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Results for the three months ending 30 June
Profits are up for Northland Power in the Canadian companys second quarter results.
Net Income increased to $262 million from $22 million in 2023, while adjusted EBITDA (a non-IFRS measure) increased to $268 million from $232 million in 2023.
The companys sales increased to $529 million from $472 million in 2023.
The increase was driven by higher wind resource across all of the companys offshore wind facilities, as well as contributions from the New York onshore wind projects that achieved commercial operations in October 2023, higher revenue, and rate escalations.
The increase was partially offset by lower revenue generated from the Canadian solar facilities due to lower solar resource, and higher unpaid curtailments related to negative prices and grid outages at our German facilities.
Northland’s strong performance in the second quarter has contributed to solid results for the first half of 2024, largely driven by high wind resource at our offshore wind facilities,” said John Brace, Northland’s Executive Chair.
“We also continue to make progress on the construction of our two offshore wind projects in Taiwan and Poland, and our energy storage project in Canada," Brace said, and added that the company remains active in pursuing development opportunities across its 9GW development pipeline.
Northland also announced that it has completed the sale of its interest in the La Lucha Solar Facility in Mexico. |
