Latest news with #JurassicBatteryEnergyStorageSystem
The Market Online
14-05-2025
- Business
- The Market Online
Northland Power reports strong operational progress despite lower wind conditions
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. Join the discussion: Find out what everybody's saying about this stock on the Northland Power Inc. Bullboard, and check out the rest of Stockhouse's stock forums and message boards. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
Yahoo
09-04-2025
- Business
- Yahoo
Northland Power Secures Financing to Advance the Jurassic Battery Energy Storage Project in Alberta
Announcement Highlights Northland closes its second battery storage financing, reflecting the Company's growing expertise in battery storage technology. The project is located in Cypress County, Alberta and is preparing to begin construction. Jurassic BESS will be Alberta's largest battery energy storage system once completed. TORONTO, April 09, 2025 (GLOBE NEWSWIRE) -- Northland Power Inc. ('Northland' or the 'Company') (TSX: NPI) today announced that the Jurassic Battery Energy Storage System project ('Jurassic BESS' or the 'project') in southern Alberta has achieved financial close, securing all necessary financing as it prepares to begin construction. Jurassic BESS is an 80 MW, 2-hour (160 MWh) battery storage system that is part of Northland's growth pipeline in Alberta. The project recently signed construction contracts and will benefit from a 15-year fixed price contract for capacity. The project is expected to reach commercial operation in late 2026. 'Building on the success of our Oneida Battery Storage Project, which is nearing operations, today's announcement represents another great milestone for Northland Power. We are delivering needed battery storage as one of the ways we provide energy solutions in Canada and around the world,' said Christine Healy, President and Chief Executive Officer. 'This BESS project will enhance the stability and reliability of Alberta's energy grid, expand our footprint in Canada, and diversify our asset base. It highlights the growth potential of our multi-technology approach.' The project cost is approximately $120 million. Construction costs will be funded by non-recourse project-level financing, existing cash and available liquidity. Once fully operational, Jurassic BESS is expected to contribute approximately $15 million of annual Adjusted EBITDA. ABOUT NORTHLAND POWER Northland Power is a Canadian-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 3.2 GW of gross operating generating capacity, 2.4 GW under construction and a significant 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 press release includes references to the Company's adjusted earnings before interest, income taxes, depreciation and amortization (), Adjusted Free Cash Flow, 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. Rather, 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 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, the timing of commencement of construction activities and attainment of commercial operations at the Jurassic BESS project, the expected generating capacity of the project, forecasts as to overall project costs, investments or financings and the timing thereof, future funding requirements, 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 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, 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 are 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: Dario Neimarlija, Vice President, FP&A and Investor Relations647-288-1019investorrelations@ Victor Gravili,Head of Global Brand & Integrated Communications647-288-1105communications@ in to access your portfolio
