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Northland profit jumps 52%

Canadians boosted by higher output from Nordsee 1 offshore wind farm

Northland profit jumps 52% image

Canadian energy company Northland Power made a net profit of almost $247m in the first six months of 2018, a 52% increase on the $162m posted in the same period last year.

Sales rose to just over $824.5m in the latest period, compared with $686.4m in 2017, while adjusted earnings were over $473m from $366m last year.

The company said its was boosted by higher production at the 332MW Nordsee 1 offshore wind farm in the German North Sea and at the company's solar facilities.

However, the figures were slightly offset by lower wind resources in the North Sea, it added.

Northland said installation of foundations at the 269MW Deutsche Bucht offshore wind farm off the coast of Germany will start in the third quarter of 2018, ahead of schedule.

Deutsche Bucht is slated for completion by the end of next year.

Image: Nordsee 1 (Nordsee One Gmbh) 

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