Company Reports

We will discontinue analyst coverage of Northland Power on or about May 11, 2026.

Northland Power is a global power producer focused on developing, owning, and operating renewable energy infrastructure.

Northland Power reported fourth-quarter adjusted EBITDA of CAD 390 million, up 25% year on year, driven by record offshore wind generation in Germany, contributions from Oneida, and strong natural gas demand. The company issued 2026 EBITDA guidance of CAD 1.45 billion-CAD 1.65 billion.

Northland Power held its investor day on Nov. 20. New 2030 financial targets include doubling gross capacity to 7 gigawatts and increasing free cash flow per share by 6% per year.

Northland Power reported third-quarter EBITDA of CAD 257 million and left its full-year financial guidance unchanged. The firm also announced a 40% reduction to its dividend, sending shares down 25% at the time of writing on Nov. 13.

Northland Power is a global power producer focused on developing, owning, and operating clean power infrastructure assets.

Northland Power reported second-quarter EBITDA of CAD 245 million, down 9% year on year, due to weak offshore wind generation and higher curtailments. Full-year EBITDA guidance was lowered to CAD 1.25 billion from CAD 1.35 billion.

Northland Power reported first-quarter EBITDA of CAD 361 million, down 20% year on year due to abnormally weak offshore wind generation. Full-year guidance is unchanged.

Northland Power reported full-year EBITDA of CAD 1.3 billion and adjusted free cash flow per share of CAD 1.53, both above prior guidance ranges. 2025 guidance is for CAD 1.35 billion of EBITDA and FCF per share of CAD 1.40.

Northland Power is a global power producer focused on developing, owning, and operating clean power infrastructure assets.

Northland Power reported third-quarter adjusted EBITDA of CAD 228 million, down 15% year on year, primarily due to nonrecurring items. Full-year guidance remains on track but is now expected to be at the midpoint of management's guidance rather than the high end that it previously said.

Northland Power is a global power producer focused on developing, owning, and operating clean power infrastructure assets.

Northland Power is a global power producer focused on developing, owning, and operating clean power infrastructure assets.

We plan to update our model for no-moat Northland Power in the coming days, but at first glance, we expect to maintain our CAD 29 fair value estimate following second-quarter results. We view the shares as undervalued.

We maintain our CAD 29 fair value estimate for no-moat Northland Power following its first-quarter earnings. We view shares as undervalued.

We maintain our CAD 29 fair value estimate for no-moat Northland Power following news of its CEO transition. We view shares as undervalued.

We maintain our CAD 29 fair value estimate for no-moat Northland Power following the company’s investor day. Northland Power, and its offshore wind peers, had a challenging 2023, but we see signs some of these pressures are abating. We view shares as undervalued.

No-moat Northland Power reported 2023 results and initiated 2024 guidance broadly consistent with our modeling assumptions. We will incorporate the results and outlook into our model shortly, but after a first look, we maintain our CAD 29 fair value estimate. We still see the shares as undervalued.

Clean energy stocks have had a roller-coaster 18 months. Optimism following the passage of the Inflation Reduction Act in August 2022 gave way to rising interest rates in 2023. We highlight three key themes for investors to focus on in 2024: interest rates, U.S. policy, and profitability.

We've lowered our fair value estimate for no-moat Northland Power to CAD 29 per share from CAD 31 following third-quarter results. The primary driver of our lower valuation is a slight reduction in our long-term development expectations. We still see the shares as undervalued.