Northland Power recorded an 8% decrease in gross profit to CA$383m (€266m) in the third quarter of 2021, compared with the same period in 2020.
Adjusted earnings before interest, tax, depreciation and amortisation fell 17% to $211m in the third quarter, against the same period in 2020.
“Abnormally low wind conditions in the North Sea persisted in the third quarter, resulting in reduced financial contribution from our three large offshore wind facilities,” said Northland president and CEO Mike Crawley (pictured).
He added that consistent with last quarter, the company remains on track to meet the low end of its 2021 financial guidance.
“Largely due to the performance of its onshore portfolio as well as the increasing diversification within its operating portfolio, thanks to our Colombian utility, EBSA and the recently acquired solar and wind portfolio in Spain, both of which are performing well,” Crawley said.
Northland has a portfolio of identified projects that will add 4-5GW of renewable energy capacity.
“Specifically, we exercised our right to match the winning bid and secure the lease for our 433MW German Nordsee Two offshore wind project, established our Spanish growth platform by closing the acquisition of 551MW of operating wind and solar assets, successfully won a joint-bid for 130MW of solar projects in an offtake auction in Colombia and achieved key milestones on two of our prospective Japanese offshore wind projects,” added Crawley.