Northland Power Inc. · TSX:NPI
Northland Power — Investor Presentation (May 2024)
34 slides from Northland Power's investor presentation, May 2024
Slide 1: Investor Presentation May 2024
Investor Presentation May 2024 Nordsee One, North Sea
Slide 2: Forward Looking Statements
Forward Looking Statements This written and accompanying oral presentation contains certain forward-looking statements and information within the meaning of Canadian securities laws concerning the business and operations of Northland Power Inc. and are provided for the purpose of presenting informat
Slide 3: Reporting of Non-IFRS Financial Measures
Reporting of Non-IFRS Financial Measures This investor presentation includes references to Northland’s Adjusted EBITDA, Adjusted Free Cash Flow and Free Cash Flow and applicable payout ratios and per share amounts, which are measures not prescribed by International Financial Reporting Standards (IFR
Slide 4: Northland Overview
Northland Overview Northland Overview 36+ 1,344 ~16yrs Years of success Weighted average Employees1 contracted revenue life2 Onshore Renewables 2.4 GW 3.4 GW 90%+ Under Contracted revenue construction3 In operations3,4 Natural Gas & Utilities 722 MW of natural gas across four projects in Canada and
Slide 5: Global Footprint
Global Footprint Operating Assets (Gross) 1.2 GW 1.4 GW1 Offshore Wind Onshore Wind/Solar 0.7 GW Natural Gas Assets under Construction (Gross) Canada: Mexico: Europe (Offshore Wind): • Operating: 1,246 MW • Operating: 130 MW1 • Operating: 1,184 MW • Construction: 250 MW • Construction: 1,140 MW Colo
Slide 6: Significant Construction Pipeline Growth Secured Financial Growth
Significant Construction Pipeline Growth Secured Financial Growth 2.4 GW of growth Investment grade balance sheet with fully funded secured through 2027 Including construction program Construction 1,140 MW Projects ~6.0 GW1 1,022 MW 2 Adjusted EBITDA Baltic 250 MW Power 7-10% $1.6-1.8b Hai CAGR Long
Slide 7: Leadership Team
Leadership Team John Brace - Interim Executive Chair • Mr. Brace has been with Northland for more than 35 years (since 1988) holding various positions in risk management, development, construction and operations. • Served as Northland’s CEO from 2003 until his retirement in 2018 • Serving as Northla
Slide 8: Growth Markets
Growth Markets Scotland Canada US 12 GW Taiwan Development Pipeline Spain Poland South Korea 8
Slide 9: ESG Commitments
ESG Commitments E 67% 65% In 2023 In 2023 31% Achieve +2.6M Net Achieve Zero tonnes reduction in GHG emissions intensity of gross energy over scope reduction of GHG emissions (Scope1+2 tCO₂e/MWh) generation from 1-3 emissions intensity (Scope1+2 tCO₂e/MWh) since 2019 of avoided emissions renewables
Slide 10: Sustainable Impact from our Projects
Sustainable Impact from our Projects Green Steel at Baltic Power • First offshore wind farm in the world to be built using Low-emission steel produced almost entirely from recycled Hai Long Baltic Power Oneida raw material in an electric arc furnace powered by renewable energy • Expected to reduce •
Slide 11: Construction Progress Milestones
Construction Progress Milestones Hai Long Baltic Power Oneida 1GW Offshore Wind, Taiwan 1.1GW Offshore Wind, Poland 250MW Battery Storage, Canada Executed Revenue Contract Executed EPC Construction Contracts Executed Financing Starts In-water Construction 2024 N/A Battery Delivery/ Foundation 2024/2
Slide 12: Hai Long (1.0 GW)
Hai Long (1.0 GW) • Stable revenue through 20-year FIT and 30-year Corporate Power Purchase Agreement with S&P AA- rated counterparty • Construction is fully funded, with long-term non-recourse project financing secured • Major construction programs running as planned HL3 HL2 • Material contribution
Slide 13: Construction Highlights (On Track)
Construction Highlights (On Track) Turbines 8 Grid Onshore Offshore 5 Substation Substation Substation 1 6 Onshore cables 2 7 Foundations Offshore export cables 3 Inter Array Cables 4 Onshore Onshore 2 Export 3 Inter Array Cable 4 Turbines 8 1 Substation cables cables Fabrication has started and on
Slide 14: Hai Long - Taiwanese Offshore Wind
1 2 Hai Long - Taiwanese Offshore Wind 1. OSS Jacket installed April 2024 2. OSS Topside load out sailing out, February 2024 14
Slide 15: Hai Long - Taiwanese Offshore Wind
1 Hai Long - Taiwanese Offshore Wind 1. Onshore substation, 2024 15
Slide 16: Hai Long - Taiwanese Offshore Wind
Hai Long - Taiwanese Offshore Wind 1. Siemens nacelle factory, January 2024 16
Slide 17: Hai Long - Taiwanese Offshore Wind
1 2 Hai Long - Taiwanese Offshore Wind 1. Transition pieces mated with upper jackets 2. 2nd Batch sail away from Korea in April 2024 17
Slide 18: Hai Long - Taiwanese Offshore Wind
1 Hai Long - Taiwanese Offshore Wind 1. Local jacket fabrication underway 18
Slide 19: Hai Long - Taiwanese Offshore Wind
1 2 Hai Long - Taiwanese Offshore Wind 1. Vessel – Green Jade (launched in 2023) 2. Load out of pilling frame in Vietnam February 1st, 2024 19
Slide 20: Baltic Power (1.1 GW)
Baltic Power (1.1 GW) • Construction is fully funded and long-term project financing with 25 financial Baltic Power institutions is secured • Stable cash flow from 25-year Contract for Differences (CfD) revenue contract that has indexation based on the Polish CPI commencing in 2022 • Currency: In 20
Slide 21: Construction Highlights (On Track)
Construction Highlights (On Track) Turbines 8 Offshore 5 Grid Onshore 1 Substation Substation Substation 6 7 Foundations Onshore cables 2 Offshore export cables 3 Inter Array Cables 4 Onshore Onshore 2 Export 3 Inter Array Cable 4 Turbines 8 1 Substation cables cables Fabrication activities have Bla
Slide 22: Baltic Power
1 2 Baltic Power 1. Onshore Substation, April 2024 2. Foundation Pieces en route to Poland 22
Slide 23: Baltic Power
Baltic Power Onshore Substation, April 2024
Slide 24: Baltic Power
1 Baltic Power 1. Offshore Substation – started fabrication in Poland 24
Slide 25: Baltic Power
Baltic Power 1 1. Operations & Maintenance Base (April 2024) 25
Slide 26: Oneida (250 MW)
Oneida (250 MW) • 250 MW (4-hour duration) Lithium-Ion Battery Storage in Oneida Southwestern Ontario Battery • Largest battery storage project in Canada and one of the largest in Storage North America • 20-year capacity contract with the IESO • Strong group of equity partners with Six Nations of th
Slide 27: Construction Highlights (On Track)
Construction Highlights (On Track) Grid Substation 1 2 5 MV Transformers Battery Packs Concrete Foundations 4 Cables 3 Grid 1 Transformer 2 Cables 3 Battery 4 Substation Conduit currently being Foundations Delivery of 70 x Medium installed, and cabling Each foundation holds two Tesla 2 x High-voltag
Slide 28: Oneida – Tesla Megapack Example
Oneida – Tesla 1 Megapack 2 Example 1. Vents and fans 2. Inverter 2 3. Colling panel 3 4. Battery module 5. Customer panel 5 4 28
Slide 29: Oneida – Aerial View
1 Oneida – Aerial View 1. Stormwater management pond 2. First foundations poured 2 3. NPI & Aecon trailers (Tesla will have a trailer during operations) 3 29
Slide 30: Oneida
Oneida First Megapack delivery, March 2024
Slide 31: Oneida
Oneida Megapacks landed in ‘B’ (1-May-2024)
Slide 32: Increase Adjusted EBITDA Diversification (2023-2027)
1 Increase Adjusted EBITDA Diversification (2023-2027) By 2027, cash flow growth will diversify across more regions providing higher quality and stability 2023 Adjusted EBITDA 2027 Adjusted EBITDA Utility ~9% Other2 ~8% Efficient Natural Gas North Sea Utility ~8% ~11% ~30% Offshore Wind Efficient We
Slide 33: Consolidated Construction Costs Profile
Consolidated Construction Costs Profile Fully funded $16B pipeline under construction for Hai Long, Baltic Power, and Oneida Sources of Funds Full Project Costs: Hai Long, Baltic, and CAD Oneida 5.0 Net NPI Equity ~1.8B 4.0 Pre-Completion Revenues (PCRs) ~0.9B Project Debt ~10.8B CAD Billions 3.0 Pa
Slide 34: Northland Power Investor Relations Contact
Northland Power Dario Neimarlija, Vice President of Email: investorrelations@northlandpower.com 30 St. Clair Avenue West, FP&A and Investor Relations 3rd Floor 647.288.1019 Website: northlandpower.com Toronto, ON Canada M4V 3A1