2023 Financial Guidance and Outlook Provides for Continued Execution on Growth and Operational Excellence
This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated September 7, 2022 to its short form base shelf prospectus dated June 16, 2021.
TORONTO, Feb. 03, 2023 (GLOBE NEWSWIRE) — Northland Power Inc. (“Northland” or the “Company”) (TSX: NPI) is pleased to announce its 2023 financial outlook ahead of the previously announced annual Investor Day, which will be held at 10:00 am EST today. Members of the executive team will provide an update on recent growth activities, Northland’s long-term plans and objectives.
Through its entrepreneurial drive and disciplined execution, Northland has established a track record of growth over its 35-year history. Its diversified portfolio of operating facilities continues to deliver strong performance. With 3 gigawatts (GW) of gross operating capacity and a robust development pipeline, the Company is well positioned for an accelerating global energy transition. Northland intends to be selective and pursue only the projects within its pipeline that meet its strategic objectives and targeted returns. With growth in offshore wind set to outpace all other renewables, Northland’s leading position in offshore wind positions the Company to be a significant player in this segment through the decade. As the Company was with offshore wind, Northland intends to continue to be at the forefront of emerging renewable energy asset classes.
2022 Growth Activities
In 2022, the Company was successful in increasing its offshore wind development portfolio. In Scotland, Northland secured 2.3 GW of offshore wind leases and in Germany formed the 1.6 GW Nordsee Cluster. Progress was also made on advancing current projects towards financial close, including Hai Long and Baltic Power.
In onshore renewables, efforts focused on the Company’s targeted markets in North