Canada

Canada

New projects aid Northland 2017 sales

CANADA: Completion of two offshore wind farms boosted Northland Power's revenue for 2017 by 25%, the Canadian developer said.

Northland Power's 600MW Gemini project was completed in April 2017
Northland Power's 600MW Gemini project was completed in April 2017

Sales from its 600MW Gemini project, pre-completion revenue from its 332MW Nordsee One site — both in the North Sea, off the coast of the Netherlands and Germany, respectively — meant its revenue rose 25% year-on-year from C$1.09 billion (US$795 million) to C$1.37 billion

Revenue from its onshore facilities, "primarily Grand Bend", a 99.3MW project in Ontario, Canada, also contributed, Northland Power stated.

Its operating profit was boosted by sales from its offshore projects too, the developer said, with Ebitda rising 22% year-on-year from C$626.8 million to C$765.1 million.

With the newly commissioned projects, Northland Power’s electricity production also increased, from 6,392GWh in 2016 to 6,556GWh last year, up 2.56%.

Northland Power also acquired the 252MW Deutsche Bucht (DeBu) site, which will be located 95 kilometres north-west of Borkum, Germany, from Highland Group Holdings in March.

Financial close was achieved on the project in August. Construction contracts have now been signed, and manufacturing work on the offshore substation, monopiles and transition pieces has started, the company added. Project completion is expected by the end of 2019.

Last year, it also formed a 60-40 joint venture with Singaporean partner Yushan Energy to develop two wind projects in the Taiwan Strait, off the Island’s west coast, by 2024.

Northland Power also owns thermal, solar and hydro projects.

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