Northland Power
About
A Canadian power producer, headquartered in Toronto and listed on the Toronto Stock Exchange, that owns and operates offshore and onshore wind, solar, natural gas and battery storage, and also supplies energy through a regulated utility in Colombia. Its operating offshore wind is in the North Sea: Gemini in the Netherlands, and Nordsee One and Deutsche Bucht in Germany. It builds its newer offshore projects with partners: Baltic Power in Poland, 49% owned beside ORLEN, and Hai Long in Taiwan, where it holds 31% beside Gentari, Mitsui and Enterprize Energy. The company describes its business as anchored by long-term contracted cash flows, and its offshore farms sell under government support schemes or long-term power contracts rather than at market prices alone. That cover is dated: the support on its three North Sea farms expires between 2027 and 2032.
Outlook
as of 2026-10Northland owns 1.2 GW of operating offshore wind in the North Sea (Gemini, Nordsee One, Deutsche Bucht), which supplies over half of group Adjusted EBITDA, and is building 2.1 GW more. Baltic Power in Poland (49%, with ORLEN, on a 25-year contract for difference) had all 76 turbines installed by October 2026 and is on track to operate in 2026. Hai Long in Taiwan (31%) is due in 2027; an April 2026 30-year contract with TSMC will take all of its output once the Hai Long 2A site switches over, and in August 2026 the project secured about NT$55 billion of new debt. The November 2025 plan targets over 7 GW of group operating capacity by 2030, project returns of at least 12% and a focus on Canada and Europe. Beyond the two builds the offshore pipeline is being streamlined: in Scotland, consent was applied for at Spiorad na Mara in April 2026 while the floating Havbredey project was de-prioritised, and South Korea is paused, with a 990 MW permit not renewed.
What they've said
4 statements 2026-03 – 2026-08
- Q2 2026 MD&A
“Northland evaluated and streamlined its growth pipeline. As part of this process, the Company discontinued the 104 MW High Bridge Onshore Wind Project in New York State and did not renew a permit in South Korea for a 990 MW offshore project.”
Northland Power (company report) source → - Hai Long debt refinancing announcement
“Northland is among the few companies in the world with the proven capabilities to develop, finance and deliver projects of this scale. This outcome reinforces our confidence in the Project and in offshore wind as a long-term investment platform.”
Christine Healy, President and CEO source → - 2025 Annual Report, letter to shareholders
“Looking ahead to 2030, we are pursuing disciplined, value accretive growth in Canada and Europe. In these core markets, we are high-grading our development pipeline to focus on the most competitive opportunities”
Christine Healy, President and CEO source → - 2025 Annual Report, MD&A Section 9
“Development on Spiorad na Mara, the fixed foundation offshore wind project, is ongoing with community consultation completed and consent submissions occurring in the coming months. Havbredey, the floating offshore wind project, has been de-prioritized.”
Northland Power (company report) source →
Portfolio
7 held · live stages first, exits lastCapacity is net of ownership stake: a 50% JV counts half. Gross exposure (full nameplate of every project held): 3.35 GW.
| Project | Country | Stage | MW | Stake | Net MW |
|---|---|---|---|---|---|
| Gemini | Netherlands | Operational | 600 | 60% | 360 |
| Nordsee One | Germany | Operational | 332 | 85% | 282 |
| Deutsche Bucht | Germany | Operational | 260 | 100% | 260 |
| Baltic Power | Poland | Under Construction | 1140 | 49% | 559 |
| Hai Long 2↓ farmed down | Taiwan | Under Construction | 518 | 30.6% | 159 |
| Hai Long 3↓ farmed down | Taiwan | Under Construction | 504 | 30.6% | 154 |
| CanWind | Taiwan | Cancelled | 500 | 100% | 500 |
Divested & farmed down
every recorded sale by this developer · newest first| Announced | Project / portfolio | Type | Stake sold | €m | Buyer |
|---|---|---|---|---|---|
| 2022-12 | Hai Long 2 | farmdown | — | 282 | Gentari International Renewables |
| 2022-12 | Hai Long 3 | farmdown | — | 274 | Gentari International Renewables |
Ownership history comes from the transaction database; the portfolio above is the current snapshot only. "Joint" stakes are the consortium total (per-seller split not disclosed) and are excluded from the stake-weighted GW figure.