State-of-the-art heavy-lift vessel installing Baltic Power's first monopile foundations in Poland's Baltic Sea.
TORONTO, February 6, 2025 –Northland Power Inc. (TSX: NPI) (“Northland” or the “Company”) is pleased to announce the successful start of offshore construction at Baltic Power, with the completion of the first two monopile foundation installations. This important milestone marks the official commencement of in-water construction for the project, a joint venture between Northland and ORLEN located in the Baltic Sea. Baltic Power is the only offshore wind farm in the country to have reached the construction phase and, once completed in 2026, it will become Poland’s first operating offshore wind farm. This achievement highlights the skilled teamwork and strong collaboration driving the project forward and represents a significant step in Poland’s growing offshore wind energy sector.
“The installation of the first two foundations for Baltic Power is a tremendous moment in the development of offshore wind energy in Poland,” said Christine Healy, President & CEO of Northland Power. “As co-developers of Poland’s first offshore wind farm, we are excited to contribute our global experience in offshore wind projects and proud of our strong partnership with ORLEN. This achievement demonstrates our progress together and further solidifies our shared commitment to Poland’s energy future.”
Over the coming months, Baltic Power’s skilled team will install the remaining 76 wind turbine foundations across 130 square kilometers of the Baltic Sea. Each monopile, weighing up to 1,700 tons and measuring 100 meters in length, will be driven 40 meters into the seabed.Following this, transition pieces will be installed and the 15 MW Vestas wind turbines will be placed. This complex operation showcases the dedication and expertise of the joint teams and partners, ensuring each step is executed safely and precisely.
The 1.1 GW Baltic Power offshore wind project is Northland’s fourth in Europe and will nearly double the company’s gross installed offshore wind capacity from 1.2 GW to 2.3 GW. Once operational, the project is expected to power over 1.5 million Polish households and will be a significant contributor to supporting Poland’s energy transition targets.
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, 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 3.2GW (net 2.8GW) of operating capacity. The Company also has a significant inventory of projects in construction and in various stages of development encompassing approximately 12GW 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.
FORWARD-LOOKING STATEMENTS
This news 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 predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects,” “believes,” 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 Northland’s expectations for the completion of construction and anticipated costs thereof, the safety and precision of the work, the anticipated sequence of construction operations, the timing for and attainment of commercial operations, the expected generating capacity of the project, and the future operations of the project, all of which may differ from the expectations stated herein. 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 of projects, the provisions of contracts to which Northland or a subsidiary is a party, 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, those described in the “Risks Factors” section of Northland’s Management’s Discussion and Analysis and Annual Information Form for the year ended December 31, 2023, which can be found at www.sedarplus.ca under Northland’s profile and on Northland’s website at northlandpower.com. Northland has attempted to identifyimportant 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 ofnew information, future events or results, or otherwise.
For further information, please contact:
Dario Neimarlija, Vice President, FP&A and Investor Relations
647-288-1019
Victor Gravili, Head of Global Brand & Integrated Communications
647-288-1105
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