Latest news with #BalticPower
Yahoo
15-05-2025
- Business
- Yahoo
Northland Power Inc (NPIFF) Q1 2025 Earnings Call Highlights: Navigating Challenges with ...
Adjusted EBITDA: $361 million, a 20% decrease compared to Q1 2024. Free Cash Flow: $157 million, 30% lower than Q1 2024. Free Cash Flow Per Share: $0.60 compared to $0.88 in Q1 2024. Commercial Availability: 95% in the offshore wind business. Onshore Fleet Availability: 97%. Construction Spending: $8 billion spent on Hai Long and Baltic Power projects, with $7 billion remaining. Corporate Liquidity: $1.1 billion available. Warning! GuruFocus has detected 7 Warning Signs with NPIFF. Release Date: May 14, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Northland Power Inc (NPIFF) successfully completed the Oneida battery storage project ahead of schedule and under budget, marking it as Canada's largest energy storage project. The company has made significant progress on its offshore wind projects, Hai Long and Baltic Power, with substantial investments and construction milestones achieved. Northland Power Inc (NPIFF) maintains a strong commitment to safety, evidenced by the Honoris CCS Award for innovation and safety received by its EBSA utility in Colombia. The company has a diversified portfolio across geographies and technologies, which helps mitigate risks associated with localized issues such as low wind resources. Northland Power Inc (NPIFF) has a strong balance sheet with $1.1 billion of available corporate liquidity, positioning it well for future growth and development projects. The company's Q1 2025 adjusted EBITDA decreased by 20% compared to the same quarter in 2024, primarily due to historically low offshore wind resources in the North Sea. Free cash flow for the first quarter was 30% lower than the same period last year, reflecting the impact of weak wind conditions. Despite the completion of the Oneida project, the reduction in costs does not directly translate to a one-to-one reduction in equity funding requirements. The company faces challenges in advancing future offshore wind projects due to higher costs and execution risks, as seen in the industry. Northland Power Inc (NPIFF) is experiencing a competitive environment for capital allocation, requiring careful evaluation of growth opportunities to ensure optimal deployment. Q: Can you clarify if the $100 million cost savings on the Oneida project directly reduces the equity funding requirement? A: Jeff Hart, Chief Financial Officer: It's not a one-to-one reduction. Various factors, including debt service and ITCs, influence the equity funding requirement. Q: Has there been any change in the EBITDA cash flow outlook for the Oneida project since its inception? A: Jeff Hart, Chief Financial Officer: We expect the economics to remain within the promised range, with 60% of revenues from capacity payments, aligning with our initial expectations. Q: What are Northland Power's future growth opportunities, particularly in wind or solar projects in regions like Quebec or the UK? A: Christine Healy, President and CEO: We are exploring a variety of opportunities across markets, both organic and inorganic. Each opportunity must compete for capital to ensure the best deployment for shareholder value. Q: How does Northland Power plan to manage the cadence of advancing growth opportunities while focusing on lowering the payout ratio? A: Christine Healy, President and CEO: We are evaluating our pipeline and capital allocation to balance growth with financial discipline. More details will be shared at our upcoming Investor Day. Q: What is Northland Power's perspective on the growth potential for gas-fired power, considering supply chain challenges and cost inflation? A: Christine Healy, President and CEO: We see gas-fired power as crucial for a reliable energy mix. We have good supply chain relationships and options, allowing us to proceed with projects without current constraints. Q: Are there any impacts from the recent grid outage in Spain on Northland Power's operations? A: Christine Healy, President and CEO: There were no negative impacts on our operations in Spain. The team handled the situation well, ensuring safety and operational integrity. Q: What is the expected timeline for generating first power at the Hai Long project, and are there any turbine installation requirements? A: Christine Healy, President and CEO: We expect first power in the back half of this year. There is no minimum number of turbines required for initial power generation, and installation is progressing well. Q: How is Northland Power addressing supply chain challenges for the Hai Long and Baltic projects? A: Christine Healy, President and CEO: We maintain constant vigilance over our supply chain, ensuring delivery on schedule and cost. Our supply chain is currently delivering well, with a strong emphasis on safety. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Yahoo
07-02-2025
- Business
- Yahoo
Northland and ORLEN begin work on Poland's first offshore wind farm
The offshore construction of the Baltic Power offshore wind farm, a joint venture between Orlen Group and Northland Power, has begun with the installation of monopile foundations in the Baltic Sea. The first two of 78 steel-structured monopiles have been installed. The monopiles will support 15MW wind turbines and offshore substations. With a total capacity of 1.2GW, the Baltic Power wind farm will begin operations in 2026 and generate clean electricity sufficient to power 1.5 million households. Northland Power CEO and president Christine Healy stated: 'As co-developers of Poland's first offshore wind farm, we are excited to contribute our global experience in offshore wind projects and proud of our strong partnership with ORLEN. This achievement demonstrates our progress together and further solidifies our shared commitment to Poland's energy future.' The offshore construction site spans 130km². Its monopiles are 100m long, weigh up to 1,700 tonnes and have a diameter exceeding 9m. A floating installation crane is used to position these foundations into the seabed at depths of 40m. The construction fleet comprises 11 specialised vessels: support ships, tugboats and environmental monitoring ships. The Baltic Power offshore co-ordination centre is managing all offshore construction and maritime traffic. As construction advances, transition pieces will connect the foundations to the turbines, followed by the turbine assembly, offshore substations, inter-array cables and export cables. The installation phase is expected to continue until 2026. The Baltic Power wind farm will become Poland's first offshore wind farm, producing around 4,000 gigawatt hours of zero emission electricity annually. This will lead to a CO₂ emissions reduction of 2.8 million tonnes (mt) per year, compared to traditional power generation. ORLEN SA CEO and president of the management board Ireneusz Fąfara stated: By 2026, energy from the Baltic Sea will be flowing to consumers for the first time. This clean, stable and secure power will drive Poland's economy forward. It also creates opportunities for Polish businesses to grow alongside our project. This is the energy of tomorrow – starting today.' The wind farm is a critical component of the ORLEN Group's strategy, aiming to deploy 4GW of installed capacity in the Baltic Sea through industry partnerships. The ORLEN Group's strategy includes the development of three additional offshore wind farms, with licences already secured. Ireneusz added: 'Already in 2026, the offshore wind farm will be able to cover about 3% of Poland's current energy demand, which corresponds to the needs of more than 1.5 million households. This is a real and very tangible contribution to the country's energy transition.' Offshore wind, combined with energy storage, onshore renewables, gas-fired plants and small modular reactors, will play a pivotal role in Poland's energy transition. Components such as turbine nacelles, subsea cables and offshore substation steel structures are being produced locally. Polish firms are also contributing to geological surveys, engineering design and logistics. "Northland and ORLEN begin work on Poland's first offshore wind farm" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
07-02-2025
- Business
- Yahoo
Cadeler Further Strengthens Its Position in the Polish Offshore Wind Market With the Signing of a New Vessel Reservation Agreement
COPENHAGEN, Denmark, February 07, 2025--(BUSINESS WIRE)--Today, Cadeler announces the signing of a Vessel Reservation Agreement (VRA) with Ocean Winds for the installation of the wind turbine generators (WTGs) at BC-Wind offshore wind farm in the Polish Baltic Sea. The potential value of the contract to be negotiated during the pendency of the VRA is estimated to be between EUR 48 million and EUR 56 million. Cadeler has signed a VRA with Ocean Winds for the installation and transportation of around 30 WTGs at the BC-Wind offshore wind farm in the Polish Baltic Sea. The potential value of the contract to be negotiated during the pendency of the VRA is estimated to be between EUR 48 million and EUR 56 million. Cadeler will deploy one of its O-class vessels, with the project scheduled to be completed in 2028. Cadeler and Ocean Winds have worked together previously, most recently on the Moray West offshore wind farm off the coast of Scotland, but this project marks the first time that the two companies have entered into a direct contractual relationship. BC-Wind is an offshore wind farm with a capacity of up to 500 MW. It is located approximately 23 km from the Polish coastline, north of the Pomeranian Voivoideship in Poland. It is Ocean Winds' first project in Poland. Mikkel Gleerup, CEO of Cadeler, says: "We are happy to embark on a new partnership with Ocean Winds, leveraging our expertise and resources to further strengthening our Polish pipeline. Poland has become a significant player in the offshore wind market, and we look forward to once again be working in the Baltic Sea contributing to the development of offshore wind energy in the region." Strong position in the Polish offshore wind market This project reaffirms Cadeler's strong position in the Polish offshore wind market and is a natural continuation of four other milestone projects in Cadeler's Polish pipeline. In October last year, Cadeler signed firm contracts with Equinor and Polenergia joint ventures for the installation of two offshore wind farms, Bałtyk 2 and Bałtyk 3, in the Polish Baltic Sea, with operations scheduled to begin in 2027. In February last year, Cadeler signed a contract with Ørsted and PGE Polska Grupa Energetyczna for the transport and installation of Siemens Gamesa 14 MW wind turbines at Baltica 2, part of the Baltica Offshore Wind Farm. The project is scheduled for completion by the end of 2027. In July 2023, Cadeler signed a contract with Baltic Power for the installation of 76 Vestas 15 MW offshore wind turbines at the Baltic Power offshore wind farm. Installation work is to commence in 2025, with the 1.2 GW wind farm expected to be completed in 2026. Cadeler is the world's leading offshore wind turbine transportation and installation company, with a fleet of six jack-up vessels currently in operation and five newbuilds scheduled to be delivered in the coming years. About Cadeler A/S: Cadeler is a global leader in offshore wind installation, operations, and maintenance services. Cadeler is a pure play company, operating solely in the offshore wind industry with an uncompromising focus on safety and the environment. Cadeler owns and operates the industry's largest fleet of jack-up offshore wind installation vessels and has for more than 10 years been a key supplier in the development of offshore wind energy to power millions of households. Cadeler's fleet, expertise and capacity to handle the largest and most complex next-generation offshore wind installation projects positions the company to deliver exceptional services to the industry. Cadeler is committed to being at the forefront of sustainable wind farm installation and to enabling the global energy transition towards a future built on renewable energy. Cadeler is listed on the New York Stock Exchange (ticker: CDLR) and the Oslo Stock Exchange (ticker: CADLR). For more information, please visit View source version on Contacts For further information, please contact: Mikkel GleerupCEO, Cadeler+45 3246 Alexander SimmondsEVP & CLO, Cadeler+44 7376 Sign in to access your portfolio
