Northland Power establishes financial framework, future outlook

Northland has established a financial framework aimed at ensuring the financial flexibility to deliver disciplined growth by increasing the target levered returns on projects to 12% or greater. In addition, and as part of a new operating model, the Company is targeting annual cost savings across General & Administrative, Operating, and Development expenditures of approximately $50 million by 2028. As a global energy leader, Northland is in a strong position to achieve attractive profitable growth by 2030, with over 2.2 GW of projects in construction and a pipeline of organic and value enhancement projects underway with 2.7 GW in the mid-to-late stage development gates. The Company established a long-term outlook for its average annual free cash flow per share growth of 6% by 2030. Northland intends to utilize non-recourse project level financing as the primary source of funding, supported by other funding tools including proceeds from asset sell-downs, partner equity, as well as corporate hybrid debt. Northland’s Investor Day materials will provide more details on its growth and funding plan. The Company also reaffirms its 2025 financial guidance for adjusted EBITDA and FCF per share.