Canadian wind owner Northland Power has reported an 18% increase in gross profit to C$418m (€349m) in the third quarter of 2020, compared with C$356m in the same period in 2019.
Adjusted earnings before interest, tax depreciation and amortisation (EBITDA) increased 13% to C$254m in the third quarter from C$224m in the same period in 2019.
Third quarter highlights and developments include Northland’s acquisition of three onshore wind projects in New York, totalling 300MW, marking its entry into the US renewables market.
Northland expects to incur development costs related to the projects in 2020.
Company subsidiary Northland Power Europe (NPE) signed a service agreement with Nordsee One whereby NPE will provide turbine operations and maintenance (O&M) services to the offshore wind farm.
The contract will be effective December 2020 through 2027.
Northland said providing these services will enable it to gain a “better fundamental understanding of the cost assumptions underpinning this offshore wind investment and will position the company for cost-competitiveness in the post-tariff landscape”.
Expertise and knowledge gained though the execution of these services, will enable Northland to apply these learnings to future offshore developments to “enhance project profitability while ensuring a more balanced operational risk profile”.
Northland said it continues to develop the 1044MW Hai Long 2B and Hai Long 3 sub-projects, allocated a total of 744MW under auction, and expects to execute their respective offtake agreements in 2021.
Northland president and CEO Mike Crawley (pictured) said: “We continue to execute on our key strategic priorities to position our business for long-term growth and success, despite the ongoing pandemic.
“Our business is resilient and performing well, delivering strong operational results in a challenging environment.
“We are investing in our development pipeline and this quarter we successfully closed the acquisition of three onshore wind development projects in New York State, which is a growth jurisdiction for Northland.
“We achieved the necessary milestones to capitalize costs of our Hai Long offshore wind project in Taiwan and since March of this year, we have increased our liquidity which improves the Company’s financial flexibility to continue to pursue new growth opportunities.”
Northland has also recruited Rachel Stephenson as chief people officer, effective 1 January 2021.
Stephenson will succeed John Hannah, who will be retiring in early 2021.
Stephenson will be responsible for leading all of Northland’s human resources functions globally and has more than 15 years of leadership roles in human resources.