Northland Turns Profitable in H1 2015

Canadia firm Northland Power has reported a net profit of CAD 109.7 million for the first half of 2015 comparing to the net loss of CAD 63.3 million last year.

Gros profit was up 3%, reaching CAD 244.4 million.

“After an extremely busy first quarter, our second quarter activity focused on continued execution of our CAD 6 billion construction portfolio,” said John Brace, Chief Executive Officer. “Our strong quarterly results demonstrate ongoing progress in accomplishing our 2015 goals. We are making great strides and achieving significant milestones on our European offshore wind projects, and we look forward to producing our first megawatt of power less than a year from now.”

The company holds stakes in Gemini and Nordsee Ost offshore wind farms.

The 600MW Gemini offshore wind project located in the North Sea has reached a milestone with the installation of the first steel foundation on July 1, 2015. Also, around 92% of cables has been laid on or in the seabed.

Construction on 332 MW Nordsee One offshore wind project advanced as expected and remains on schedule, with activities related to the start of manufacturing of foundation and platform components.

Of the non-cash fair value gain on the derivative contracts for the first six months of 2015, $68.9 million was associated with Gemini’s and Nordsee One’s interest rate swap contracts.

Image: geminiwindfarm

Photo: First foundation at Gemini offshore wind farm.

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