Northland books Gemini gains
Dutch offshore wind farm helps drive 55.9% rise in EBITDA for 2016
Northland Power's adjusted EBITDA soared 55.9% last year to $626.9m compared with $402m in 2015, helped by pre-completion revenue from the 600MW Gemini wind farm in the Dutch North Sea.
The project, which is due to be commissioned in mid-2017, generated $124.1m of the adjusted EBITDA last year following the retroactive commencement of two power contracts on 1 March and 1 July, Northland said.
The company's overall power production rose 31% last year boosted by the commissioning of the 100MW Grand Bend wind farm in Ontario, the Canadian developer added.
Northland expects earnings to rise further this year driven by the completion of Gemini, as well as pre-completion revenue from 332MW Nordsee 1 project in the German North Sea.
It forecasts an adjusted EBITDA of $660m to $710m for this year.
"2016 was an outstanding year for Northland," chief executive John Brace said.
"Our investments in offshore wind in Europe and other initiatives that contribute to long-term growth are now bearing fruit.”
Image: Gemini wind farm (Northland)