NPI: Solid start to the year; projects remain on track

Research evidence excerpt

NPI: Solid start to the year; projects remain on track

Northland Power Inc.

remaining components and is on track for 2027 commercial operations with costs aligned with

expectations, and we believe Hai Long could reach commercial operations by the end of 2026 if

the turbines are commissioned in a timely manner.

Battery projects also progressing as planned

The 80 MW / 160 MWh Jurassic project in Alberta installed all 39 battery packs and 20

transformers during Q1/26 and remains on track for late 2026 commercial operations with

costs aligned with management's expectations. In Poland, the 100 MW / 400 MWh Kamionka

project secured key permits and management expects the project to commence construction

by mid-2026, and expects the 200 MW / 800 MWh Mieczysławów project to commence

construction in H2/26.

Development pipeline high-grading continues

Northland is actively high-grading its development pipeline, discontinuing projects that don't

meet investment criteria and/or face regulatory headwinds. During Q1/26, the company exited

the 100 MW High Bridge onshore wind project in New York (recognized a $23 million impairment

on capitalized costs, and $9 million provision for the close-out costs) following government

suspension of permit applications and chose not to renew a 990 MW offshore wind permit in

South Korea due to unsatisfactory project economics, while the remaining 1.6 GW South Korea

pipeline remains paused pending regulatory clarity. Going forward, management is focused

on disciplined capital allocation with a "quality over quantity" approach, prioritizing near-

term execution of two Polish battery storage projects (~€200 million, construction starting

imminently), evaluating natural gas development opportunities in Canada driven by strong