Northland Power has lowered its 2025 full-year guidance after below-average wind conditions across its offshore fleet in the first half of the year hit output and earnings.
Adjusted EBITDA at the Candian developer is now expected to be between C$1.2bn and C$1.3bn, down from C$1.3bn–C$1.4bn, while free cash flow per share is forecast at C$1.15–C$1.35, compared with C$1.30–C$1.50 previously.
The revision reflects lower production across all offshore wind facilities and higher unpaid curtailments at German sites due to negative power prices, partly offset by a favourable German tax ruling.
In the second quarter, group revenue fell to C$509m from C$529m a year earlier, with adjusted EBITDA down 9% to C$245m and free cash flow per share at C$0.22 from C$0.27. The company posted a net loss of C$53m compared with a C$262m profit in Q2 2024.
Offshore wind adjusted EBITDA dropped 17% to C$108m on a 19% fall in generation to 1,825GWh on Northland’s share.
Onshore renewables and energy storage rose 11% to C$87m on the contribution from the Oneida battery project and stronger North American wind, while natural gas earnings fell 15% to C$42m due to planned outages. The utility segment was broadly flat at C$40m.
President and chief executive Christine Healy said the company continued to deliver on major projects despite the weaker operating environment.
During the quarter, Hai Long in Taiwan achieved first power, with all foundation piles installed and turbine and cable installation under way. The 1GW project remains on track for 2027 completion.
In Poland, the 1.1GW Baltic Power (pictured) scheme began turbine installation alongside onshore substation works and fabrication of key components, with commissioning set for the second half of 2026.
Northland also completed the 250MW/1GWh Oneida battery in Canada ahead of schedule and under budget, with a 20-year capacity contract in place.
Healy said: “While our overall performance was impacted by below-average wind levels in Europe during the quarter, we continued to demonstrate strong operational performance with 95% commercial availability.”