Northland Power has unveiled impressive financial results for the first quarter ending March 31, showcasing a substantial increase in gross profit to C$697 million compared to C$569 million in the same period last year, attributed to robust offshore wind resources.
The company's adjusted EBITDA, a non-IFRS measure, surged to C$454 million in the first quarter of 2024 from C$352 million in the corresponding period of the previous year, reflecting a commendable growth trajectory.
A notable highlight of the financial report was the heightened performance compared to 2023, primarily propelled by enhanced wind resources across all offshore wind facilities. Furthermore, contributions from the New York onshore projects, which commenced commercial operations in October 2023, significantly bolstered the financial metrics.
However, the positive momentum was partially offset by lower revenue generated from the Spanish portfolio, primarily attributed to decreased solar resource and reduced market revenue.
Mike Crawley, President and Chief Executive Officer of Northland, expressed satisfaction with the company's robust performance, stating, “We are off to a strong start in 2024 with first-quarter results better than expected, thanks to strong winds experienced at our offshore wind facilities.”
John Brace, Executive Chair of Northland, emphasized the company's unwavering commitment to project execution, particularly highlighting the progress of large offshore wind projects in Taiwan and Poland, along with an energy storage project in Canada. He remarked, “Execution of these three projects remains a top priority for Northland and our teams are focused on delivering these projects safely and successfully.”
