Le Lézard
Classified in: Business
Subjects: EARNINGS, Conference Calls/ Webcasts

Northland Power Reports Third Quarter 2023 Results


TORONTO, Nov. 09, 2023 (GLOBE NEWSWIRE) -- Northland Power Inc. ("Northland" or the "Company") (TSX: NPI) reported today financial results for the three and nine months ended September 30, 2023. All dollar amounts set out herein are in thousands of Canadian dollars, unless otherwise stated.

"Our third quarter financial results were solid and in line with our expectations. We are maintaining the low end of our Adjusted EBITDA, Adjusted Free Cash Flow and Free Cash Flow guidance for 2023. Despite the regulatory changes in Spain last quarter and the challenges in the economy more broadly, we expect to deliver solid financial and operating results this year, as a result of positive offsets from other planned activities, including sell-downs. Notwithstanding recent challenges experienced in the offshore wind sector, we delivered on two very significant milestones this quarter for the Company, having achieved financial close on our two offshore wind projects, Hai Long and Baltic Power. Through achieving these milestones, our global team demonstrated again that we have the capability and expertise to develop and finance complex, large-scale projects in multiple jurisdictions. Having achieved financial close of Hai Long, our team is now working on closing the final element of the funding plan, being the 49% sell down transaction to Gentari," Mike Crawley, Northland's President and Chief Executive Officer noted.

Third Quarter Highlights

Financial results for the three months ended September 30, 2023 were lower compared to the same quarter of 2022, primarily due to the non-recurrence of the unprecedented spike in market prices in Europe realized in 2022, partially offset by higher band adjustment revenue generated from Northland's Spanish portfolio.

Financial Results

Sales, gross profit, operating income and net income, as reported under IFRS, include consolidated results of entities not wholly owned by Northland, whereas Northland's non-IFRS financial measures include only Northland's proportionate ownership interest.

Summary of Consolidated Results      
(in thousands of dollars, except per share amounts)Three months ended September 30, Nine months ended September 30,
   2023  2022  2023  2022
FINANCIALS       
 Sales$513,290 $555,854 $1,606,558 $1,807,700
 Gross profit 458,316  484,103  1,454,687  1,604,818
 Operating income 146,188  201,814  521,355  780,990
 Net income (loss) 42,987  76,089  171,786  631,535
 Net income (loss) attributable to common shareholders 36,166  81,661  110,401  548,835
 Adjusted EBITDA (a non-IFRS measure) (2) 267,258  289,763  851,212  1,045,105
         
 Cash provided by operating activities 148,005  523,338  649,345  1,282,294
 Adjusted Free Cash Flow (a non-IFRS measure) (2) 63,917  66,367  306,690  420,362
 Free Cash Flow (a non-IFRS measure) (2) 36,316  44,670  232,297  364,588
 Cash dividends paid 52,137  49,673  153,332  145,508
 Total dividends declared (1)$76,036 $71,957 $227,101 $210,410
         
Per Share       
 Weighted average number of shares ? basic and diluted (000s) 253,279  238,011  252,152  232,712
 Net income (loss) attributable to common shareholders ? basic and diluted$0.14 $0.33 $0.42 $2.32
 Adjusted Free Cash Flow ? basic (a non-IFRS measure) (2)$0.25 $0.28 $1.22 $1.81
 Free Cash Flow ? basic (a non-IFRS measure)$0.14 $0.19 $0.92 $1.57
 Total dividends declared$0.30 $0.30 $0.90 $0.90
         
ENERGY VOLUMES       
 Electricity production in gigawatt hours (GWh) 2,172  2,129  7,027  7,130
(1) Represents total dividends paid to common shareholders, including dividends in cash or in shares under the DRIP.
(2) See Forward-Looking Statements and Non-IFRS Financial Measures below. Further, note that non-IFRS measures during the three and nine months ended September 30, 2023, include the effect of changes in the definition of non-IFRS measures. For a reconciliation of these non-IFRS financial measures to the same measures before the definition changes, please refer to Northland's Management's Discussion and Analysis ("MD&A") for the three and nine months ended September 30, 2023.


Third Quarter Results Summary

Offshore wind facilities

Electricity production for the three months ended September 30, 2023, slightly increased by 2% or 14GWh compared to the same quarter of 2022. This was primarily due to higher wind resource at Gemini and higher turbine availability at Nordsee One following the completion of the rotor shaft assembly ("RSA") replacement campaign in 2022, partially offset by lower wind resource and higher unpaid curtailments related to negative prices at German offshore wind facilities.

Sales of $232 million for the three months ended September 30, 2023, decreased 16% or $46 million compared to the same quarter of 2022, primarily due to the non-recurrence of the unprecedented spike in market prices realized in 2022 of $75 million. This decline was partially offset by higher turbine availability at Nordsee One following the completion of the RSA replacement campaign in 2022, and the effect of foreign exchange fluctuations due to the strengthening of the Euro and other items by $30 million.

Adjusted EBITDA of $126 million for the three months ended September 30, 2023, decreased 28% or $50 million compared to the same quarter of 2022, due to the same factors as noted above.

An important indicator for performance of offshore wind facilities is the current and historical average power production of the facility. The following tables summarize actual electricity production and the historical average, high and low, for the applicable operating periods of each offshore facility:

Three months ended September 30,2023 (1) 2022 (1) Historical
Average
(2)
 Historical
High (2)
 Historical
Low (2)
Electricity production (GWh)         
          
Gemini467 436 449 524 397
Nordsee One176 179 190 220 173
Deutsche Bucht172 185 173 185 164
Total815 800      
(1) Includes GWh produced and attributed to paid curtailments.
(2) Represents the historical power production for the period since the commencement of commercial operation of the respective facility (2017 for Gemini and Nordsee One and 2020 for Deutsche Bucht) and excludes unpaid curtailments.


Onshore renewable facilities

Electricity production was 12% or 59GWh lower than the same quarter of 2022, primarily due to lower wind resource across the Canadian and Spanish onshore wind facilities, partially offset by higher solar resource at these facilities.

Sales of $118 million were 25% or $23 million higher than the same quarter of 2022, primarily due to the increase in band adjustments by $47 million as a result of the regulated posted price being higher than the merchant pool price in 2023, partially offset by the aggregate decrease in merchant revenue and return on investment ("Ri") by $24 million from the Spanish portfolio. Please refer to the MD&A for further breakdown of Spanish portfolio revenue by component.

Adjusted EBITDA of $88 million was 45% or $27 million higher than the same quarter of 2022, due to the same factors as above.

Adjusted EBITDA from the Spanish portfolio of $54 million for the three months ended September 30, 2023, increased 116% or $29 million compared to the same quarter of 2022, due to the same factors discussed above. Free Cash Flow from the Spanish portfolio of $16 million for the three months ended September 30, 2023, increased by $22 million compared to the same quarter of 2022, due to the same factors discussed above.

Efficient natural gas facilities

Electricity production increased 10% or 88GWh compared to the same quarter of 2022, mainly due to higher market demand for dispatchable power.

Sales of $81 million decreased 27% or $31 million compared to the same quarter of 2022, primarily due to lower natural gas prices resulting in lower energy rates affecting revenue, and lower margins triggered by unplanned outages.

Adjusted EBITDA of $46 million for the three months ended September 30, 2023, decreased 12% or $6 million, compared to the same quarter of 2022, primarily due to lower management fee income from Kirkland Lake, in addition to the same factors as above.

Utility

Sales of $78 million for the three months ended September 30, 2023, increased 12% or $8 million compared to the same quarter of 2022, primarily due to the foreign exchange fluctuations as a result of the strengthening of the Colombian Peso.

Adjusted EBITDA of $30 million for the three months ended September 30, 2023, remained in line with the same quarter of 2022.

Consolidated statement of income (loss)

General and administrative ("G&A") costs of $22 million in the third quarter increased $3 million compared to the same quarter of 2022, primarily due to increased costs and resources to support Northland's projects and global platform and additional projects entering operation during the period, including La Lucha.

Development costs of $35 million increased $13 million compared to the same quarter of 2022, primarily due to timing of spending to advance development projects.

Net finance costs of $72 million in the third quarter decreased $5 million compared to the same quarter of 2022, primarily due to scheduled repayments on facility-level loans and higher loan repayments related to loan restructurings that occurred in 2022.

Fair value loss on derivative contracts was $46 million compared to a $43 million loss in the same quarter of 2022, primarily due to net movement in the fair value of derivatives related to commodity, interest rate and foreign exchange contracts.

Foreign exchange gain of $12 million in the third quarter was primarily due to unrealized gain from fluctuations in the closing foreign exchange rates.

Other income of $20 million increased by $19 million compared to the same quarter of 2022, primarily due to the gains associated with the partial sell-down of development assets in the third quarter of 2023.

Net income of $43 million in the third quarter decreased by $33 million compared to the same quarter of 2022, primarily as a result of the factors described above.

Adjusted EBITDA

The following table reconciles net income (loss) to Adjusted EBITDA:

 Three months ended September 30,
  Nine months ended September 30,
 
  2023   2022   2023   2022 
Net income (loss)$42,987  $76,089  $171,786  $631,535 
Adjustments:       
Finance costs, net 72,421   77,814   210,699   237,054 
Gemini interest income (150)  3,344   6,112   10,800 
Provision for (recovery of) income taxes 18,682   47,410   94,706   233,672 
Depreciation of property, plant and equipment 147,924   132,416   438,981   424,445 
Amortization of contracts and intangible assets 14,463   14,042   42,505   39,645 
Fair value (gain) loss on derivative contracts 43,711   38,238   106,714   (334,937)
Foreign exchange (gain) loss (11,514)  (39,668)  (36,162)  27,281 
Elimination of non-controlling interests (53,380)  (56,897)  (186,389)  (198,715)
Finance lease (lessor) (1,349)  (1,563)  (4,318)  (4,841)
Others (1) (6,537)  (1,462)  6,578   (20,834)
Adjusted EBITDA (2)$267,258  $289,763  $851,212  $1,045,105 
(1) Others primarily include Northland's share of profit (loss) from equity accounted investees, Northland's share of Adjusted EBITDA from equity accounted investees, gains from partial asset sell-downs, acquisition costs and other expenses (income).
(2) See Forward-Looking Statements and Non-IFRS Financial Measures below. Further, note that non-IFRS measures during the three and nine months ended September 30, 2023, include the effect of changes in the definition of non-IFRS measures. For a reconciliation of these non-IFRS financial measures to the same measures before the definition changes, please refer to the MD&A.


Adjusted EBITDA of $267 million for the three months ended September 30, 2023, decreased 8% or $23 million compared to the same quarter of 2022. The significant factors decreasing Adjusted EBITDA include:

The factors partially offsetting the decrease in the Adjusted EBITDA were:

Adjusted Free Cash Flow and Free Cash Flow

The following table reconciles cash flow from operations to Adjusted Free Cash Flow and Free Cash Flow:

 Three months ended September 30,
  Nine months ended September 30,
 
  2023   2022   2023   2022 
Cash provided by operating activities$148,005  $523,338  $649,345  $1,282,294 
Adjustments:       
Net change in non-cash working capital balances related to operations 99,938   (189,623)  234,963   (148,631)
Non-expansionary capital expenditures (369)  (14,263)  (1,268)  (45,573)
Restricted funding for major maintenance, debt and decommissioning reserves (582)  (228)  (3,235)  (11,326)
Interest (43,341)  (75,396)  (182,951)  (223,429)
Scheduled principal repayments on facility debt (55,677)  (52,044)  (381,319)  (400,429)
Funds set aside (utilized) for scheduled principal repayments (149,854)  (153,735)  (158,020)  (170,661)
Preferred share dividends (1,527)  (2,811)  (4,530)  (8,252)
Consolidation of non-controlling interests (3,533)  (1,707)  (65,186)  (43,513)
Investment income (1) 5,041   4,268   22,311   12,666 
Proceeds under NER300 and warranty settlement at Nordsee One ?   16,911   ?   55,787 
Others (2) 38,215   (10,040)  122,187   65,655 
Free Cash Flow (3)$36,316  $44,670  $232,297  $364,588 
Add back: Growth expenditures 31,914   21,697   86,151   55,774 
Less: Historical growth expenditures' recovery due to sell-down (4,313)  ?   (11,758)  ? 
Adjusted Free Cash Flow (3)$63,917  $66,367  $306,690  $420,362 
(1) Investment income includes Gemini interest income and repayment of Gemini subordinated debt.
(2) Others mainly include the effect of foreign exchange rates and hedges, interest rate hedge, Nordsee One interest on shareholder loans, share of joint venture project development costs, acquisition costs, lease payments, interest income, Northland's share of Adjusted Free Cash Flow from equity accounted investees, gains from sales of development assets, interest on corporate-level debt raised to finance capitalized growth projects and other non-cash expenses adjusted in working capital excluded from Free Cash Flow in the period.
(3) See Forward-Looking Statements and Non-IFRS Financial Measures below. Further, note that non-IFRS measures during the three and nine months ended September 30, 2023, include the effect of changes in the definition of non-IFRS measures. For a reconciliation of these non-IFRS financial measures to the same measures before the definition changes, please refer to the MD&A.


Adjusted Free Cash Flow of $64 million for the three months ended September 30, 2023, was 4% or $2 million lower than the same quarter of 2022.

The significant factors decreasing Adjusted Free Cash Flow were:

The factors partially offsetting the decrease in Adjusted Free Cash Flow were:

Free Cash Flow, which is reduced by growth expenditures, totaled $36 million for the three months ended September 30, 2023, and was 19% or $8 million lower than the same quarter of 2022, due to the same factors as Adjusted Free Cash Flow.

The following table reconciles Adjusted EBITDA to Adjusted Free Cash Flow.

 Three months ended September 30,
  Nine months ended September 30,
 
  2023   2022   2023   2022 
Adjusted EBITDA (2)$267,258  $289,763  $851,212  $1,045,105 
Adjustments:       
Scheduled debt repayments (166,900)  (163,945)  (450,443)  (459,499)
Interest expense (43,859)  (61,808)  (143,019)  (183,112)
Current taxes (26,212)  (33,535)  (90,902)  (122,644)
Non-expansionary capital expenditure (358)  (12,160)  (1,078)  (38,828)
Utilization (funding) of maintenance and decommissioning reserves (583)  (228)  (3,228)  (10,458)
Lease payments, including principal and interest (1,783)  (4,234)  (6,312)  (7,357)
Preferred dividends (1,526)  (2,811)  (4,529)  (8,252)
Foreign exchange hedge gain (loss) 747   8,125   31,035   56,216 
Proceeds under NER300 and warranty settlement at Nordsee One ?   14,376   ?   47,420 
EBSA Refinancing proceeds, net of growth capital expenditures ?   10,119   ?   26,896 
Others (1) 9,532   1,008   49,561   19,101 
Free Cash Flow (2)$36,316  $44,670  $232,297  $364,588 
Add Back: Growth expenditures 31,914   21,697   86,151   55,774 
Less: Historical growth expenditures' recovery due to sell-down (4,313)  ?   (11,758)  ? 
Adjusted Free Cash Flow (2)$63,917  $66,367  $306,690  $420,362 
(1) Others mainly include Gemini interest income, repayment of Gemini subordinated debt, interest rate hedge settlement, gains from sales of development assets, and interest received on third-party loans to partners.
(2) See Forward-Looking Statements and Non-IFRS Financial Measures below. Further, note that non-IFRS measures during the three and nine months ended September 30, 2023, include the effect of changes in the definition of non-IFRS measures. For a reconciliation of these non-IFRS financial measures to the same measures before the definition changes, please refer to the MD&A.


Significant Events and Updates

Balance Sheet:

Renewables Growth:

Outlook on 2023 Funding Plan

Northland's focus is on successfully constructing the Oneida energy storage project, and Baltic Power and Hai Long offshore wind projects.

These projects represent an aggregate equity investment by Northland of $1.75 billion, net of the Gentari Sell-Down transaction. Northland had access to $563 million of available liquidity at September 30, 2023, including $63 million of cash on hand and approximately $500 million of capacity on its corporate revolving credit facilities.

Northland also has a $500 million short-term corporate credit facility ("Short Term Facility") to help fund its equity contribution in Hai Long, of which $344 million was utilized at September 30, 2023. This facility matures at the end of November 2023 and is expected to be repaid upon receipt of the proceeds from the Gentari Sell-Down transaction, which management is targeting to close in the fourth quarter of 2023, upon certain closing conditions being met, as discussed above. In the event that the Gentari Sell-Down is delayed due to satisfying closing conditions taking more time than planned, the facility may need to be extended or re-financed. In addition, Northland has secured a $1.0 billion Hai Long related corporate LC facility to support Hai Long credit requirements during construction. Northland's Hai Long related letter of credit obligations and this facility would decrease by 49% upon closing of the Gentari Sell-Down.

2023 and Long-term Outlook

As of November 9, 2023, management has reiterated its 2023 financial outlook. Adjusted EBITDA in 2023 is expected to be at the low end of original guidance of $1.2 billion to $1.3 billion. Adjusted Free Cash Flow and Free Cash Flow per share in 2023 are also expected to be at the low end of our previously communicated ranges of $1.70 to $1.90 and $1.30 to $1.50, respectively. The ranges for Adjusted EBITDA, Adjusted Free Cash Flow and Free Cash Flow include sell-down gains.

Northland continues to implement a selective partnership strategy to sell interests in certain development projects on or before financial close. The Company will assess each opportunity individually and intends to remain a long-term owner of the renewable power assets it develops.

Over the longer term, Northland remains positioned to achieve substantial growth in Adjusted EBITDA by 2027, upon achieving targeted commercial operations of Oneida, Baltic Power and Hai Long, each with long-term contracted revenues of between 20 to 30 years.

Once all three projects are fully operational, anticipated by 2027, they are expected to collectively generate an aggregate Adjusted EBITDA and Free Cash Flow of $570 to $615 million and $185 to $210 million, respectively, resulting in significant value creation and accretion for Northland's shareholders.

With over 3 gigawatts (GW) of gross operating capacity and a robust development pipeline of approximately 15GW, with 2.4GW being under construction and expected to be operational by 2026/2027, the Company is well positioned for an accelerating global energy transition. Northland intends to be selective and pursue only projects within its pipeline that meet its strategic objectives and targeted returns and closely monitor macroeconomic conditions surrounding renewables development globally.

Third-Quarter Earnings Conference Call

Northland will hold an earnings conference call on November 10, 2023, to discuss its 2023 third quarter results. The call will be hosted by Northland's Senior Management, who will discuss the Company's financial results and developments as well as answering questions from analysts.

Conference call details are as follows:

Friday, November 10, 2023, 10:00 a.m. ET

Participants wishing to join the call and ask questions must register using the following URL below:

https://register.vevent.com/register/BIb14b87ba5135410fb9fed115bde5d406

For all other attendees, the call will be broadcast live on the internet, in listen-only mode and can be accessed using the following link:

Webcast URL: https://edge.media-server.com/mmc/p/ysmaxpt8

For those unable to attend the live call, an audio recording will be available on northlandpower.com on November 13, 2023.

Northland's unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2023, and related Management's Discussion and Analysis can be found on SEDAR+ at www.sedarplus.ca under Northland's profile and on northlandpower.com.

ABOUT NORTHLAND POWER

Northland Power is a global power producer dedicated to helping the clean energy transition by producing electricity from clean renewable resources. Founded in 1987, Northland has a long history of developing, building, owning and operating clean and green power infrastructure assets and is a global leader in offshore wind. In addition, Northland owns and manages a diversified generation mix including onshore renewables, efficient natural gas energy, as well as supplying energy through a regulated utility.

Headquartered in Toronto, Canada, with global offices in eight countries, Northland owns or has an economic interest in approximately 3.4GW (net 2.9GW) of operating capacity. The Company also has a significant inventory of projects in construction and in various stages of development encompassing approximately 15GW of potential capacity.

Publicly traded since 1997, Northland's common shares, Series 1 and Series 2 preferred shares trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A and NPI.PR.B, respectively.

NON-IFRS FINANCIAL MEASURES

This press release includes references to the Company's adjusted earnings before interest, income taxes, depreciation and amortization ("Adjusted EBITDA"), Adjusted Free Cash Flow, Free Cash Flow and applicable payout ratios and per share amounts, which are measures not prescribed by International Financial Reporting Standards ("IFRS"), and therefore do not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. Non-IFRS financial measures are presented at Northland's share of underlying operations. These measures should not be considered alternatives to net income (loss), cash flow from operating activities or other measures of financial performance calculated in accordance with IFRS. Rather, these measures are provided to complement IFRS measures in the analysis of Northland's results of operations from management's perspective. Management believes that Northland's non-IFRS financial measures and applicable payout ratio and per share amounts are widely accepted and understood financial indicators used by investors and securities analysts to assess the performance of a company, including its ability to generate cash through operations.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements") that are provided for the purpose of presenting information about management's current expectations and plans. Readers are cautioned that such statements may not be appropriate for other purposes. Northland's actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, the events anticipated by the forward-looking statements may or may not transpire or occur. Forward-looking statements include statements that are not historical facts and are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expects," "anticipates," "plans," "predicts," "believes," "estimates," "intends," "targets," "projects," "forecasts" or negative versions thereof and other similar expressions or future or conditional verbs such as "may," "will," "should," "would" and "could." These statements may include, without limitation, statements regarding future Adjusted EBITDA, Adjusted Free Cash Flow and Free Cash Flow, including respective per share amounts, dividend payments and dividend payout ratios, the timing for and attainment of the Hai Long and Baltic Power offshore wind, and Oneida energy storage projects' anticipated contributions to Adjusted EBITDA, Adjusted Free Cash Flow and Free Cash Flow, the expected generating capacity of certain projects, guidance, the completion of construction, acquisitions, dispositions, investments or financings and the timing thereof, including the timing and final terms of the pending sell-down of Hai Long to Gentari, the timing for and attainment of financial close and commercial operations, for each project, the potential for future production from project pipelines, cost and output of development projects, the all-in interest cost for debt financing, the impact of currency hedges, litigation claims, anticipated results from the optimization of the Thorold Co-Generation facility and the timing related thereto, plans for raising capital and future funding requirements, the allocation of the net proceeds from the Green Notes offering, and the future operations, business, financial condition, financial results, priorities, ongoing objectives, strategies and the outlook of Northland, its subsidiaries and joint ventures. There is a risk that delays in closing financings, assets sales or sell-downs, failure to obtain the anticipated level of finance commitments and failure to close one or more financings or sell-downs could affect construction schedules and/or Northland's cash or credit position and capital funding needs. These statements are based upon certain material factors or assumptions that were applied in developing the forward-looking statements, including the design specifications of development projects, the provisions of contracts to which Northland or a subsidiary is a party, management's current plans and its perception of historical trends, current conditions and expected future developments, the ability to obtain necessary approvals, satisfy any closing conditions, satisfy any project finance lender conditions to closing sell-downs or obtain adequate financing regarding contemplated construction, acquisitions, dispositions, investments or financings, as well as other factors, estimates and assumptions that are believed to be appropriate in the circumstances. Although these forward-looking statements are based upon management's current reasonable expectations and assumptions, they are subject to numerous risks and uncertainties. Some of the factors include, but are not limited to, risks associated with further regulatory and policy changes in Spain which could impair current guidance and expected returns, risks associated with merchant pool pricing and revenues, risks associated with sales contracts, the emergence of widespread health emergencies or pandemics, Northland's reliance on the performance of its offshore wind facilities at Gemini, Nordsee One and Deutsche Bucht for over 50% of its Adjusted EBITDA, counterparty and joint venture risks, contractual operating performance, variability of sales from generating facilities powered by intermittent renewable resources, offshore wind concentration, natural gas and power market risks, commodity price risks, operational risks, recovery of utility operating costs, Northland's ability to resolve issues/delays with the relevant regulatory and/or government authorities, permitting, construction risks, project development risks, acquisition risks, procurement and supply chain risks, financing risks, disposition and joint-venture risks, competition risks, interest rate and refinancing risks, liquidity risk, inflation risks, impacts of regional or global conflicts, credit rating risk, currency fluctuation risk, variability of cash flow and potential impact on dividends, taxation, natural events, environmental risks, climate change, health and worker safety risks, market compliance risk, government regulations and policy risks, utility rate regulation risks, international activities, cybersecurity, data protection and reliance on information technology, labour relations, reputational risk, insurance risk, risks relating to co-ownership, bribery and corruption risk, terrorism and security, legal contingencies, and the other factors described in the "Risks Factors" section of Northland's Management's Discussion and Analysis and Annual Information Form for the year ended December 31, 2022, which can be found at www.sedarplus.ca under Northland's profile and on Northland's website at northlandpower.com. Northland has attempted to identify important factors that could cause actual results to materially differ from current expectations, however, there may be other factors that cause actual results to differ materially from such expectations. Northland's actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, and Northland cautions you not to place undue reliance upon any such forward-looking statements.

The forward-looking statements contained in this release are, unless otherwise indicated, stated as of the date hereof and are based on assumptions that were considered reasonable as of the date hereof. Other than as specifically required by law, Northland undertakes no obligation to update any forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.

Certain forward-looking information in this MD&A, including, but not limited to the information in Section 9: Outlook and our projected Adjusted EBITDA and Free Cash Flow expected to be generated from Northland's interest in Hai Long, Baltic Power and Oneida may also constitute "financial outlooks" within the meaning of applicable securities laws. Financial outlook involves statements about Northland's prospective financial performance, financial position or cash flows and is based on and subject to the assumptions about future economic conditions and courses of action and the risk factors described above in respect of forward-looking information generally, as well as any other specific assumptions and risk factors in relation to such financial outlook noted in this MD&A. Such assumptions are based on management's assessment of the relevant information currently available and any financial outlook included in this MD&A is provided for the purpose of helping readers understand Northland's current expectations and plans for the future. Readers are cautioned that reliance on any financial outlook may not be appropriate for other purposes or in other circumstances and that the risk factors described above or other factors may cause actual results to differ materially from any financial outlook. The actual results of Northland's operations will likely vary from the amounts set forth in any financial outlook and such variances may be material.

For further information, please contact:

Adam Beaumont, Vice President

Dario Neimarlija, Vice President

647-288-1019

[email protected]

northlandpower.com



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TSX VENTURE COMPANIES BULLETIN V2024-0588 CRITERIUM ENERGY LTD.  ("CEQ")BULLETIN TYPE: Resume TradingBULLETIN DATE: February 23, 2024TSX Venture Tier 2 Company Further to the Exchange bulletin dated February 22, 2024, effective at the open on...

23 fév 2024
In a recent statement featured in Above the Law, Gaston Kroub emphasized, "Without reservation that LITFINCON has earned its spot on the litigation finance calendar as a conference best not missed." LITFINCON III is returning to the Post Oak Hotel in...



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