Northland Power has reported record fourth quarter 2025 offshore wind production in Germany and confirmed 2026 guidance that points to higher Adjusted EBITDA supported by the Hai Long and Baltic Power offshore wind projects.
The Canadian company reported revenue from energy sales of C$723 million in the fourth quarter of 2025, up from C$572 million in 2024, while net income rose to C$290 million from C$150 million, the company said.
Christine Healy, president and chief executive of Northland, said: “In 2025, we set a clear direction for Northland through our five-year plan focused on maximizing long-term shareholder value. We are executing on our strategy and advancing our next phase of growth, including delivering our projects in construction and adding two late-stage pre-construction BESS projects in Poland.”
Healy added: “In the fourth quarter of 2025, our operating fleet availability was 96%, and our offshore wind assets in Germany set a new production record. Construction progress continues to be on track for our two offshore wind projects.”
Northland delivered full-year 2025 Adjusted EBITDA of C$1.25 billion, in line with financial guidance, and Free Cash Flow of $1.46 per share, above guidance, while available corporate liquidity stood at $931 million at December 31, 2025, including $39 million of cash on hand and approximately $892 million of available capacity on corporate revolving credit facilities.
Fourth quarter 2025 Adjusted EBITDA rose to $390 million from $312 million a year earlier, driven mainly by higher production at international offshore wind facilities, pre-completion revenue from the Hai Long offshore wind project, and the contribution from the Oneida energy storage facility, partially offset by lower operating results from international onshore wind facilities.
Across the international business unit, electricity production at offshore wind facilities for the three months ended December 31, 2025 increased 21% or 271GWh year-on-year with commercial availability at 97%, driving a 38% rise in revenue from energy sales to C$385 million and a 34% increase in Adjusted EBITDA to C$243 million.
Onshore renewables in the international business unit produced 248GWh in the quarter with 97% commercial availability, while revenue from energy sales decreased 17% to C$45 million and Adjusted EBITDA fell 24% to C$29 million, both due to lower market prices at the Spanish facilities.
On projects, the company said it continues to advance the 1.0GW Hai Long offshore wind project, where 37 out of 73 turbines have been installed and 20 are generating power, with turbine commissioning slower than expected and potentially impacting pre-completion revenues by approximately $150 million to $200 million on Northland’s share, but overall costs remain aligned with original expectations and commercial operations are targeted for 2027.
The 1.1GW Baltic Power offshore wind project is also progressing, with both offshore substations installed along with all turbine monopile foundations, 30 turbines and 2 out of 4 export cables, while the local grid operator has completed grid interconnection works and the project remains on track for commercial operations in the second half of 2026 with overall costs aligned with original expectations.
Northland expanded its battery energy storage system pipeline in November 2025 by acquiring two late-stage pre-construction projects in Poland totaling 300MW/1.2GWh, and it expects a full year contribution from Oneida and a partial year contribution from the Jurassic BESS project of approximately $15 million to 2026 Adjusted EBITDA.
On 20 November 2025, Northland also unveiled a new strategic plan and 2030 outlook, targeting a doubling of gross operating capacity to 7GW by 2030, implementing a regional operating model with a deeper focus on core markets in Canada and Europe, improving cost efficiency, selectively advancing high-quality opportunities, and raising investment return targets to more than 12%.