Hai Long offshore substation in the Taiwan Strait. TORONTO, June 12, 2025 (GLOBE NEWSWIRE) -- Northland Power Inc. (TSX: NPI) today announced first power from its Hai Long Offshore Wind Project in Taiwan, marking successful energization of the project and connection to Taipower’s grid. This achievement comes ahead of the second half of 2025, underscoring the project's strong construction momentum. The milestone also includes the commissioning of both onshore and offshore substations, further demonstratin ...

Core Insights - Northland Power Inc. reported its financial results for Q1 2025, highlighting a decrease in revenue and net income compared to the same quarter in 2024, primarily due to adverse wind conditions in Europe [12][25][29] Financial Performance - Revenue from energy sales was $649 million in Q1 2025, down from $755 million in Q1 2024, reflecting a decrease of approximately 14% [12][13] - Net income for Q1 2025 was $111 million, compared to $149 million in Q1 2024, marking a decline of about 26% [12][25] - Adjusted EBITDA was $361 million in Q1 2025, down from $454 million in Q1 2024, representing a decrease of approximately 20% [12][26] - Free Cash Flow per share was $0.60 in Q1 2025, compared to $0.88 in Q1 2024, indicating a decline of about 32% [12][29] Project Updates - The Oneida Energy Storage Project, a 250 MW facility, commenced commercial operations ahead of schedule and under budget, operating under a 20-year capacity contract [4][34] - The Hai Long offshore wind project has successfully installed its first wind turbine and is on track for full commercial operations in 2027 [11][32] - The Baltic Power offshore wind project is progressing towards commercial operations in the latter half of 2026 [11][32] Operational Highlights - Northland's offshore and onshore renewables and natural gas facilities achieved over 95% commercial availability during the quarter [6] - Despite the lowest wind conditions in a decade in Europe, Northland's North American onshore wind and natural gas facilities delivered higher operating results [6][12] Leadership Changes - Christine Healy was appointed as the new President and CEO, and Jeff Hart was appointed as the new CFO, both expected to drive the company's strategic objectives [6][7] Sustainability Initiatives - Northland released its 2024 Sustainability Report, showcasing key sustainability achievements and reinforcing its commitment to energy transition [7]