Gross profit rose 1% to CA$459m in Northland Power’s first quarter (Q1) results compared with CA$455m in the same period last year.
According to the company’s results, sales increased 3% from CA$486m in the first quarter of 2018 to CA$499m in Q1 of this year.
Northland chief executive Mike Crawley said: “Our first quarter results are in line with our expectations, setting the stage for a solid 2019 as we continue to execute our strategy.”
In Q1 2019 Northland announced the signing of its first power purchase agreement (PPA) for the Hai Long offshore wind project in Taiwan, based on the 300MW feed-in-tariff allocation.
The company is working on securing PPAs for the remaining allocations for Hai Long.
“Construction of our Deutsche Bucht project remains on track, with completion expected by the end of the year and the project contributing to our financial results in 2020,” Crawley added.
Recently the company announced the final investment decision for construction of its 130MW La Lucha solar project in Mexico.
Adjusted earnings before interest, tax, depreciation and amortisation increased 1% from CA$290m in Q1 2018 to CA$294m in Q1 2019, while net income increased 15% to CA$204m, from CA$178m in the same period last year.
Hai Long is a 1044MW offshore wind project in the Taiwan Strait.
On 26 February, Northland and its 40% partner, Yushan Energy, executed a 20-year PPA with Taiwan Power Company for the Hai Long 2A offshore wind project, based on the 300MW feed-in-tariff allocation.