Northland Power’s adjusted EBITDA for the six months ended 30 June was up $19.4m on the same period last year at $207.9m, boosted by increased income from its renewable energy assets.
The company said the operating result from its renewables facilities grew $12.3m in the period compared with last year.
Northland also earned $2.8m on its portion of the subordinated debt for the 600MW Gemini offshore wind farm and from the loan received from its equity partner in the 100MW Grand Bend onshore wind farm.
The company said 138 of the 150 4MW Siemens turbines have been installed by Van Oord at the Gemini project, which is scheduled to achieve full commercial operations in mid-2017.
Sales were down slightly at $354.8m in the first half of 2016 from $369.9m last year, because of lower sales at some of its natural gas assets, the company said.
The company made a net loss of $68.2m this year compared with income of $109.7m in 2015.
The loss was attributed to “non-cash fair value loss” associated with the company’s derivative contracts, mainly interest rate swaps connected with the Gemini and Nordsee 1 offshore wind farms.
Image: Northland Power
Northland earnings up
Renewable facilities increase operating result by $12.3m in first six months
By EBS