Northland Power said slower-than-expected turbine commissioning at its 1-gigawatt (GW) Hai Long offshore wind project in Taiwan could cut pre-completion revenues by $150 million to $200 million next year, though construction remains on schedule.
The company reported that export cables are complete and more than half of the turbines have been installed, with full commercial operations still targeted for 2027 and overall costs aligned with expectations.
“The Hai Long project remains on track, but the commissioning of turbines has been slower than anticipated,” said Christine Healy, Northland’s president and chief executive.
In Europe, Northland confirmed that both offshore substations for its 1.1GW Baltic Power wind farm in Poland have been installed, with completion expected in the second half of 2026. Development continues on the 800MW ScotWind fixed-bottom project, Spiorad na Mara, while the floating Havbredey scheme has been de-prioritised.
Healy noted that the company’s offshore portfolio is progressing and that European wind resources improved during the third quarter. She added that reducing the annual dividend to $0.72 per share will “provide greater financial flexibility for self-funded growth while maintaining an investment-grade balance sheet.”
Northland reported third-quarter revenue from energy sales of $554 million, up from $491 million a year earlier, with adjusted EBITDA rising 13% to $257 million. The company’s net loss widened to $456 million from $191 million, reflecting a $527 million impairment on Germany’s Nordsee One offshore wind farm, which is transitioning from subsidised tariffs to market pricing by 2027.
Free cash flow increased to $45 million from $19 million, supported by higher offshore production, the contribution of the Oneida energy storage facility, and stronger demand for dispatchable power. As of September, the company reported liquidity of $1.05 billion, including $180 million in cash.
Northland reiterated its 2025 guidance, forecasting adjusted EBITDA of $1.2 billion–$1.3 billion and free cash flow per share of $1.15–$1.35.
