Northland Power’s earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 14% to $224m (€202m) in the third quarter of 2019, compared to $197m in the same period last year.
Gross profit increased 11% to $356m in this year’s third quarter, against $321m in the same period in 2018.
Northland chief executive Mike Crawley said: “Northland continued to deliver healthy, sustainable results in the quarter with a 14% increase in adjusted EBITDA and free cash flow per share over last year.
“Most significantly, we acquired EBSA, a high-quality regulated Colombian utility. EBSA operates under a stable regulatory environment with an inflation-protected perpetual cash flow and is expected to serve as a platform for future growth for Northland in Colombia.”
The construction of Northland’s 269MW Deutsche Bucht offshore wind project remains on budget, according to the developer, and all 31 monopile foundation turbines were installed by the end of August 2019, ahead of schedule, and generating power by the end of September 2019.
Installation of the two turbines utilising mono bucket foundations is expected to begin in the fourth quarter of 2019.
“However, full completion may extend into the first quarter of 2020 due to delays in the manufacturing of the mono bucket foundations resulting from supplier disruptions and the potential for adverse weather,” Northland stated.
The total estimated project cost remains at approximately €1.4bn.
As of November 6, 2019, Northland has narrowed its guidance range for 2019 adjusted EBITDA to be in the range of $950-1000m, instead of $920-1010m.
The narrowed range reflects Northland’s year-to-date results including lower than forecast offshore wind production as well as unpaid curtailments at Nordsee One.
Additionally, as a result of the industry expecting unpaid curtailments to continue in 2020, Northland said it has also revised Deutsche Bucht’s contribution to adjusted EBITDA in 2020 to €155-175m, instead of €165-185m.
Northland said it is working towards executing power purchase agreements for the Hai Long 2B and Hailong 3 sub-projects, as part of the 1044MW Hai Long offshore wind farm in the Taiwan Strait, by the year end.
A 20-year PPA with Taipower for the Hai Long 2A 300MW portion has been in place since February 2019.
On 9 September Northland announced it entered into an agreement to purchase a 99.2% interest in a Colombian regulated utility, Empresa de Energia de Boyaca (EBSA), for approximately $1.05bn.
Closing of the acquisition is expected in the fourth quarter.