Northland Power Forecasts Record Year with Offshore Wind Projects Despite Delays
Northland Power anticipates a 16-32% increase in adjusted EBITDA in 2026, driven by two offshore wind farms. The company reported 2023 adjusted EBITDA of CAD 1.25bn ($912m) and a net loss of $79m due to impairment charges. Construction of the Hai Long offshore wind project is halfway complete, with commercial operations expected in 2027. Northland Power aims for 7GW of capacity by 2030 and currently holds interests in 3.5GW of generating capacity.
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Northland Power projects a 16-32% increase in adjusted EBITDA for 2026, bolstered by two offshore wind farms despite delays. The company reported adjusted EBITDA of CAD 1.25bn ($912m) for 2023 and a net loss of $79m due to impairment charges.
Construction of the Hai Long project in the Asia-Pacific is halfway complete, with full operations expected in 2027. The company also develops the Baltic Power project in Poland. Northland aims to achieve 7GW of operational capacity by 2030 and currently controls 3.5GW of capacity, with 1.2GW in offshore wind. Market valuation stands at $3.8bn.
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