- Northland Power (NPI) expands its Canadian development portfolio and establishes its 2040 net zero target
- Northland intends to be selective with projects choosing ones that meet its objectives and targeted returns
- In 2022, the company increased its offshore wind development portfolio
- The company is going forward with establishing a net zero initiative to achieve zero emissions across its operations by 2040
- The management team expects adjusted free cash flow to be in the range of $1.70 to $1.90 per share, slightly down from the prior year
- Northland Power (NPI) is down over 1 percent, trading at C$35.13 at 11:16 am EST
Northland Power (NPI) is pleased to announce its 2023 financial outlook ahead of the previously announced annual Investor Day.
Going forward, Northland intends to be selective with projects choosing ones that meet its objectives and targeted returns.
With the 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.
The company also intends to continue on its path of working with emerging renewable energy asset classes.
In 2022, the company increased its offshore wind development portfolio.
In Scotland, Northland secured 2.3 GW of offshore wind leases, and in Germany, it formed the 1.6 GW Nordsee Cluster.
Progress was also made on advancing current projects towards the financial close, including Hai Long and Baltic Power.
The company is looking to establish a presence in the energy storage sector.
The Oneida Energy Storage Project is a 250 MW/1,000-megawatt hour (MWh) battery energy storage facility developed in partnership with NRStor Inc. and the Six Nations of the Grand River Development Corporation.
Northland is also exploring the feasibility of green hydrogen to ammonia export projects along Canada’s coasts.
“The accelerating energy transition and energy security concerns are creating attractive development and investment opportunities for Northland Power and an improved market environment for our operating facilities,” said Mike Crawley, Northland’s President and Chief Executive Officer.
“A robust development pipeline not only positions Northland well in several key renewable energy markets but, as importantly, it allows the company to be selective in where it deploys its capital,” added Crawley.
The company is going forward with establishing a net zero initiative to achieve zero emissions across its operations by 2040.
Efforts will focus on reducing GHG emissions intensity from scopes 1 & 2 by 65 per cent by 2030 while targeting a science-aligned net zero overall emissions scope by 2040.
For this coming year, the management team expects adjusted free cash flow to be in the range of $1.70 to $1.90 per share, slightly down from the prior year.
The major factors contributing to the year-over-year change in adjusted free cash flow.
As for free cash flow, which includes growth expenditures, there is a range of $1.30 to $1.50 per share, compared to a range of $1.40 to $1.60 per share in 2022.
Northland Power is headquartered in Toronto, Canada and is a global power producer dedicated to helping the clean energy transition by producing electricity from clean, renewable resources.
Northland Power (NPI) is down over 1 percent, trading at C$35.13 at 11:16 am EST.
