foundations and substation monopiles. It is expected to be operational in the latter half of 2026.
Additionally, Northland closed financing for the 80 MW Jurassic Battery Energy Storage System in Alberta, with construction expected to begin shortly. Financial performance
Despite facing the lowest wind conditions in Europe in over a decade, Northland maintained strong operational performance across its portfolio: Revenue was C$649 million , down from C$755 million in Q1 2024.
was , down from C$755 million in Q1 2024. Net income totalled C$111 million , compared to C$149 million in the prior year.
totalled , compared to C$149 million in the prior year. Adjusted EBITDA was C$361 million , down from C$454 million.
was , down from C$454 million. Free cash flow per share was C$0.60 , compared to C$0.88 in Q1 2024.
was , compared to C$0.88 in Q1 2024. Cash from operations rose to C$423 million , up from C$302 million.
rose to , up from C$302 million. Corporate liquidity stood at C$1.1 billion as of March 31, 2025. Segment performance Offshore wind : Electricity production fell 29 per cent due to weak wind conditions in Europe, resulting in a 32 per cent drop in adjusted EBITDA to C$202 million.
: Electricity production fell 29 per cent due to weak wind conditions in Europe, resulting in a 32 per cent drop in adjusted EBITDA to C$202 million. Onshore renewables : Benefited from strong wind in North America, with production up 10 per cent and adjusted EBITDA rising 7 per cent to C$95 million.
: Benefited from strong wind in North America, with production up 10 per cent and adjusted EBITDA rising 7 per cent to C$95 million. Natural gas : Stable performance with a modest 11 per cent revenue increase and 98 per cent commercial availability.
: Stable performance with a modest 11 per cent revenue increase and 98 per cent commercial availability. Utility segment: Revenue rose 8 per cent to C$96 million, with adjusted EBITDA up 20 per cent to C$41 million, driven by asset base growth. Leadership transition
Northland welcomed Christine Healy as president and CEO and Jeff Hart as CFO, signaling a new chapter in leadership. The appointments are expected to drive forward the company's strategic initiatives and long-term growth.
'We are pleased with the progress on our construction projects, which achieved significant milestones over the quarter, including the delivery of the Oneida energy storage project into commercial operations ahead of time and under budget and the installation of Hai Long's first wind turbine,' CEO Healy said in a news release. 'Our offshore wind facilities experienced the lowest wind resource in years, leading to lower offshore results, but the strong performance across other parts of our business demonstrates our resilience and the importance of our global portfolio across multiple technologies. Our diversified portfolio and an experienced executive leadership team provide Northland an opportunity to capture the accelerating demand for electricity and energy security.' Outlook
Northland reaffirmed its 2025 financial guidance and emphasized a focus on delivering key construction milestones. The Hai Long and Baltic Power projects are expected to begin contributing to electricity production in 2025 and 2026, respectively.
Northland Power Inc. is a global power producer dedicated to helping the clean energy transition by producing electricity from clean, renewable resources.
Northland Power stock (TSX:NPI) opened trading down 2.53 per cent at C$18.87. White it has risen 10.78 per cent since the year began, it has lost 12.53 per cent since this time last year.
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