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Northland nets income rise

2017 half-year results boosted by operational 600MW Gemini project

Northland nets income rise image

Net income at Canadian outfit Northland Power jumped to almost C$162m in the first half of 2017, compared with a loss of C$68m in the same period last year.

Sales increased to over C$686m in the first six months of the year, from almost C$355m in 2016.

The improved figures were mainly down to the impact of the 600MW Gemini offshore wind farm off the Netherlands coast coming fully online in April and pre-completion revenue from the 332MW Nordsee 1 offshore wind farm in the German North Sea, the company said.

Northland said 44 of the 54 Senvion 6.2M-126 turbines have been installed at Nordsee 1.

The half-year results were also boosted by “positive contributions” from the company’s Grand Bend, North Battleford and Iroquois Falls facilities.

The company said that following the conclusion of a strategic review launched in July last year, Northland’s preferred strategy will be to remain an independent Canadian public company focussed on clean power infrastructure.

Northland also confirmed that financial close is expected soon on the 268.4MW DeBu offshore wind farm in the German North Sea.

The move will come once “certain conditions” related to the Canadian company’s acquisition of the project are completed, it said.

The project could include two demonstration turbines using suction bucket foundations, Northland said. 

The final investment decision for the two turbines are “subject to achieving certain development milestones”, it added.

The company said construction of the €1.4bn project would also start shortly, with commercial operations planned for the end of 2019.

Northland expects to invest C$400m in DeBu, with the balance funded by non-recourse project finance debt and pre-completion revenue.

MHI Vestas Offshore Wind has been selected as the preferred supplier for DeBu to deliver and install its V164 turbines, boosted to 8.4MW each.

Northland chief executive John Brace said: “Our positive financial and operating performance reinforces our conviction that Northland is well positioned to deliver and grow value for its shareholders.

“In addition to the milestones of our first two offshore wind projects, the impending acquisition of DeBu demonstrates yet again that we are able to compete for and win the best projects in the industry.”

Image: MHI Vestas

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