From GlobeNewswire: 2025-05-13 20:08:00

Northland Power Inc. has reported financial results for the first quarter of 2025, highlighting progress on construction projects like Oneida, Baltic Power, and Hai Long. The Oneida energy storage project achieved commercial operations ahead of schedule and under budget, while the Hai Long project installed its first wind turbine. Despite challenges with wind conditions, Northland’s diversified portfolio remains strong across various technologies. The company also appointed new executives to lead strategic initiatives. Financially, revenue from energy sales was $649 million, with net income at $111 million for the quarter.

In terms of project updates, the Oneida Energy Storage Project and the Hai Long Offshore Wind Project have both reached significant milestones. Oneida is the largest battery storage facility in Canada, while Hai Long’s first wind turbine has been successfully installed. Baltic Power Offshore Wind Project is also progressing well, with construction activities ongoing. Northland closed debt financing for the Jurassic Battery Energy Storage System project in Alberta, expected to commence construction soon.

Looking ahead, Northland Power is focused on delivering key milestones in 2025, including full commercial operations for the Baltic Power and Hai Long projects. The company’s commitment to strong operational performance is reflected in its 2025 financial outlook, with projections for Adjusted EBITDA and Free Cash Flow per share. Despite uncertainties, Northland remains optimistic about its growth opportunities in offshore wind, renewables, battery storage, and natural gas to meet the rising demand for electricity and energy security.



Read more at GlobeNewswire: Northland Power Reports First Quarter 2025 Results