Northland reports strong start to 2018

Canada-based Northland Power Inc (TSE:NPI) on Wednesday said it has had an "excellent start" to 2018 with a 47% year-on-year rise in adjusted EBITDA in the first quarter of 2018.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) expanded to CAD 290.4 million (USD 227.1m/EUR 191.2m), while net profit rose by even higher 78% to CAD 178 million. Sales were up 34% to CAD 486.4 million.

The results were pushed up by the 332-MW Nordsee One wind farm in the German North Sea reaching full commercial operations at the end of 2017 and better wind resources at the 600-MW Gemini offshore wind park in the Netherlands.

The contributions from the two offshore wind farms drove a 250% increase in free cash flow per share to CAD 0.84.

In addition, in April the company's Hai Long 2 offshore wind project in Taiwan was awarded 300-MW grid connection capacity, which, it said, advances the project's ability to sign a 20-year power contract under Taiwan's feed-in tariff (FiT) programme. Hai Long 2 is a 60/40 joint project of Northland and Yushan Energy Pte Ltd of Singapore.

The Canadian company also said that its 252-MW Deutsche Bucht offshore wind project in the German North Sea is progressing on schedule. Offshore installations are due to start in the second half of 2018 and the wind farm is expected to be completed by the end of next year.

(CAD 1 = USD 0.782/EUR 0.658)

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