Northland hails 'outstanding' year
Profit, sales spike for Canadian developer, bullish targets set for 2018
Canadian developer Northland Power has banked 25% and 37% increases in sales and gross profit respectively for 2017 compared with the year-ago period, according to annual results.
The former spiked to CA$1.4bn from $1.1bn in 2016 while the latter shot up to $1.2bn, both mainly due to income from the 600MW Gemini wind farm off the Netherlands and pre-completion revenue from the 332MW Nordsee 1 in the German North Sea.
Adjusted EBITDA was also up to CA$765m for the year, compared with CA$627m in 2016, exceeding the guidance of between CA$710 and CA$750.
Chief executive John Brace said 2017 delivered "outstanding" results.
In 2018, Northland expects its EBITDA figure to hit the range between CA$860 and CA$930.
The company said manufacturing of the offshore substation, monopiles and transition pieces for the 252MW DeBu project in the German North Sea has commenced, with the site due online in 2019.
Image: the Gemini project (Van Oord)