Northland Power Announces Commercial Operations at Oneida Energy Storage Project – Canada’s Largest Battery Storage Facility Delivered Ahead of Schedule and Below Budget

/EIN News/ -- Oneida Energy Storage Project, April 2025

TORONTO, May 07, 2025 (GLOBE NEWSWIRE) -- Northland Power Inc. (“Northland” or the “Company”) (TSX: NPI) is pleased to announce that the Oneida Energy Storage Project (“Oneida”) has successfully commenced commercial operations. The project was completed ahead of schedule and under budget and is the largest battery energy storage facility in operation in Canada.

“Today marks a major milestone for Northland and the Oneida project,” said Christine Healy, President & Chief Executive Officer of Northland. “Oneida represents a pivotal step in our strategy to develop and operate battery storage facilities. A first-of-its-kind in Canada, this facility supports grid stability and reliability in Ontario. Delivering this project ahead of schedule and under budget is a clear demonstration of Northland’s capability to execute large-scale energy projects safely and effectively.”

Located in Haldimand County, Ontario, Oneida is a 250 MW / 1,000 MWh battery storage facility. It is Northland’s first operational energy storage project in Canada. The project positions the Company as a market leader in a key growth segment, offering immediate scale and presence. Northland owns approximately 70% of Oneida, with the remaining ownership held by Six Nations of the Grand River Development Corporation, NRStor Inc., Aecon Concessions and Mississaugas of the Credit Business Corporation. The project was completed with a final cost of approximately $700 million, compared to the initial $800 million estimate at financial close in 2023. Oneida is backed by a 20-year capacity contract with Ontario’s Independent Electricity System Operator, providing stable, long-term revenue.

“We’re incredibly proud of what our joint teams have accomplished,” said Michelle Chislett, Executive Vice President of Northland’s Onshore Renewables business. “This milestone reflects the strong collaboration among our project partners, including our First Nations partners, suppliers, and financiers, including the Canadian Infrastructure Bank.”

With the completion of Oneida, Northland remains focused on the successful and safe delivery of its construction projects, including the 1.1 GW Baltic Power offshore wind project in Poland and the 1.0 GW Hai Long offshore wind project in Taiwan.

ABOUT NORTHLAND POWER

Northland Power is a Canada-based global power producer dedicated to accelerating the global energy transition. Founded in 1987, with almost four decades of experience, Northland has a long history of developing, owning and operating a diversified mix of energy infrastructure assets including offshore and onshore wind, solar, battery energy storage, and natural gas. Northland also supplies energy through a regulated utility.

Headquartered in Toronto, Canada, with global offices in seven countries, Northland owns or has an economic interest in 3.5 GW of gross operating generating capacity, 2.2 GW under construction and a significant inventory of early to mid-stage development opportunities encompassing approximately 10 GW 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.

NON-IFRS FINANCIAL MEASURES

This press release includes references to the Company’s adjusted earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”), Adjusted Free Cash Flow, Free Cash Flow and applicable payout ratios and per share amounts, which are measures not prescribed by International Financial Reporting Standards (“IFRS”), and therefore do not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. Non-IFRS financial measures are presented at Northland’s share of underlying operations. These measures should not be considered alternatives to net income (loss), cash flow from operating activities or other measures of financial performance calculated in accordance with IFRS. Rather, these measures are provided to complement IFRS measures in the analysis of Northland’s results of operations from management’s perspective. Management believes that Northland’s non-IFRS financial measures and applicable payout ratio and per share amounts are widely accepted and understood financial indicators used by investors and securities analysts to assess the performance of a company, including its ability to generate cash through operations.

FORWARD-LOOKING STATEMENTS

This press 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 not historical facts and are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects,” “anticipates,” “plans,” “predicts,” “believes,” “estimates,” “intends,” “targets,” “projects,” “forecasts” 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 future Adjusted EBITDA, the timing for contribution to ADJUSTED EBITDA from the Oneida energy storage project, the proportion of contracted revenue from the Oneida energy storage project, the expected generating capacity of certain projects, guidance, estimates as to overall project costs, the potential for future production from project pipelines, 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 provisions of contracts to which Northland or a subsidiary is a party, management’s current plans and its perception of historical trends, current conditions and expected future developments, 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 that could cause results or events to differ from current expectations are described in the “Risks Factors” section of Northland’s Management’s Discussion and Analysis and Annual Information Form for the year ended December 31, 2024, which can be found at www.sedarplus.ca under Northland’s profile and on Northland’s website at northlandpower.com.

Northland has attempted to identify important 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 of new information, future events or results, or otherwise.

For further information, please contact:

Dario Neimarlija, Vice President, FP&A & Investor Relations
647-288-1019
investorrelations@northlandpower.com

Victor Gravili, Head of Global Brand & Integrated Communications
647-288-1105
communications@northlandpower.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c3e9dee9-92e2-4f62-93e2-62f7c4e24cf1