Electricity output at Northland Power facilities jumped 22% to 5895 gigawatt-hours in the first three quarters of 2018, up from 4886GWh last year, boosted by operations at the 332MW Nordsee 1 offshore wind farm.
Net profit rose to over £340m in the period from less than $194m in 2017, while adjusted earnings before interest, taxes and amortisation was more than $670m, increasing from almost $527m last year.
Northland said higher production and wholesale market prices at the 600MW Gemini offshore wind farm in the Dutch North Sea also contributed to the company’s good showing, as did foreign exchange fluctuations.
The company added that work on the 269MW Deutsche Bucht offshore wind farm in the German North Sea is progressing on schedule. The project is expected to be completed by the end of 2019.
Northland has narrowed its EBITDA guidance range for the full year to between $870m and $900m from $860m to $930m previously.
“The narrowed range reflects Northland’s year-to-date results including unusually lower than historical average offshore wind speeds in northern Europe for the first nine months of the year,” it said.