Stronger wind resources for offshore wind projects in the North Sea and higher electricity prices helped boost Northland Power’s adjusted earnings 17% to C$420m (€307m) in the first quarter of 2022, compared with C$360m in the same period last year.
Canadian developer Northland said electricity production increased 11% or 143 gigawatt-hours (GWh) to 1401GWh in its offshore wind business compared with the same quarter of 2021.
This was primarily due to higher wind resource and fewer uncompensated outages at the German facilities.
It added that this was partially offset by reduced turbine availability at Nordsee One due to a RSA replacement campaign.
Adjusted EBITDA in offshore wind was C$262m an increase of 8% on last year.
Offshore wind sales were up 7% to C$397m primarily due to higher APX at Gemini and higher production across all facilities.
Northland’s onshore wind portfolio in Spain helped drive electricity production up 82% or 292GWh compared with the same period last year.
Onshore wind adjusted EBITDA was C$100m, while sales of C$128m were 140% or C$75m higher than the same quarter of 2021.
Construction at two New York onshore wind projects is progressing as planned with the facilities expected to complete all construction activities in 2022.
The first turbines are expected to be delivered to Bluestone Wind in June and Ball Hill Wind in August.
Northland president and chief executive Mike Crawley said: “We delivered strong first quarter results supported by improved performance and higher prices in the offshore wind segment coupled with stable performance across the remainder of our operating portfolio leading to a good start for the year.
“We continue to progress on our strategic priorities with construction activities at our New York onshore wind projects and Helios solar project in Colombia progressing as planned.
“Our team continues to advance our Hai Long offshore wind project towards achieving financial close, expected later this year and are diligently working on securing the necessary agreements and contracts.”