Northland Power Reports Strong Fourth Quarter 2024 Results and Announces Positive 2025 Outlook

Northland Power Inc. (TSX: NPI) reported its financial results for the three months and year ended December 31, 2024, highlighting strong operating results and a positive outlook for 2025. The company's fourth quarter results showed a decrease in revenue from energy sales compared to the same quarter in 2023, with revenue dropping to $572 million from $626 million. Net income increased to $150 million from a net loss of $268 million in 2023, while Adjusted EBITDA decreased to $312 million from $389 million in 2023. Adjusted Free Cash Flow per share and Free Cash Flow per share also decreased compared to the previous year.

Key factors contributing to these changes include lower production at offshore wind facilities, lower revenue from the Spanish portfolio, and the contribution of New York onshore wind projects. Northland Power's CEO, Christine Healy, stated that the company is pleased with its fourth quarter and full-year results, and that the growth outlook for energy transition and demand for power is stronger than ever. The company's strategic focus on renewable energy projects, such as Baltic Power, Hai Long, and Oneida, has positioned it well for the future, with a robust balance sheet and available liquidity of $1.1 billion.

Northland Power has also issued 2025 financial guidance with Adjusted EBITDA expected to increase to $1.3 to $1.4 billion, and Adjusted Free Cash Flow and Free Cash Flow expected to be $1.30 to $1.50 and $1.10 to $1.30 per share, respectively. The company announced a change in its Dividend Reinvestment Plan (DRIP) by eliminating the discount to 0% (previously 3%). The DRIP will be sourced on the market by purchasing shares instead of treasury issuances.



Northland Power's strategic focus on renewable energy projects has significantly impacted its financial performance and growth prospects. These projects are expected to contribute meaningfully to Northland's earnings and cash flows, starting in 2025 and continuing through 2026, with full realization in 2027. The company's growth outlook for energy transition and demand for power is stronger than ever, with a globally diversified portfolio across multiple technologies and a long-term contract asset base positioning it well for the future.



In conclusion, Northland Power's strong fourth quarter 2024 results and positive 2025 outlook reflect the company's strategic focus on renewable energy projects and its ability to adapt to changing market conditions. With a robust balance sheet and available liquidity, Northland Power is well-positioned to deliver on its commitments in 2025 and beyond.