Northland Power Inc. reported financial results for the three and six months ended June 30, 2025. Despite below-average wind levels impacting overall performance, the company demonstrated 95% commercial availability. Major construction milestones were achieved, including the delivery of the Oneida energy storage project and first power at Hai Long and Baltic Power. Adjusted EBITDA for the second quarter of 2025 was $245 million, with revenue from energy sales at $509 million. Northland anticipates Adjusted EBITDA in the range of $1.2 billion to $1.3 billion for 2025 due to lower-than-expected wind resource. Free Cash Flow for the quarter was $58 million, lower than the same quarter of 2024, primarily due to scheduled debt repayments.
Electricity production at Northland’s offshore wind facilities decreased by 19% in the second quarter of 2025, with revenue from energy sales also decreasing by 12%. Adjusted EBITDA decreased by 17% compared to the same quarter of 2024. Onshore renewable & energy storage facilities saw a 7% increase in electricity production, leading to a 15% increase in revenue from energy sales. Adjusted EBITDA for this segment was 11% higher than the same quarter in 2024. Natural gas facilities experienced a 26% decrease in electricity production, resulting in Adjusted EBITDA decreasing by 15%. The utility segment saw revenue from energy sales largely in line with the same quarter in 2024, with Adjusted EBITDA also similar.
Northland continues to pursue development opportunities in offshore wind, onshore renewables, battery storage, and natural gas to enhance its cash flow profile. Adjusted EBITDA and Free Cash Flow guidance for 2025 has been revised due to lower wind resource at offshore wind facilities. The company will hold an earnings conference call on August 14, 2025, to discuss its second quarter results. Full financial details can be found in Northland’s unaudited interim condensed consolidated financial statements for the six months ended June 30, 2025.
Read more at GlobeNewswire: Northland Power Reports Second Quarter 2025 Results