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    NPI   CA6665111002

NORTHLAND POWER INC.

(NPI)
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Northland Power Inc. and Polski Koncern Naftowy ORLEN Spólka Akcyjna Win Key Baltic Power Milestone with 25-Year Award of Contract for Difference in Poland

06/15/2021 | 10:22am EDT

Northland Power Inc. reported that Poland’s Energy Regulatory Office has awarded a contract for difference for Northland and PKN ORLEN’s (ORLEN) Baltic Power offshore wind project. Under the 25-year contract, the project receives payments covering any negative balance of electricity generated offshore and fed into the grid, which means that Baltic Power will be compensated for the potential difference between the market price of electricity and the strike price set in the CfD. The award is part of the Polish Government’s commitment, through the Polish Offshore Wind Act, to support an initial phase of 5.9 gigawatts (GW) of offshore wind. Similar to previous announcements, the CfD is awarded at PLN 319.60 per MWh for up to 25 years and is adjusted to annual indexation by Poland’s annual average consumer price index. The CfD is subject to review and final approval from Polish authorities and the European Commission. On March 24, 2021, Northland completed its acquisition of a 49% interest in Baltic Power from ORLEN, delivering a project with scale and an opportunity to participate in a growing offshore wind market in Central Europe. The project is expected to have a total capacity of up to 1,200 megawatt (MW) of offshore wind generation with construction activities expected to start in 2023 and commercial operations anticipated in 2026. Poland provides an attractive investment destination with a clear roadmap for offshore wind and other renewable technologies and its 2040 energy policy highlights offshore wind as a key technology to help its transition to a low-emission economy. Poland’s Offshore Wind Act, which was passed earlier this year, specifies its ambitions for offshore wind and its commitment to install 5.9 GW by 2030, and up to 11 GW by 2040, making Poland the biggest market for offshore wind in the Baltic region and an attractive market for offshore wind investment.


© S&P Capital IQ 2021
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Financials
Sales 2021 2 032 M 1 585 M 1 585 M
Net income 2021 220 M 172 M 172 M
Net Debt 2021 6 535 M 5 096 M 5 096 M
P/E ratio 2021 40,7x
Yield 2021 2,83%
Capitalization 9 556 M 7 465 M 7 452 M
EV / Sales 2021 7,92x
EV / Sales 2022 6,72x
Nbr of Employees 1 150
Free-Float 90,8%
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Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 42,37 CAD
Average target price 49,17 CAD
Spread / Average Target 16,1%
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Managers and Directors
Mike Crawley President & Chief Executive Officer
Pauline Alimchandani Chief Financial Officer
John Wycliffe Brace Chairman
Marie Bountrogianni Independent Director
Russell Goodman Lead Independent Director