Nov 14, 2014 - Canadian thermal and renewable power plant operator Northland Power Inc (TSE:NPI) on Thursday reported a third-quarter net loss of CAD 43.8 million (USD 38.5m/EUR 30.9m) after a profit of CAD 41.3 million a year before.
The company explained that its performance in the three months has been impacted by higher finance costs and a fair value loss on derivative contracts. Still, it noted that the fair value adjustments are non-cash items and they will not affect Northland’s cash obligations and projects.
Northland Power, which owns a majority stake in the 600-MW Gemini offshore wind project in the North Sea, will pay a common share and class A share dividends of CAD 0.27 apiece for the past quarter.
The company’s adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) increased to CAD 86.8 million from CAD 75.7 million.
Sales in the July-September quarter rose to CAD 172.5 million from CAD 152.4 million in 2013, thanks to contributions from solar parks and the 50% Northland-owned McLean's Mountain Wind LP, which operates a 60-MW wind farm in Ontario. The positive effects were partly offset by decreased wind resources at Northland’s other wind plants.
The Canadian firm closed the first nine months of 2014 with a net loss of CAD 107.1 million, against a profit of CAD 145 million a year back. Nevertheless, revenues increased to CAD 571.9 million from CAD 382.9 million.
Looking ahead, Northland Power continues to expect 2014 adjusted EBITDA of CAD 350 million-360 million, while the result for 2015 is seen at between CAD 380 million and CAD 400 million.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.