Marmen to restart wind tower production for 350-MW Quebec project
Sep 18, 2024 16:11 CESTCanada’s Northland Power Inc (TSE:NPI) on Wednesday reported robust financial results for the second quarter and first half of 2024, primarily driven by exceptional performance from its offshore wind farms.
Net income soared by 1,100% year-on-year to CAD 262 million (USD 191.2m/EUR 173.6m) in the second quarter, with sales rising by 12% to CAD 529 million.
Northland attributed the strong performance to higher wind resource across its offshore wind portfolio, contributions from operational onshore wind farms in New York, and improved revenue from its Colombian regulated utility EBSA due to higher market demand, rate escalations and foreign exchange gains as the Colombian peso grew stronger.
Lower revenues from the Canadian solar farms due to lower solar resource, and higher unpaid curtailments related to negative prices and grid outages at Northland’s German facilities partially softened the increases, the power producer said.
in CAD thousands (except per-share amounts): | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 |
Sales | 528,974 | 471,547 | 1,283,894 | 1,093,268 |
Gross profit | 483,376 | 427,468 | 1,180,830 | 996,371 |
Net income (loss) | 262,356 | 21,662 | 411,653 | 128,799 |
Adjusted EBITDA | 268,190 | 232,255 | 722,056 | 583,954 |
Adjusted free cash flow per share | 0.27 | 0.25 | 1.15 | 0.96 |
Free cash flow per share | 0.20 | 0.16 | 1.05 | 0.78 |
The company generated 2,563 GWh of electricity across its entire portfolio during the second quarter, marking an increase of 26.6% year-on-year. Its three operational offshore wind farms contributed 893 GWh, up from 781 GWh produced during the same quarter last year.
“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. The execution of these three projects remains our top priority as we focus on their safe and successful delivery. At the same time, we remain active in pursuing various development opportunities in core markets across our 9GW development pipeline,” commented John Brace, Northland’s Executive Chair.
The overall power output for the six months through June was 6,030 GWh, rising by 24.2%.
Northland kept the full year outlook intact, but it is projecting the final results to be at the higher end of the guidance range in light of the strong operating performance in the year to date. Adjusted EBITDA is still expected to be in the CAD 1.2 billion-CAD 1.3 billion range, while the adjusted free cash flow per share is forecast to be between CAD 1.30 and CAD 1.50.
(CAD 1.0 = USD 0.73/EUR 0.66)
Marmen to restart wind tower production for 350-MW Quebec project
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