Latest news with #ChristineHealy
Toronto Star
5 days ago
- Business
- Toronto Star
Northland Power Reports Second Quarter 2025 Results
TORONTO, Aug. 13, 2025 (GLOBE NEWSWIRE) — Northland Power Inc. ('Northland' or the 'Company') (TSX: NPI) today reported financial results for the three and six months ended June 30, 2025. All dollar amounts set out herein are in thousands of Canadian dollars, unless otherwise stated. 'This quarter, Northland and our partners reached several major construction milestones, including the ahead-of-schedule and under-budget delivery of the Oneida energy storage project into commercial operations, first power at Hai Long, and the installation of Baltic Power's first wind turbine,' said Christine Healy, President and CEO of Northland. 'While our overall performance was impacted by below-average wind levels in Europe during the quarter, we continued to demonstrate strong operational performance with 95% commercial availability.'
Yahoo
5 days ago
- Business
- Yahoo
Northland Power Reports Second Quarter 2025 Results
TORONTO, Aug. 13, 2025 (GLOBE NEWSWIRE) -- Northland Power Inc. ('Northland' or the 'Company') (TSX: NPI) today reported financial results for the three and six months ended June 30, 2025. All dollar amounts set out herein are in thousands of Canadian dollars, unless otherwise stated. 'This quarter, Northland and our partners reached several major construction milestones, including the ahead-of-schedule and under-budget delivery of the Oneida energy storage project into commercial operations, first power at Hai Long, and the installation of Baltic Power's first wind turbine,' said Christine Healy, President and CEO of Northland. 'While our overall performance was impacted by below-average wind levels in Europe during the quarter, we continued to demonstrate strong operational performance with 95% commercial availability.'Project Updates: – Northland continues to advance the 1.0 GW Hai Long project, achieving first power during the quarter. Offshore construction is progressing, with all wind turbine foundation piles installed and turbine installation and inter-array cabling underway. The project remains on track for full commercial operations in 2027, with overall costs aligned with original expectations. – Northland continues to advance the 1.1 GW Baltic Power project, with onshore substation construction underway and fabrication progressing on key components including offshore substation topsides, export cables, wind turbine parts, and inter-array cables. Offshore work continues, with wind turbine installation now in progress. The project remains on track for full commercial operations in the second half of 2026, with overall costs aligned with original expectations. – On May 7, 2025, Northland announced that the 250 MW/1.0 GWh Oneida project – the largest operating battery energy storage facility in Canada – successfully entered commercial operations ahead-of-schedule and under-budget. The project was completed with no lost time incidents, reflecting Northland's strong commitment to health and safety. Oneida operates under a 20-year capacity contract with Ontario's Independent Electricity System Operator. Other: – Revised 2025 full year financial guidance for Adjusted EBITDA and Free Cash Flow per share, driven primarily by low wind resource across our offshore wind facilities during the first half of the year. Refer to the Outlook section for additional from energy sales was $509 million in the second quarter of 2025 compared to $529 million in the same quarter of 2024. Net loss was $53 million in the second quarter of 2025 compared to a net income of $262 million in the same quarter of 2024. Adjusted EBITDA (a non-IFRS measure) was $245 million in the second quarter of 2025 compared to $268 million in the same quarter of 2024. Free Cash Flow per share (a non-IFRS measure) was $0.22 in the second quarter of 2025 compared to $0.27 in the same quarter of 2024. Cash provided by operating activities was $451 million in the second quarter of 2025 compared to $171 million in the same quarter of 2024. Available corporate liquidity of $1,048 million as at June 30, 2025 including $107 million of cash on hand and approximately $941 million of available capacity on its corporate revolving credit facilities. The following table presents key IFRS and non-IFRS financial measures and operational results. Revenue from energy sales, operating income and net income, as reported under IFRS, include consolidated results of entities not wholly owned by Northland, whereas Northland's non-IFRS financial measures include only Northland's proportionate ownership interest. (in thousands of dollars, except per share amounts) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 FINANCIALS Revenue from energy sales (1) $ 509,132 $ 528,974 $ 1,157,652 $ 1,283,894 Operating income (1) 122,057 152,025 385,164 498,194 Net income (loss) (1) (53,149 ) 262,356 57,668 411,653 Net income (loss) attributable to shareholders (62,744 ) 246,090 4,088 321,693 Adjusted EBITDA (a non-IFRS measure) (3) 245,325 268,190 606,510 722,056 Cash provided by operating activities (1) 451,077 170,998 873,885 473,414 Free Cash Flow (a non-IFRS measure) (3) 58,444 68,594 215,718 294,325 Cash dividends paid 78,451 49,836 129,107 200,488 Total dividends declared (2) $ 78,451 $ 77,061 $ 156,744 $ 153,760 Per Share Weighted average number of shares — basic and diluted (000s) 261,502 256,659 261,097 256,070 Net income (loss) attributable to common shareholders — basic and diluted $ (0.25 ) $ 0.95 $ 0.00 $ 1.24 Free Cash Flow — basic (a non-IFRS measure) (3) $ 0.22 $ 0.27 $ 0.83 $ 1.15 Total dividends declared $ 0.30 $ 0.30 $ 0.60 $ 0.60 ENERGY VOLUMES Electricity production in gigawatt hours (GWh) (4) 2,094 2,563 5,108 6,030 Northland's share of electricity production (GWh) (5) 1,825 2,258 4,466 5,255 (1) Represents fully consolidated financial information on 100% basis for all direct and indirect subsidiaries including those partially owned by Northland. Share of profit (loss) from joint ventures have been included only in the net income measures, as required by IFRS. (2) Represents total dividends to common shareholders, including dividends in cash or in shares under Northland's dividend reinvestment plan. (3) See Forward-Looking Statements and Non-IFRS Financial Measures below. (4) Includes 100% of electricity production from all direct and indirect subsidiaries including those which are partially owned by Northland. (5) Presented at Northland's economic interest. Financial results for the three months ended June 30, 2025 were lower than the same quarter of 2024, primarily due to lower wind resource across offshore wind and Spanish onshore wind facilities. This decrease was partially offset by the contribution from the Oneida energy storage facility commencing operations this quarter and high wind conditions at the New York and Canadian onshore wind production for the three months ended June 30, 2025 decreased 19% or 174 GWh compared to the same quarter of 2024, primarily due to lower wind resource across all offshore wind facilities and higher unpaid curtailments related to negative prices at German offshore wind facilities, partially offset by lower unpaid curtailments related to grid outages at German facilities. Commercial availability for the three months ended June 30, 2025 was on plan at 95%. Revenue from energy sales of $213 million for the three months ended June 30, 2025 decreased 12% or $28 million, compared to the same quarter of 2024, primarily due to the lower production across all offshore wind facilities. Adjusted EBITDA of $108 million for the three months ended June 30, 2025 decreased 17% or $23 million compared to the same quarter of 2024, primarily due to the same factors noted production at the onshore renewable and energy storage facilities for the three months ended June 30, 2025 was 7% or 45 GWh higher than the same quarter of 2024, primarily due to high wind conditions at the New York and Canadian onshore wind facilities, partially offset by low wind conditions at the Spanish wind facilities. Commercial availability for the three months ended June 30, 2025 was on plan at 97%. Revenue from energy sales of $130 million for the three months ended June 30, 2025 increased 15% or $17 million compared to the same quarter of 2024, primarily due to the contribution from the Oneida energy storage facility commencing operations this quarter, as well as the higher production from New York and Canadian onshore wind facilities, partially offset by lower production from Spanish wind facilities. Please refer to the Management's Discussion and Analysis for the six months ended June 30, 2025, dated August 13, 2025 ('MD&A') for a further breakdown of the Spanish portfolio revenue by component. Adjusted EBITDA of $87 million was 11% or $9 million higher than the same quarter of 2024, primarily due to the same factors noted production of 672 GWh for the three months ended June 30, 2025 decreased 26% or 241 GWh compared to the same quarter of 2024, primarily due to lower operating availability resulting from a planned maintenance outage at North Battleford. Commercial availability for the three months ended June 30, 2025 was on plan at 98%. Revenue from energy sales of $75 million for the three months ended June 30, 2025 was largely in line with the same quarter of 2024. Adjusted EBITDA of $42 million for the three months ended June 30, 2025 decreased 15% or $8 million as compared to the same quarter of 2024, primarily due to lower operating availability because of planned outages at the natural gas from energy sales of $89 million for the three months ended June 30, 2025 was largely in line with the same quarter of 2024. Adjusted EBITDA $40 million for the three months ended June 30, 2025 was largely in line with the same quarter of and administrative () costs of $28 million in the second quarter increased $3 million compared to the same quarter of 2024, primarily due to higher long-term incentive plan costs. Development costs of $13 million decreased $4 million compared to the same quarter of 2024, primarily due to a more focused market strategy. Finance costs of $97 million were largely in line with the same quarter of 2024. Fair value loss on financial instruments was $144 million, primarily due to net movement in the fair value of derivatives related to foreign exchange and interest rate contracts. Foreign exchange gain of $14 million was primarily due to fluctuations in foreign exchange rates. Share of loss from joint ventures of $22 million was primarily due to losses on the fair value of derivatives. Net loss of $53 million in the second quarter of 2025 compared to net income of $262 million in the same quarter of 2024, primarily as a result of the factors described following table reconciles net income (loss) to Adjusted EBITDA: Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Net income (loss) $ (53,149 ) $ 262,356 $ 57,668 $ 411,653 Adjustments: Finance costs, net 82,737 76,585 153,276 149,024 Provision for (recovery of) income taxes (65,147 ) 51,070 (9,814 ) 131,617 Depreciation of property, plant and equipment 166,082 155,967 323,335 310,028 Amortization of contracts and intangible assets 15,651 14,496 30,498 28,827 Fair value (gain) loss on financial instruments 144,433 (83,962 ) 287,923 (8 ) Foreign exchange (gain) loss (13,792 ) 5,549 (44,261 ) 1,665 Fair value adjustment relating to the disposal group held for sale — — — 43,884 Elimination of non-controlling interests (55,186 ) (53,719 ) (134,306 ) (163,914 ) Share of (profit) loss from joint ventures 22,315 (94,644 ) (53,039 ) (133,452 ) Others (1) 1,381 (65,508 ) (4,770 ) (57,268 ) Adjusted EBITDA (2) $ 245,325 $ 268,190 $ 606,510 $ 722,056 (1) Others primarily include Northland's share of Adjusted EBITDA from equity accounted investees, Gemini interest income, finance lease (lessor) and other expenses (income). (2) See Forward-Looking Statements and Non-IFRS Financial Measures below. Adjusted EBITDA of $245 million for the three months ended June 30, 2025 decreased 9% or $23 million compared to the same quarter of 2024. The significant factors decreasing Adjusted EBITDA include: $23 million decrease in operating results at the offshore wind facilities, primarily due to lower production, as described above; and $8 million decrease in operating results from natural gas facilities, primarily due to a planned outage at North Battleford, as described above. The factor partially offsetting the decrease in the Adjusted EBITDA was: $12 million increase due to the contribution from the Oneida energy storage facility commencing operations this quarter and high wind conditions at the New York and Canadian onshore wind facilities, as described following table reconciles cash flow from operations to Free Cash Flow: Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Cash provided by operating activities $ 451,077 $ 170,998 $ 873,885 $ 473,414 Adjustments: Net change in non-cash working capital balances related to operations (134,572 ) 114,124 (174,399 ) 298,975 Non-expansionary capital expenditures (835 ) (1,326 ) (892 ) (1,639 ) Restricted funding for major maintenance, debt and decommissioning reserves 15,882 (7,677 ) 13,819 (12,165 ) Interest (73,078 ) (82,366 ) (137,224 ) (144,415 ) Scheduled principal repayments on facility debt (416,824 ) (270,503 ) (478,002 ) (329,062 ) Funds set aside (utilized) for scheduled principal repayments 207,983 102,073 96,680 (7,874 ) Preferred share dividends (1,388 ) (1,553 ) (2,820 ) (3,111 ) Consolidation of non-controlling interests (14,576 ) (15,741 ) (50,730 ) (83,591 ) Others (1) 10,679 43,360 46,784 78,264 Growth expenditures 14,096 17,205 28,617 25,529 Free Cash Flow (2) $ 58,444 $ 68,594 $ 215,718 $ 294,325 (1) Others mainly include the effect of foreign exchange rates and hedges, interest rate hedge, Nordsee One interest on shareholder loans, acquisition costs, lease payments, interest income, Northland's share of Free Cash Flow from equity accounted investees, investment income, and other non-cash expenses adjusted in working capital excluded from Free Cash Flow in the period. (2) See Forward-Looking Statements and Non-IFRS Financial Measures below. Free Cash Flow of $58 million for the three months ended June 30, 2025 was 15% or $10 million lower than the same quarter of 2024. The significant factors decreasing Free Cash Flow were: $26 million decrease in Adjusted EBITDA (gross of growth expenditures) due to the factors described above; and $12 million increase in scheduled debt repayments on facility-level loans and net movement in funds set aside for maintenance and decommissioning reserves. The factor offsetting the decrease in Free Cash Flow was: $31 million as a result of German trade tax refund receivable. The following table reconciles Adjusted EBITDA to Free Cash Flow: Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Adjusted EBITDA (2) $ 245,325 $ 268,190 $ 606,510 $ 722,056 Adjustments: Scheduled debt repayments (170,131 ) (137,551 ) (310,022 ) (276,803 ) Interest expense (55,974 ) (57,844 ) (104,195 ) (96,788 ) Current taxes 13,073 (36,368 ) (38,561 ) (106,120 ) Non-expansionary capital expenditure (581 ) (1,189 ) (603 ) (1,461 ) Utilization (funding) of maintenance and decommissioning reserves 12,849 (7,302 ) 10,786 (10,979 ) Lease payments, including principal and interest (2,804 ) (317 ) (6,726 ) (3,381 ) Preferred dividends (1,388 ) (1,553 ) (2,820 ) (3,111 ) Foreign exchange hedge gain (loss) (3,030 ) (3,086 ) 18,322 12,891 Others (1) 7,009 28,409 14,410 32,492 Growth expenditures 14,096 17,205 28,617 25,529 Free Cash Flow (2) $ 58,444 $ 68,594 $ 215,718 $ 294,325 (1) Others mainly include repayment of Gemini subordinated debt, and interest rate and foreign currency hedge settlements. (2) See Forward-Looking Statements and Non-IFRS Financial Measures below. Outlook In 2025, Northland continues to deliver key milestones across its construction portfolio. Upon reaching commercial operations, these projects will expand Northland's operations into new jurisdictions, including the Taiwan Strait and Baltic Sea, and are expected to enhance production capacity and reduce portfolio volatility. Northland continues to pursue its development pipeline to further enhance its cash flow profile. To capitalize on the market opportunity presented by growing demand for electricity and energy security, Northland is pursuing opportunities in offshore wind, onshore renewables, battery storage, and natural gas. Primarily driven by lower-than-expected wind resource in our offshore wind facilities to date, management anticipates Adjusted EBITDA to be in the range of $1.2 billion to $1.3 billion, compared to the previous guidance of $1.3 billion to $1.4 billion. Free Cash Flow is now projected to be between $1.15 and $1.35 per share, compared to $1.30 to $1.50 per share previously projected. This revision reflects similar assumptions for the remainder of 2025 consistent with the original financial guidance. Free Cash Flow per share guidance includes the favourable impact from a recent tax ruling in Germany, which contributed to the operating results from our German facilities. The information in this Outlook constitutes forward-looking information within the meaning of applicable Canadian securities laws, is based on several assumptions and is subject to risks and uncertainties. See Forward-Looking Statements in this release as well as the Risk Factors in the 2024 AIF. Second-Quarter Earnings Conference Call Northland will hold an earnings conference call on August 14, 2025, to discuss its second quarter 2025 results. The call will be hosted by Northland's Senior Management, who will discuss the Company's financial results and developments as well as answering questions from analysts. Conference call details are as follows: Thursday, August 14, 2025, 10:00 a.m. ET Participants wishing to join the call and ask questions must register using the following URL below: For all other attendees, the call will be broadcast live on the internet, in listen-only mode and can be accessed using the following link: Webcast URL: For those unable to attend the live call, an audio recording will be available on on Friday, August 15, 2025. Northland's unaudited interim condensed consolidated financial statements for the six months ended June 30, 2025, and related MD&A can be found on SEDAR+ at under Northland's profile and on ABOUT NORTHLAND POWER Northland Power is a Canadian-owned global power producer dedicated to accelerating the global energy transition. Founded in 1987, with almost four decades of experience, Northland has a long history of developing, owning and operating a diversified mix of energy infrastructure assets including offshore and onshore wind, solar, battery energy storage, and natural gas. Northland also supplies energy through a regulated utility. Headquartered in Toronto, Canada, with global offices in seven countries, Northland owns or has an economic interest in 3.5 GW of gross operating generating capacity, 2.2 GW under construction and a significant inventory of early to mid-stage development opportunities encompassing approximately 9 GW of potential capacity. Publicly traded since 1997, Northland's Common Shares, and Series 1 and Series 2 Preferred Shares trade on the Toronto Stock Exchange under the symbols NPI, and respectively. NON-IFRS FINANCIAL MEASURES This press release includes references to the Company's adjusted earnings before interest, income taxes, depreciation and amortization (), Free Cash Flow and applicable payout ratios and per share amounts, which are measures not prescribed by International Financial Reporting Standards (), and therefore do not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. Non-IFRS financial measures are presented at Northland's share of underlying operations. These measures should not be considered alternatives to net income (loss), cash flow from operating activities or other measures of financial performance calculated in accordance with IFRS. Instead, these measures are provided to complement IFRS measures in the analysis of Northland's results of operations from management's perspective. Management believes that Northland's non-IFRS financial measures and applicable payout ratio and per share amounts are widely accepted and understood financial indicators used by investors and securities analysts to assess the performance of a company, including its ability to generate cash through operations. FORWARD-LOOKING STATEMENTS This press release contains statements that constitute forward-looking information within the meaning of applicable securities laws ('forward-looking statements') that are provided for the purpose of presenting information about management's current expectations and plans. Readers are cautioned that such statements may not be appropriate for other purposes. Northland's actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, the events anticipated by the forward-looking statements may or may not transpire or occur. Forward-looking statements include statements that are not historical facts and are predictive in nature, depend upon or refer to future events or conditions, or include words such as 'expects,' 'anticipates,' 'plans,' 'predicts,' 'believes,' 'estimates,' 'intends,' 'targets,' 'projects,' 'forecasts' or negative versions thereof and other similar expressions or future or conditional verbs such as 'may,' 'will,' 'should,' 'would' and 'could'. These statements may include, without limitation, statements regarding future Adjusted EBITDA and Free Cash Flow, including respective per share amounts, dividend payments and dividend payout ratios, the timing for and attainment of the Hai Long and Baltic Power offshore wind, Jurassic BESS battery energy storage project and other growth activity and the anticipated contributions therefrom to Adjusted EBITDA and Free Cash Flow, the expected generating capacity of certain projects, guidance, anticipated dates of full commercial operations, forecasts as to overall project costs, the completion of construction, acquisitions, dispositions, whether partial or full, investments or financings and the timing thereof, the timing for and attainment of financial close and commercial operations for each project, the potential for future production from project pipelines, cost and output of development projects, the all-in interest cost for debt financing, the impact of currency and interest rate hedges, litigation claims, future funding requirements, and the future operations, business, financial condition, financial results, priorities, ongoing objectives, strategies and the outlook of Northland, its subsidiaries and joint ventures. These statements are based upon certain material factors or assumptions that were applied in developing the forward-looking statements, including the design specifications of development projects, the provisions of contracts to which Northland or a subsidiary is a party, management's current plans and its perception of historical trends, current conditions and expected future developments, the ability to obtain necessary approvals, satisfy any closing conditions, satisfy any project finance lender conditions to closing sell-downs or obtain adequate financing regarding contemplated construction, acquisitions, dispositions, investments or financings, as well as other factors, estimates and assumptions that are believed to be appropriate in the circumstances. Although these forward-looking statements are based upon management's current reasonable expectations and assumptions, they are subject to numerous risks and uncertainties. Some of the factors that could cause results or events to differ from current expectations include, but are not limited to, risks associated with further regulatory and policy changes which could impair current guidance and expected returns, risks associated with merchant pool pricing and revenues, risks associated with sales contracts, the emergence of widespread health emergencies or pandemics, Northland's reliance on the performance of its offshore wind facilities at Gemini, Nordsee One and Deutsche Bucht for over 50% of its Adjusted EBITDA, counterparty and joint venture risks, contractual operating performance, variability of sales from generating facilities powered by intermittent renewable resources, wind and solar resource risk, unplanned maintenance risk, offshore wind concentration, natural gas and power market risks, commodity price risks, operational risks, recovery of utility operating costs, Northland's ability to resolve issues/delays with the relevant regulatory and/or government authorities, permitting, construction risks, project development risks, integration and acquisition risks, procurement and supply chain risks, financing risks, disposition and joint-venture risks, competition risks, interest rate and refinancing risks, liquidity risk, inflation risks, commodity availability and cost risk, construction material cost risks, impacts of regional or global conflicts, credit rating risk, currency fluctuation risk, variability of cash flow and potential impact on dividends, taxation, natural events, environmental risks, climate change, health and worker safety risks, market compliance risk, government regulations and policy risks, utility rate regulation risks, international activities, cybersecurity, data protection and reliance on information technology, labour relations, labour shortage risk, management transition risk, geopolitical risk in and around the regions Northland operates in, large project risk, reputational risk, insurance risk, risks relating to co-ownership, bribery and corruption risk, terrorism and security, litigation risk and legal contingencies, and the other factors described in the 'Risks Factors' section of Northland's MD&A and 2024 AIF, which can be found at under Northland's profile and on Northland's website at Northland has attempted to identify important factors that could cause actual results to materially differ from current expectations; however, there may be other factors that cause actual results to differ materially from such expectations. Northland's actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, and Northland cautions you not to place undue reliance upon any such forward-looking statements. The forward-looking statements contained in this release are, unless otherwise indicated, stated as of the date hereof and are based on assumptions that were considered reasonable as of the date hereof. Other than as specifically required by law, Northland undertakes no obligation to update any forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise. Certain forward-looking information in this release and the MD&A may also constitute a 'financial outlook' within the meaning of applicable securities laws. Financial outlook involves statements about Northland's prospective financial performance, financial position or cash flows and is based on and subject to the assumptions about future economic conditions and courses of action and the risk factors described above in respect of forward-looking information generally, as well as any other specific assumptions and risk factors in relation to such financial outlook noted in this release and the MD&A. Such assumptions are based on management's assessment of the relevant information currently available and any financial outlook included in this release and the MD&A is provided for the purpose of helping readers understand Northland's current expectations and plans. Readers are cautioned that reliance on any financial outlook may not be appropriate for other purposes or in other circumstances and that the risk factors described above or other factors may cause actual results to differ materially from any financial outlook. The actual results of Northland's operations will likely vary from the amounts set forth in any financial outlook and such variances may be material. For further information, please contact:Adam Beaumont, Senior Vice President, Capital Markets647-288-1019investorrelations@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
17-06-2025
- Automotive
- Globe and Mail
Why Canada's largest battery project is an energy gamechanger
While you may expect to hear humming, there's almost no sound coming from the site of the recently-opened Oneida Energy Storage project – a plot of land filled with 278 lithium-ion batteries, each one about the size of a tractor trailer – producing 250 megawatts (MW) of electricity. Located on 10 acres in Haldimand County, Ont., the Oneida project is among the five largest battery storage facilities in the world, producing enough electricity to power a city of 200,000. 'It's a beautiful facility. I had more decibel readings from the birds chirping in the trees than I had from the batteries,' says Christine Healy, president and chief executive officer of Toronto-based global power producer Northland Power. 'It provides a necessary service right where we need it the most.' Serving the entire province, the batteries pull electricity from the Ontario power grid, holding it in times of surplus and releasing it in times of need. Over its operating life, the facility is estimated to reduce greenhouse-gas (GHG) emissions by between 1.2 and 4.1 million tonnes – the equivalent of removing approximately 40,000 cars from the roads. The Oneida project comes as battery storage is transforming how we manage energy usage, making it cleaner and more reliable by reducing reliance on fossil fuels and strengthening the power grid during times of peak demand. These types of facilities also help contribute to lowering emissions – something relevant to Canada, which has pledged to reduce its GHGs by 45 to 50 per cent by 2035. The Oneida project more than doubles Ontario's current energy storage resources from 225 MW to 475 MW – a boost that comes amid a broader push to expand energy storage across the province. In 2024, the Ontario government and Independent Electricity System Operator (IESO), the non-profit overseeing the province's grid, announced they procured an additional 2,195 MW of electricity generation and battery capacity – enough to power 2.2 million homes during periods of peak demand. This includes 1,784 MW of battery energy storage from 10 different projects. It also means that Ontario should have close to 3 gigawatts (GW) of energy storage capacity by 2028, exceeding the government's initial target of 2.5 GW. Battery storage provides a number of services to the grid, helping to balance electricity supply and demand and ensuring grid reliability and resilience. 'Being able to move energy from times of surplus to times of need is a real asset,' says Vittoria Bellissimo, president and CEO of the Canadian Renewable Energy Association. 'What you need to run a reliable, clean, affordable electricity system is a diversified set of supply resources but also demand resources.' The Oneida Energy Storage Limited Partnership (Oneida LP) is composed of government, public and private groups that help govern the project – including Northland Power Inc., which holds a 70-per-cent stake, economic group the Six Nations of the Grand River Development Corporation (SNGRDC), energy storage developer NRStor Inc., developer Aecon Concessions and the Mississaugas of the Credit Business Corporation. Oneida LP works with the Ontario government through IESO and Haldimand County at the municipal level, says Matt Jamieson, CEO and president of the SNGRDC. 'It's a great example of multiple layers of government and organizations working together.' The SNGRDC and NRStor first formulated the idea for an energy storage facility in 2018 before bringing it to Northland Power, which helped secure financing through the Canada Infrastructure Bank, Mr. Jamieson says. Natural Resources Canada also added a $50-million grant. According to Northland, the project opened in May and came in ahead of schedule and under budget at $700-million, rather than the $800-million projected in 2023. Located near the Six Nations of the Grand River reserve, which has a population of nearly 30,000, construction employed 180 Indigenous and Ontario workers at its peak, including 40 from the SNGRDC's construction partner, Aecon Six Nations. Since its inception, the SNGRDC has invested in renewable energy projects, deploying more than $50-million of equity capital into utility-scale wind, solar and battery projects. 'We always want to stay true to our values as Indigenous people,' Mr. Jamieson says. 'We viewed renewable energy as an opportunity for us to get involved in something that has a net-positive environmental result. You build these assets, and really you're harnessing the power of Mother Earth, the wind and the sun.' Mr. Jamieson connected Oneida LP with Aecon Six Nations to subcontract much of the site's construction. 'That translates into paychecks, which float back into our community's economy,' he says. 'But even more important, the construction of Oneida really built capacity in our work force. We now have that skill set to be competitive in the market.' Northland Power CEO Ms. Healy says working with Indigenous partners helped move the project forward and bolster the local economy through employment. 'That level of alignment is the special sauce to make these projects work.' The SNGRDC currently holds 2.5 GW of electrical capacity through its involvement in 25 renewable energy holdings and has plans to expand. In December, the SNGRDC and Quebec-based renewable energy company Boralex Inc. announced $538-million for a 300 MW battery storage facility in Hagersville, Ont. It will surpass Oneida as Canada's largest. Northland Power also just began building Jurassic Solar+, an 80 MW battery storage and solar generation project in Alberta, while Nova Scotia and Saskatchewan have also heavily invested in energy storage. Now that Oneida is up and running, time is of the essence when it comes to moving forward with Ontario's procured energy storage projects. 'Pace matters. We have to keep developing projects,' says Ms. Healy. 'Capital fundamentally goes where it's treated best and it's a global competition. Canada needs to make sure that we are at the top of everybody's list for where they want to deploy their capital.'
CNBC
17-06-2025
- Business
- CNBC
Renewable energy skepticism is misplaced, says Northland Power CEO
Christine Healy, President & CEO of Canada-based Northland Power, believes it's a "good time for renewables" despite geopolitical tensions. She also talks about Northland Power's milestones in the Asian region.
Toronto Star
12-06-2025
- Business
- Toronto Star
Northland Power Achieves First Power on Hai Long Offshore Wind Project
Hai Long offshore substation in the Taiwan Strait. TORONTO, June 12, 2025 (GLOBE NEWSWIRE) — Northland Power Inc. (TSX: NPI) today announced first power from its Hai Long Offshore Wind Project in Taiwan, marking successful energization of the project and connection to Taipower's grid. This achievement comes ahead of the second half of 2025, underscoring the project's strong construction momentum. The milestone also includes the commissioning of both onshore and offshore substations, further demonstrating the project's progress toward full commercial operations, anticipated in 2027. 'Achieving first power is a significant milestone for Northland and reflects the dedication of our team and partners,' said Christine Healy, President and CEO of Northland Power. 'We extend our deepest appreciation to our joint teams, partners, and contractors for their extraordinary efforts.' ARTICLE CONTINUES BELOW Since the commencement of construction, Hai Long has made substantial progress, including the production of jacket foundations and pin piles, installation of the Hai Long 2 and 3 offshore substations, installation of all 219 pin piles, assembly of Taiwan's first locally manufactured 14 MW wind turbine nacelle and the installation of 14 out of 73 turbines. With a planned capacity of 1 GW, Hai Long will play a vital role in supporting Taiwan's renewable energy target of 15 GW of offshore wind between 2026 and 2035. Once operational, Hai Long will be among the largest offshore wind farms in the Asia-Pacific region, providing clean electricity to over one million Taiwanese homes. 'This milestone is a testament to the teamwork, technical excellence, and shared commitment from all involved,' said Toby Edmonds, Executive Vice President, Offshore Wind. 'First power represents real progress, not just for Hai Long, but for Taiwan's broader offshore wind ambitions. We're excited to keep building on this momentum.' ABOUT NORTHLAND POWER Northland Power is a Canada-based global power producer dedicated to accelerating the global energy transition. Founded in 1987, with almost four decades of experience, Northland has a long history of developing, owning and operating a diversified mix of energy infrastructure assets including offshore and onshore wind, solar, battery energy storage, and natural gas. Northland also supplies energy through a regulated utility. Headquartered in Toronto, Canada, with global offices in seven countries, Northland owns or has an economic interest in 3.5 GW of gross operating generating capacity, 2.2 GW under construction and an inventory of early to mid-stage development opportunities encompassing approximately 10 GW of potential capacity. Publicly traded since 1997, Northland's Common Shares, Series 1 and Series 2 Preferred Shares trade on the Toronto Stock Exchange under the symbols NPI, and respectively. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW FORWARD-LOOKING STATEMENTS This news release contains statements that constitute forward-looking information within the meaning of applicable securities laws ('forward-looking statements') that are provided for the purpose of presenting information about management's current expectations and plans. Readers are cautioned that such statements may not be appropriate for other purposes. Northland's actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, the events anticipated by the forward-looking statements may or may not transpire or occur. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as 'anticipates', 'expects,' 'believes,' or negative versions thereof and other similar expressions or future or conditional verbs such as 'may,' 'will,' 'should,' 'would' and 'could.' These statements may include, without limitation, statements regarding Northland's expectations for the completion of construction and anticipated timing thereof, the anticipated sequence of construction operations, the timing for and attainment of commercial operations, the expected generating capacity of the project, and the future operations of the project, all of which may differ from the expectations stated herein. These statements are based upon certain material factors or assumptions that were applied in developing the forward-looking statements, including the design specifications of development of the project, the current construction schedule of the project, the provisions of contracts to which Northland or a subsidiary is a party, as well as other factors, estimates, and assumptions that are believed to be appropriate in the circumstances. Although these forward-looking statements are based upon management's current reasonable expectations and assumptions, they are subject to numerous risks and uncertainties. Some of the factors include, but are not limited to, those described in the 'Risks Factors' section of Northland's Management's Discussion and Analysis and Annual Information Form for the year ended December 31, 2024, which can be found at under Northland's profile and on Northland's website at Northland has attempted to identify important factors that could cause actual results to materially differ from current expectations, however, there may be other factors that cause actual results to differ materially from such expectations. Northland's actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, and Northland cautions you not to place undue reliance upon any such forward-looking statements. The forward-looking statements contained in this release are, unless otherwise indicated, stated as of the date hereof and are based on assumptions that were considered reasonable as of the date hereof. Other than as specifically required by law, Northland undertakes no obligation to update any forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise. For further information, please contact: Adam Beaumont, SVP, Capital Markets 416-962-6262 investorrelations@ Victor Gravili, Head of Global Brand & Integrated Communications 647-288-1105 communications@ A photo accompanying this announcement is available at
