Northland Power Inc. (TSX: NPI) announced its financial results for the first quarter of 2026, highlighting strong operational performance and significant progress in its offshore wind projects. The company reported an 18% increase in Adjusted EBITDA and a 17% rise in Free Cash Flow per share compared to the same period last year, driven by a 31% surge in wind production across its European offshore wind assets.
Key Construction Milestones
Over 50% of turbines have been installed at both the Hai Long offshore wind project in Taiwan and the Baltic Power project in Poland. The Hai Long project, with a capacity of 1.0 GW, has installed 51 out of 73 turbines, with 32 already generating power. The Baltic Power project, at 1.1 GW, has installed 38 of 76 turbines, along with all export and inter-array cables.
Corporate Power Purchase Agreement
In April 2026, Northland secured a 30-year Corporate Power Purchase Agreement (CPPA) for the remaining production from Hai Long. This agreement ensures that 100% of the project's generating capacity will be contracted upon completion of administrative conditions later in 2026.
Other Project Updates
The Jurassic Battery Energy Storage Project in Alberta, Canada, is on track for late 2026 commercial operations, with all battery packs and transformers installed. In Poland, the Kamionka and Mieczysławów battery storage projects are advancing, with construction expected to start in the first and second halves of 2026, respectively.
“We’ve had a positive start to the year, driven by strong operating performance and continued progress across our construction portfolio,” said Christine Healy, President and CEO of Northland. “As demand for electricity grows across our core markets, we’re focused on executing with discipline and driving value, including with the recently secured CPPA for Hai Long.”
