Northland Power on Thursday outlined a strategic update that includes a plan to double its gross operating capacity to 7GW by 2030, while restructuring the business and tightening financial discipline to support long-term growth.
The company said it will intensify its focus on core markets to unlock further value and will reorganise its operations into two regional hubs: the Americas, and International. The hubs will be supported by a centralised growth and delivery function. Toby Edmonds will lead the International unit, Calvin MacCormack will oversee the Americas, and Pierre-Emmanuel Frot will head project development and delivery.
Northland said it is targeting more than US$50 million in annual corporate and operational savings by 2028. It has also introduced a financial framework aimed at sustaining an investment-grade credit rating without raising external equity.
The company increased its project return thresholds to a minimum of 12% and is targeting a 10% total shareholder return by the end of the decade. It also aims for 6% average annual free cash flow per share growth, with free cash flow projected at US$1.55–US$1.75 per share by 2030.
Chief executive Christine Healy said rising global energy demand is creating new opportunities across the business. “We look forward to presenting our strategy, built on a track record of successfully delivering power projects globally,” she said. “By maintaining a steadfast focus on safety, operational excellence, and disciplined capital allocation, we are positioning Northland to deliver sustainable, profitable growth.” She added that the strategic update “highlights three key horizons – Deliver, Strengthen, and Grow – to ensure the Company remains resilient while driving value for shareholders.”
Northland also confirmed the acquisition of two late-stage pre-construction battery energy storage projects in Poland, totalling 300MW/1.2GWh, located at Mieczysławow and Kamionka. The systems — 200MW/800MWh and 100MW/400MWh respectively — are four-hour duration facilities in western Poland and are among the first such projects set to enter operation in the country, the company said.
Both projects have secured 17-year capacity auction contracts indexed to inflation, with additional revenue expected from energy arbitrage and ancillary services. Northland expects financing and construction to begin in 2026 at a combined cost of about €200 million.
Healy said the acquisition supports Poland’s shift away from coal-based generation as the share of renewable energy grows. “This acquisition marks an important milestone in advancing Poland’s energy transformation and expanding Northland’s portfolio in a core market,” she said. “Battery storage is essential to enabling a reliable, lower-carbon energy system, and these projects represent a strong strategic fit with our growth ambitions.”
Separately, the company said its 332MW Nordsee One offshore wind farm in Germany has signed a five-year power purchase agreement with Shell Energy Europe covering roughly one-third of its output starting in June 2027.
Northland reaffirmed its 2025 guidance for adjusted EBITDA and free cash flow per share, and said it will use non-recourse financing, asset sell-downs, partner equity and corporate hybrid debt to support future development.
