Northland Power’s adjusted earnings before income, tax, depreciation and amortisation (EBITDA) for the second quarter of 2019 rose by 6% to CAD$194m (€130m), from CAD$183m in same period last year.
In its financial results for the three and six months ended 30 June 2019, the Canadian renewables developer also recorded gross profit of CAD$322m for the second quarter of this year, compared with CAD$314.6m for the same previous period, a 2% rise.
For the first half of 2019 the company recorded adjusted EBITDA of CAD$487.7m, compared with CAD$473.4m in the same period last year, and CAD$780.9m in gross profit in the first half of 2019, compared with CAD$769.2m in the same period in 2018.
Northland Power chief executive Mike Crawley (pictured) said: “Northland continues to deliver solid financial results from our diverse portfolio, while advancing construction activities on growth projects.”
Crawley added that in Europe, the company is focused on the 269MW Deutsche Bucht offshore wind farm in the German North Sea, where wind turbine installation is underway.
“The project remains on schedule and achieved a significant milestone in late July, with the generation of its first megawatt of power,” he said.
During the second quarter Northland also began construction of the 130MW La Lucha solar project, as a “first step in our broader planned expansion into Mexico,” Crawley added.
Installation of the project’s 33 wind turbines began in June 2019, with 25 turbines installed to date. The total estimated project cost remains at approximately €1.4bn with project completion expected by the end of 2019.