Northland Power has issued its results for the second quarter of 2014, stating that the company achieves strong results while continuing to expand portfolio of operating assets.
Northland’s consolidated sales, adjusted EBITDA and operating income for the three months ending June 30, 2014 were significantly higher than the same period of 2013.
Second Quarter Highlights:
“We delivered excellent financial results in the second quarter while continuing to grow the megawatts in our operating asset base,” said John Brace, Chief Executive Officer . “Our free cash flow increased by 43% over the same quarter last year, and adjusted EBITDA increased by 63%. We completed our 60 MW McLean’s wind project on time and on budget, and closed financing on our five remaining Ontario ground-mounted solar projects.
“We also reached financial close on Gemini, representing the largest-ever financing for an offshore wind farm; the project has now entered construction and is proceeding well. These results demonstrate Northland’s ongoing focus and strength: delivering long-term value to our shareholders through steady growth and a commitment to excellence in all that we do.”