Baltic Power, Hai Long and Oneida projects continue to make construction
progress
TORONTO, May 15, 2024 (GLOBE NEWSWIRE) -- Northland Power Inc. ("Northland" or
the "Company") (TSX: NPI) reported today financial results for the three months
ended March 31, 2024. All dollar amounts set out herein are in thousands of
Canadian dollars, unless otherwise stated.
"We are off to a strong start in 2024 with first quarter results better than
expected, thanks to strong winds experienced at our offshore wind facilities,"
said Mike Crawley, Northland's President and Chief Executive Officer.
"Construction programs for our large offshore wind projects in Taiwan and
Poland, and energy storage project in Canada, continue to progress, with major
pieces of equipment continuing to arrive at all three projects, and Hai Long's
2024 in-water installation campaign fully underway."
"Execution of these three projects remains a top priority for Northland and our
teams are focused on delivering these projects safely and successfully," said
John Brace, Executive Chair.
First Quarter Highlights
Financial results for the three months ended March 31, 2024, were higher
compared to the same quarter of 2023, primarily due to higher wind resource
across all offshore wind facilities and contribution from the New York onshore
wind projects that achieved commercial operations in October 2023. This increase
was partially offset by lower revenue generated from the Spanish portfolio
primarily due to lower solar resource and lower market revenue.
Financial Results
* Sales increased to $755 million from $622 million in 2023.
* Gross Profit increased to $697 million from $569 million in 2023.
* Net Income increased to $149 million from $107 million in 2023.
* Adjusted EBITDA (a non-IFRS measure) increased to $454 million from $352
million in 2023.
* Adjusted Free Cash Flow per share (a non-IFRS measure) increased to $0.88
from $0.72 in 2023.
* Free Cash Flow per share (a non-IFRS measure) increased to $0.85 from $0.62
in 2023.
The following table presents key IFRS and non-IFRS financial measures and
operational results. Sales, gross profit, operating income and net income, as
reported under IFRS, include consolidated results of entities not wholly owned
by Northland, whereas Northland's non-IFRS financial measures include only
Northland's proportionate ownership interest.
Summary of Consolidated Results
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(in thousands of dollars, except
per share amounts) Three months ended March 31,
2024 2023
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FINANCIALS
Sales $ 754,920 $ 621,721
Gross profit 697,454 568,903
Operating income 346,169 272,542
Net income (loss) 149,297 107,137
Net income (loss) attributable to
common shareholders 75,603 69,894
Adjusted EBITDA (a non-IFRS
measure) ((2)) 453,866 351,701
Cash provided by operating
activities 294,263 297,062
Adjusted Free Cash Flow (a non-
IFRS measure) ((2)) 225,732 180,071
Free Cash Flow (a non-IFRS
measure) ((2)) 217,407 154,693
Cash dividends paid 51,158 50,047
Total dividends declared ((1)) $ 76,699 $ 75,316
Per Share
Weighted average number of shares
- basic and diluted (000s) 255,481 250,793
Net income (loss) attributable to
common shareholders - basic and
diluted $ 0.29 $ 0.27
Adjusted Free Cash Flow - basic (a
non-IFRS measure) ((2)) $ 0.88 $ 0.72
Free Cash Flow - basic (a non-IFRS
measure) ((2)) $ 0.85 $ 0.62
Total dividends declared $ 0.30 $ 0.30
ENERGY VOLUMES
Electricity production in gigawatt
hours (GWh) 3,467 2,831
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(1) Represents total dividends paid to common shareholders, including
dividends in cash or in shares under Northland's dividend reinvestment plan.
(2) See Forward-Looking Statements and Non-IFRS Financial Measures below.
First Quarter Results Summary
Offshore wind facilities
Electricity production for the three months ended March 31, 2024, increased by
12% or 175GWh compared to the same quarter of 2023. This was primarily due to a
higher wind resource across all offshore wind facilities and lower unpaid
curtailments related to negative prices in Germany, partially offset by higher
unpaid curtailments due to grid outages in our German facilities.
Sales of $449 million for the three months ended March 31, 2024, increased 30%
or $103 million, compared to the same quarter of 2023, primarily due to higher
production across all offshore wind facilities by $50 million, a $34 million P&I
factor adjustment in 2023 and $18 million related to various other items.
Adjusted EBITDA of $297 million for the three months ended March 31, 2024,
increased 31% or $71 million compared to the same quarter of 2023, due to the
same factors as noted above.
An important indicator for performance of offshore wind facilities is the
current and historical average power production of the facility. The following
tables summarize actual electricity production and the historical average, high
and low, for the applicable operating periods of each offshore facility:
-------------------------------------------------------------------------------
Three months
ended March 2024 2023 Historical Historical Historical
31, ((1)) ((1)) Average ((2)) High ((2)) Low ((2))
-------------------------------------------------------------------------------
Electricity
production
(GWh)
Gemini 820 744 724 826 629
Nordsee One 402 347 354 408 312
Deutsche Bucht 352 308 322 352 279
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Total 1,574 1,399
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(1) Includes GWh produced and attributed to paid curtailments.
(2) Represents the historical power production since the commencement of
commercial operation of the respective facility (2017 for Gemini and Nordsee
One and 2020 for Deutsche Bucht) and excludes unpaid curtailments.
Onshore renewable facilities
Electricity production was 31% or 190GWh higher than the same quarter of 2023,
primarily due to the contribution from the New York onshore wind projects that
achieved commercial operations in October 2023 and higher wind resource across
the Canadian and Spanish onshore wind facilities, partially offset by lower
solar resource at the Spanish onshore renewable facilities.
Sales of $124 million were 8% or $9 million higher than the same quarter of
2023, primarily due to the contribution from the New York onshore wind projects,
partially offset by lower solar resource and lower market revenue from the
Spanish portfolio. Please refer to the MD&A for a further breakdown of Spanish
portfolio revenue by component.
Adjusted EBITDA of $88 million was 7% or $6 million higher than the same quarter
of 2023, due to the same factors as above.
Efficient natural gas facilities
Electricity production increased 24% or 196GWh compared to the same quarter of
2023, mainly due to higher market demand for dispatchable power.
Sales of $89 million decreased 7% or $6 million compared to the same quarter of
2023, primarily due to lower natural gas prices resulting in lower energy rates.
Adjusted EBITDA of $55 million for the three months ended March 31, 2024,
decreased 3% or $2 million, compared to the same quarter of 2023, due to the
same factors as above.
Utility
Sales of $88 million for the three months ended March 31, 2024, increased 36% or
$23 million compared to the same quarter of 2023, primarily due to the higher
market demand, rate escalations and foreign exchange gains as a result of the
strengthening of the Colombian peso.
Adjusted EBITDA of $34 million for the three months ended March 31, 2024,
increased 33% or $8 million compared to the same quarter of 2023, primarily due
to the same factors as above.
Consolidated statement of income (loss)
General and administrative ("G&A") costs of $30 million in the first quarter
increased $7 million compared to the same quarter of 2023, primarily due to
higher one-time personnel and other costs relating to realignment of operating
and corporate functions.
Development costs of $8 million decreased $16 million compared to the same
quarter of 2023, primarily due to lower spending on development activities as
Northland's primary focus is to deliver on the successful execution of the three
key projects: the Hai Long and Baltic Power offshore wind projects, and Oneida
energy storage project.
Net finance costs of $72 million in the first quarter increased $5 million
compared to the same quarter of 2023, primarily due to the issuance of the Green
Subordinated Notes ("Green Notes") in the second quarter of 2023, partially
offset by scheduled repayments on facility-level loans.
Fair value loss on derivative contracts was $85 million, primarily due to net
movement in the fair value of derivatives related to interest rate and foreign
exchange contracts.
Foreign exchange gain of $4 million in the first quarter was primarily due to
unrealized gain from fluctuations in the closing foreign exchange rates.
Fair value adjustment relating to disposal group classified as held for sale was
$44 million due to a fair value adjustment upon classification of the La Lucha
solar facility as a disposal group held for sale. Please see below for further
information.
Net income of $149 million in the first quarter of 2024 compared to net income
of $107 million in the same quarter of 2023, was primarily as a result of the
factors described above.
Adjusted EBITDA
The following table reconciles net income (loss) to Adjusted EBITDA:
-------------------------------------------------------------------------------
Three months ended March
31,
2024 2023
-------------------------------------------------------------------------------
Net income (loss) $ 149,297 $ 107,137
Adjustments:
Finance costs, net 72,439 67,214
Gemini interest income 1,849 2,099
Provision for (recovery of)
income taxes 80,547 38,855
Depreciation of property, plant
and equipment 154,061 145,175
Amortization of contracts and
intangible assets 14,331 13,700
Fair value (gain) loss on
derivative contracts 83,954 80,939
Foreign exchange (gain) loss (3,884 ) (29,174 )
Fair value adjustment relating
to disposal group classified as
held for sale 43,884 -
Elimination of non-controlling
interests (110,195 ) (78,967 )
Finance lease (lessor) (1,234 ) (1,458 )
Others ((1)) (31,183 ) 6,181
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Adjusted EBITDA ((2)) $ 453,866 $ 351,701
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(1) Others primarily include Northland's share of (profit) loss from equity
accounted investees, Northland's share of Adjusted EBITDA from equity
accounted investees and other expenses (income).
(2) See Forward-Looking Statements and Non-IFRS Financial Measures below.
Adjusted EBITDA of $454 million for the three months ended March 31, 2024,
increased 29% or $102 million compared to the same quarter of 2023. The
significant factors increasing Adjusted EBITDA include:
* $71 million increase in operating results at the offshore wind facilities,
primarily due to higher wind resource, as described above;
* $10 million decrease in development expenditures, partially offset by higher
G&A costs, as described above;
* $9 million increase due to the contribution of New York Wind onshore wind
facilities, as described above; and
* $8 million increase in operating results at Empresa de Energía de Boyacá S.A
E.S.P ("EBSA"), as described above.
The factor partially offsetting the increase in the Adjusted EBITDA was:
* $6 million decrease in the contribution from the Spanish renewables
portfolio, primarily due to lower market revenue, as described above.
Adjusted Free Cash Flow and Free Cash Flow
The following table reconciles cash flow from operations to Adjusted Free Cash
Flow and Free Cash Flow:
-------------------------------------------------------------------------------
Three months ended March
31,
2024 2023
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Cash provided by operating
activities $ 294,263 $ 297,062
Adjustments:
Net change in non-cash working
capital balances related to
operations 193,004 79,855
Non-expansionary capital
expenditures (313 ) (485 )
Restricted funding for major
maintenance, debt and
decommissioning reserves (4,488 ) 4,158
Interest (62,049 ) (42,265 )
Scheduled principal repayments on
facility debt (58,559 ) (51,485 )
Funds set aside (utilized) for
scheduled principal repayments (109,947 ) (112,182 )
Preferred share dividends (1,558 ) (1,482 )
Consolidation of non-controlling
interests (67,850 ) (44,983 )
Investment income ((1)) 6,605 7,515
Others ((2)) 28,299 18,985
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Free Cash Flow ((3)) $ 217,407 $ 154,693
Add back: Growth expenditures 8,325 25,378
Adjusted Free Cash Flow ((3)) $ 225,732 $ 180,071
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(1) Investment income includes Gemini interest income and repayment of Gemini
subordinated debt.
(2) Others mainly include the effect of foreign exchange rates and hedges,
interest rate hedge, Nordsee One interest on shareholder loans, share of joint
venture project development costs, acquisition costs, lease payments, interest
income, Northland's share of Adjusted Free Cash Flow from equity accounted
investees, interest on corporate-level debt raised to finance capitalized
growth projects and other non-cash expenses adjusted in working capital
excluded from Free Cash Flow in the period.
(3) See Forward-Looking Statements and Non-IFRS Financial Measures below.
Adjusted Free Cash Flow of $226 million for the three months ended March
31, 2024, was 25% or $46 million higher than the same quarter of 2023.
The significant factors increasing Adjusted Free Cash Flow was:
* $85 million increase in Adjusted EBITDA (gross of growth expenditures)
primarily due to the factors described above.
The factors partially offsetting the increase in Adjusted Free Cash Flow were:
* $23 million increase in current taxes primarily at offshore wind facilities
as a result of higher operating results;
* $15 million decrease from foreign exchange hedge and other settlements; and
* $7 million increase in funds set aside for maintenance reserves.
Free Cash Flow, which is reduced by growth expenditures, totaled $217 million
for the three months ended March 31, 2024, and was $63 million higher than the
same quarter of 2023, due to the same factors as Adjusted Free Cash Flow.
The following table reconciles Adjusted EBITDA to Adjusted Free Cash Flow.
-------------------------------------------------------------------------------
Three months ended March
31,
2024 2023
-------------------------------------------------------------------------------
Adjusted EBITDA ((2)) $ 453,866 $ 351,701
Adjustments:
Scheduled debt repayments (139,252 ) (139,336 )
Interest expense (38,944 ) (44,416 )
Current taxes (69,752 ) (46,996 )
Non-expansionary capital
expenditure (272 ) (307 )
Utilization (funding) of
maintenance and decommissioning
reserves (3,677 ) 3,702
Lease payments, including
principal and interest (3,064 ) (3,065 )
Preferred dividends (1,558 ) (1,482 )
Foreign exchange hedge gain
(loss) 15,977 23,458
Others ((1)) 4,083 11,434
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Free Cash Flow ((2)) $ 217,407 $ 154,693
Add Back: Growth expenditures 8,325 25,378
Adjusted Free Cash Flow ((2)) $ 225,732 $ 180,071
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(1) Others mainly include Gemini interest income, repayment of Gemini
subordinated debt, interest rate hedge settlement and interest received on
third-party loans to partners.
(2) See Forward-Looking Statements and Non-IFRS Financial Measures below.
Significant Events and Updates
Renewables Growth:
* Construction Update on Hai Long, Baltic Power, and Oneida - The Hai Long
project continues to make progress with the fabrication of foundations,
cables, and onshore and offshore substations underway. Turbine component
manufacturing has commenced. Offshore construction work has continued to
advance with the installation of both offshore substation jacket foundations
and pin piles at multiple turbine locations. Other major components of the
wind park are arriving in Taiwan, including turbine jackets and the first
offshore substation topside. Full commercial operations are expected to
commence in 2026/2027 according to schedule. Overall project cost is aligned
with original expectations.
The Baltic Power project continues to make progress on the fabrication of
onshore and offshore substations, foundations, export cables and inter array
cables. Turbine manufacturing has commenced and onshore substation
construction is underway. Full commercial operations are expected to
commence in the latter half of 2026 according to schedule. Overall project
cost is aligned with original expectations.
The Oneida project continues to make progress with its construction
activities. All foundations for the battery packs and the transformers have
been installed. All the battery packs have been delivered, and medium-
voltage transformers have started to arrive. Full commercial operations are
expected to commence in 2025 according to schedule. Overall project cost is
aligned with original expectations.
* La Lucha Solar Facility Sale - On March 4, 2024, Northland entered into an
agreement to sell 100% stake in the La Lucha solar facility to Cometa
Energía, S.A. de C.V., wholly owned by Saavi Energía ("Saavi"). La Lucha is
a 130MW solar facility located in Durango, Mexico. The facility achieved
commercial operations in June 2023. The sale is expected to close in 2024,
upon satisfaction of customary closing conditions, including approval of the
Federal Economic Competition Commission ("COFECE") required under applicable
anti-trust laws in Mexico. Northland expects to receive approximately $205
million in cash after taxes, transaction fees and other customary
adjustments. Proceeds will be initially used towards repayment of amounts
drawn on the Company's revolving credit facility and for general corporate
purposes.
During the quarter, Northland recorded a fair value adjustment relating to
the La Lucha solar facility of $44 million upon classification as a disposal
group held for sale. As at March 31, 2024, Northland has a currency
translation adjustment relating to La Lucha which will be reclassified to
its income statement at the transaction close. Northland expects to realize
a 'gain' on disposal once the sale transaction closes.
Other:
* Executive Changes - On March 25, 2024, Northland announced that Mike
Crawley, Northland's President and Chief Executive Officer, and the Board of
Directors have agreed to a change in leadership for the Company. As such,
Mr. Crawley will be stepping down from his role. Under the succession plan,
Mr. Crawley will remain with Northland until September 30, 2024. A global
search for the new CEO is underway. John Brace, Chair of the Board of
Directors, has been appointed Executive Chair and will act as a bridge
between Mr. Crawley and the next President & CEO as part of the transition.
As Executive Chair, Mr. Brace will leverage his prior experience as
Northland's CEO from 2003 to 2018 where he was responsible for the Company's
successful development of its efficient natural gas fleet and the expansion
into offshore wind and onshore renewables. Ian Pearce, Chair of the
Governance and Nominating Committee, has been appointed Lead Independent
Director. After the appointment of a new President & CEO, Mr. Brace is
expected to return to his position as Non-Executive Board Chair. Toby
Edmonds, the new Head of Offshore Wind Business Unit, officially joined
Northland in May 2024, with his initial focus being on the successful
project execution of the Hai Long and Baltic Power offshore wind projects.
* Sustainability Report - On April 29, 2024, Northland issued its 2023
Sustainability Report, showcasing achievements in the year 2023 relating to
its Environmental, Social and Governance ("ESG") objectives and targets. The
report is available at northlandpower.com.
2024 Financial Outlook
Northland's outlook emphasizes a steadfast dedication to shareholders,
underpinned by its 2024 strategic priorities. Central to the Company's strategy
is its commitment to operational excellence, prudent growth in key global
markets and unwavering focus on the Company's three major renewable construction
programs, ensuring their efficient execution.
As of May 15, 2024, management's 2024 financial outlook remains unchanged from
prior guidance. This outlook reflects Northland's commitment to strong
operational performance with key financial projections for 2024 including
expected Adjusted EBITDA in the range of $1.2 billion to $1.3 billion and
Adjusted Free Cash Flow per share to be in the range of $1.30 to $1.50.
Furthermore, projected Free Cash Flow per share for 2024 is expected to be in
the range of $1.10 to $1.30, reflecting the Company's commitment to prudent
financial management.
It is important to note that while Northland is confident in its outlook, it
remains subject to the Forward-Looking Statements set forth herein as well as
the Risk Factors outlined in Northland's most recent Annual Information Form
dated February 21, 2024 ("2023 AIF").
First-Quarter Earnings Conference Call
Northland will hold an earnings conference call on May 16, 2024, to discuss its
first quarter 2024 results. The call will be hosted by Northland's Senior
Management, who will discuss the Company's financial results and developments as
well as answering questions from analysts.
Conference call details are as follows:
Thursday, May 16, 2024, 10:00 a.m. ET
Participants wishing to join the call and ask questions must register using the
following URL below:
https://register.vevent.com/register/BI37b8086fede84a02be1ceb284cb334f6
For all other attendees, the call will be broadcast live on the internet, in
listen-only mode and can be accessed using the following link:
Webcast URL: https://edge.media-server.com/mmc/p/idpw8xh5/
For those unable to attend the live call, an audio recording will be available
on northlandpower.com (https://www.northlandpower.com) on Friday, May 17, 2024.
Northland's unaudited interim condensed consolidated financial statements for
the three months ended March 31, 2024, and related Management's Discussion and
Analysis can be found on SEDAR+ at www.sedarplus.ca (https://www.sedarplus.ca/)
under Northland's profile and on northlandpower.com
(https://www.northlandpower.com).
ABOUT NORTHLAND POWER
Northland Power is a global power producer dedicated to helping the clean energy
transition by producing electricity from clean renewable resources. Founded in
1987, Northland has a long history of developing, building, owning and operating
clean and green power infrastructure assets and is a global leader in offshore
wind. In addition, Northland owns and manages a diversified generation mix
including onshore renewables, efficient natural gas energy, as well as supplying
energy through a regulated utility.
Headquartered in Toronto, Canada, with global offices in eight countries,
Northland owns or has an economic interest in approximately 3.4GW (net 2.9GW) of
operating capacity. The Company also has a significant inventory of projects in
construction and in various stages of development encompassing approximately
12GW of potential capacity.
Publicly traded since 1997, Northland's common shares, Series 1 and Series 2
preferred shares trade on the Toronto Stock Exchange under the symbols NPI,
NPI.PR.A and NPI.PR.B, respectively.
NON-IFRS FINANCIAL MEASURES
This press release includes references to the Company's adjusted earnings before
interest, income taxes, depreciation and amortization ("Adjusted EBITDA"),
Adjusted Free Cash Flow, Free Cash Flow and applicable payout ratios and per
share amounts, which are measures not prescribed by International Financial
Reporting Standards ("IFRS"), and therefore do not have any standardized meaning
under IFRS and may not be comparable to similar measures presented by other
companies. Non-IFRS financial measures are presented at Northland's share of
underlying operations. These measures should not be considered alternatives to
net income (loss), cash flow from operating activities or other measures of
financial performance calculated in accordance with IFRS. Rather, these measures
are provided to complement IFRS measures in the analysis of Northland's results
of operations from management's perspective. Management believes that
Northland's non-IFRS financial measures and applicable payout ratio and per
share amounts are widely accepted and understood financial indicators used by
investors and securities analysts to assess the performance of a company,
including its ability to generate cash through operations.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute forward-looking
information within the meaning of applicable securities laws ("forward-looking
statements") that are provided for the purpose of presenting information about
management's current expectations and plans. Readers are cautioned that such
statements may not be appropriate for other purposes. Northland's actual results
could differ materially from those expressed in, or implied by, these forward-
looking statements and, accordingly, the events anticipated by the forward-
looking statements may or may not transpire or occur. Forward-looking statements
include statements that are not historical facts and are predictive in nature,
depend upon or refer to future events or conditions, or include words such as
"expects," "anticipates," "plans," "predicts," "believes," "estimates,"
"intends," "targets," "projects," "forecasts" or negative versions thereof and
other similar expressions or future or conditional verbs such as "may," "will,"
"should," "would" and "could." These statements may include, without limitation,
statements regarding future Adjusted EBITDA, Adjusted Free Cash Flow and Free
Cash Flow, including respective per share amounts, dividend payments and
dividend payout ratios, the timing for and attainment of the Hai Long and Baltic
Power offshore wind and Oneida energy storage projects' anticipated
contributions to Adjusted EBITDA, Adjusted Free Cash Flow and Free Cash Flow,
the expected generating capacity of certain projects, guidance, anticipated
dates of full commercial operations, forecasts as to overall project costs, the
completion of construction, acquisitions, dispositions, whether partial or full,
investments or financings and the timing thereof, the timing for and attainment
of financial close and commercial operations for each project, the potential for
future production from project pipelines, cost andoutput of development
projects, the all-in interest cost for debt financing, the impact of currency
and interest rate hedges, litigation claims, anticipated results from the
optimization of the Thorold Co-Generation facility and the timing related
thereto, future funding requirements, and the future operations, business,
financial condition, financial results, priorities, ongoing objectives,
strategies and the outlook of Northland, its subsidiaries and joint ventures.
These statements are based upon certain material factors or assumptions that
were applied in developing the forward-looking statements, including the design
specifications of development projects, the provisions of contracts to which
Northland or a subsidiary is a party, management's current plans and its
perception of historical trends, current conditions and expected future
developments, the ability to obtain necessary approvals, satisfy any closing
conditions, satisfy any project finance lender conditions to closing sell-downs
or obtain adequate financing regarding contemplated construction, acquisitions,
dispositions, investments or financings, as well as other factors, estimates and
assumptions that are believed to be appropriate in the circumstances. Although
these forward-looking statements are based upon management's current reasonable
expectations and assumptions, they are subject to numerous risks and
uncertainties. Some of the factors that could cause results or events to differ
from current expectations include, but are not limited to, risks associated with
further regulatory and policy changes in Spain which could impair current
guidance and expected returns, risks associated with merchant pool pricing and
revenues, risks associated with sales contracts, the emergence of widespread
health emergencies or pandemics, Northland's reliance on the performance of its
offshore wind facilities at Gemini, Nordsee One and Deutsche Bucht for over 50%
of its Adjusted EBITDA, counterparty and joint venture risks, contractual
operating performance, variability of sales from generating facilities powered
by intermittent renewable resources, wind and solar resource risk, unplanned
maintenance risk, offshore wind concentration, natural gas and power market
risks, commodity price risks, operational risks, recovery of utility operating
costs, Northland's ability to resolve issues/delays with the relevant regulatory
and/or government authorities, permitting, construction risks, project
development risks, integration and acquisition risks, procurement and supply
chain risks, financing risks, disposition and joint-venture risks, competition
risks, interest rate and refinancing risks, liquidity risk, inflation risks,
commodity availability and cost risk, construction material cost risks, impacts
of regional or global conflicts, credit rating risk, currency fluctuation risk,
variability of cash flow and potential impact on dividends, taxation, natural
events, environmental risks, climate change, health and worker safety risks,
market compliance risk, government regulations and policy risks, utility rate
regulation risks, international activities, cybersecurity, data protection and
reliance on information technology, labour relations, labour shortage risk,
management transition risk, geopolitical risk in and around the regions
Northland operates in, large project risk, reputational risk, insurance risk,
risks relating to co-ownership, bribery and corruption risk, terrorism and
security, litigation risk and legal contingencies, and the other factors
described in the "Risks Factors" section of Northland's Management's Discussion
and Analysis and Annual Information Form for the year ended December 31, 2023,
which can be found at www.sedarplus.ca (https://www.sedarplus.ca/) under
Northland's profile and on Northland's website at northlandpower.com. Northland
has attempted to identify important factors that could cause actual results to
materially differ from current expectations, however, there may be other factors
that cause actual results to differ materially from such expectations.
Northland's actual results could differ materially from those expressed in, or
implied by, these forward-looking statements and, accordingly, no assurances can
be given that any of the events anticipated by the forward-looking statements
will transpire or occur, and Northland cautions you not to place undue reliance
upon any such forward-looking statements.
The forward-looking statements contained in this release are, unless otherwise
indicated, stated as of the date hereof and are based on assumptions that were
considered reasonable as of the date hereof. Other than as specifically required
by law, Northland undertakes no obligation to update any forward-looking
statements to reflect events or circumstances after such date or to reflect the
occurrence of unanticipated events, whether as a result of new information,
future events or results, or otherwise.
Certain forward-looking information in this release and the MD&A may also
constitute a "financial outlook" within the meaning of applicable securities
laws. Financial outlook involves statements about Northland's prospective
financial performance, financial position or cash flows and is based on and
subject to the assumptions about future economic conditions and courses of
action and the risk factors described above in respect of forward-looking
information generally, as well as any other specific assumptions and risk
factors in relation to such financial outlook noted in this release and the
MD&A. Such assumptions are based on management's assessment of the relevant
information currently available and any financial outlook included in this
release and the MD&A is provided for the purpose of helping readers understand
Northland's current expectations and plans for the future. Readers are cautioned
that reliance on any financial outlook may not be appropriate for other purposes
or in other circumstances and that the risk factors described above or other
factors may cause actual results to differ materially from any financial
outlook. The actual results of Northland's operations will likely vary from the
amounts set forth in any financial outlook and such variances may be material.
For further information, please contact:
Dario Neimarlija, Vice President, FP&A and Investor Relations
647-288-1019
investorrelations@northlandpower.com
northlandpower.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b19927a5-1296-424f-bd53-
b95caaa1c73f
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