Canadian energy company Northland Power reported adjusted earnings up 47% in the first quarter of 2018, compared with the same period last year, boosted by output from the 332MW Nordsee 1 and 600MW Gemini offshore wind farms.
Adjusted EBITDA was $290.4m between January and the end of March, up from $92.3m in 2017.
Gross profit hit $454.6m in the first three months of the year, up $131.5m from $323.1m 2017, while sales jumped by 34% to $486.4m from $364.1m.
Nordsee 1 in the German North Sea reached full commercial operations in December, while Gemini in the Dutch North Sea experienced higher wind resources in the period, Northland said.
The company owns 60% of Gemini and 85% of Nordsee 1.
Northland chief executive John Brace said: “2018 is off to an excellent start. We achieved a 47% increase in adjusted EBITDA over the same quarter last year. We continue to focus on generating disciplined growth and robust shareholder returns.”
Brace also said work on the 252MW DeBu offshore project in the German North Sea continues on schedule, with the site due online in 2019.
Northland also secured the rights to develop the 300MW Hai Long 2 offshore wind farm in Taiwan during the period, he added.
Image: Nordsee 1 (Nordsee 1 Gmbh)
Offshore drives Northland gains
By EBS