Full operations at the 332MW Nordsee 1 wind farm (pictured) in the German North Sea drove Canandian developer Northland Power’s gross profit for the year to C$1400m, up from C$1200m from 2017.
New results published by the company show a corresponding spike in sales from C$1.4bn to C$1.6bn, thanks to the project as well as higher wholesale market prices for the power from the 600MW Gemini project off the Netherlands.
Adjusted EBITDA increased 17% to C$891m thanks largely to the same factors, Northland said.
The developer has meanwhile forecast a EBITDA range of C$920m to C$1010m for 2019, due to pre-completion earnings from the under-construction 269MW Deutsche Bucht project in the German North Sea.
Some 31 monopile foundations are currently in place at the wind farm that is expected to be completed by the year-end, Northland said.
“2018 was a significant year for Northland. We continued to operate safely and efficiently, achieving strong growth in free cash flow and adjusted EBITDA,” said chief executive Mike Crawley
“Construction of Deutsche Bucht project remains on time and on budget, and we also remain well-positioned for continued growth.
“Our expansion into Asia has gained further traction, with the first of the three Hai Long offshore wind projects securing all approvals and permits. The next step for this 300 MW project will be executing its PPA.”