Northland Power has warned that slower-than-expected turbine commissioning at its 1GW Hai Long offshore wind project in Taiwan could reduce pre-completion revenues by between $150m and $200m next year, despite construction remaining on schedule.
The company said export cables are now complete and more than half of the turbines installed, with full commercial operations still targeted for 2027 and overall costs aligned with expectations.
“The Hai Long project remains on track, but the commissioning of turbines has been slower than anticipated,” stated Christine Healy, President and CEO of Northland.
In Europe, Northland confirmed both offshore substations have been installed at the 1.1GW Baltic Power wind farm in Poland, with completion on track for the second half of 2026.
Development is also continuing at its 800MW ScotWind fixed-bottom project, Spiorad na Mara, while the floating Havbredey scheme has been de-prioritised.
Chief executive Christine Healy said the company’s offshore portfolio continued to advance while its European wind resource improved during the third quarter.
She added that the board’s decision to reduce the annual dividend to $0.72 per share would “provide greater financial flexibility for self-funded growth while maintaining an investment-grade balance sheet”.
Northland reported third-quarter revenue from energy sales of $554m, up from $491m in the same period last year, while adjusted EBITDA rose 13% to $257m.
The quarter’s net loss widened to $456m from $191m a year earlier, reflecting a $527m impairment on the Nordsee One offshore wind farm, which will transition from Germany’s subsidised tariff regime to market pricing by 2027.
Free cash flow rose to $45m from $19m, supported by higher offshore production, the contribution of the Oneida energy storage facility, and stronger market demand for dispatchable power.
As of September, Northland reported liquidity of $1.05bn, including $180m in cash. The company reiterated its 2025 guidance, forecasting adjusted EBITDA of $1.2bn–$1.3bn and free cash flow per share of $1.15–$1.35.