Northland Power has reported a strong start for the three months ended 31 March, with an increase in gross profit to C$697m from C$569m in first quarter 2023, due to strong offshore wind resources.
Adjusted EBITDA (a non-IFRS measure) increased to C$454m in first quarter 2024 from C$352m compared with the same period of last year.
Financial results for the quarter were higher compared to 2023, primarily due to higher wind resource across all offshore wind facilities and contribution from the New York onshore projects that achieved commercial operations in October 2023.
This increase was partially offset by lower revenue generated from the Spanish portfolio primarily due to lower solar resource and lower market revenue.
“We are off to a strong start in 2024 with first quarter results better than expected, thanks to strong winds experienced at our offshore wind facilities,” said Northland’s president and chief executive Mike Crawley.
“Construction programmes for our large offshore wind projects in Taiwan and Poland, and energy storage project in Canada, continue to progress, with major pieces of equipment continuing to arrive at all three projects, and Hai Long’s 2024 in-water installation campaign fully underway.”
Executive chair John Brace added: “Execution of these three projects remains a top priority for Northland and our teams are focused on delivering these projects safely and successfully.”