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NORTHLAND POWER NORTHLAND POWER REPORTS FIRST QUARTER 2021 RESULTS AND RELEASES FOURTH ANNUAL SUSTAINABILITY REPORT Execution on Growth Strategy through the Acquisition of 540 MW Onshore Renewables Portfolio in Spain , Positioning Northland as a Top Ten Operator in a High Growth Market Toronto , Ontario , May 12 , 2021 - Northland Power Inc. ( " Northland " or the " Company " ) ( TSX : NPI ) today reported financial results for three months ended March 31 , 2021. All dollar amounts set out herein are in thousands of Canadian dollars , unless otherwise stated . " We are off to a good start in 2021 with healthy first quarter financial results and strong progress on our growth plan , " said Mike Crawley , Northland's President and Chief Executive Officer . " Our near - term strategy has been to further diversify our portfolio and bolster our cash flow profile , to support the advancement of our 4 - 5 GW of identified development projects . We are very pleased to have made significant progress on this front , with our recent announcement of the acquisition of a 540 MW onshore renewables portfolio in Spain . This new portfolio helps diversify our asset base while adding high - quality regulated cash flows that will help fund the development of our large offshore wind projects , particularly as new markets and opportunities continue to emerge for offshore wind globally . " First Quarter Highlights " As a global operator of renewable energy projects , primarily focused on offshore wind , over 60 % of our Adjusted EBITDA is generated from our offshore wind facilities in the North Sea , " said Pauline Alimchandani , Northland's Chief Financial Officer . " This segment experiences natural variations in wind resource , not only year over year , but also within any given year , resulting in variability in our business from quarter to quarter and year over year . However , over the course of time , this variability typically balances out . Our comparative performance in the first quarter 2021 was below long - term averages , compared to the performance in the first quarter of 2020 where offshore wind was well above historical norms . Even so , we generated solid financial results in the quarter and when combined with the relative stability in performance across the rest of our operating facilities and with offshore wind variability assumed to perform closer to long - term averages for the balance of the year , our full - year 2021 financial results are expected to remain in - line with guidance . Lastly , our balance sheet remains in solid position with approximately $ 875 million of liquidity on hand , following our recent $ 990 million equity raise , providing the Company with sufficient liquidity to execute on our identified growth initiatives . " Financial Results • Sales decreased 8 % to $ 613 million from $ 668 million in 2020 and gross profit decreased 11 % to $ 549 million from $ 619 million . • Adjusted EBITDA ( a non - IFRS measure ) decreased 14 % to $ 360 million from $ 421 million in 2020 . • Free Cash Flow per share ( a non - IFRS measure ) decreased 40 % to $ 0.66 from $ 1.10 in 2020 . • Adjusted Free Cash Flow per share ( a non - IFRS measure ) decreased 35 % to $ 0.73 from $ 1.17 in 2020 . • Net income decreased 45 % to $ 151 million from $ 275 million in 2020 . . 2021 Financial Guidance remains unchanged from February 2021 with Adjusted EBITDA continuing to be in the range of $ 1.1 billion to $ 1.2 billion , Free Cash Flow per share in 2021 to be in the range of $ 1.30 to $ 1.50 , and Adjusted Free Cash Flow per share in 2021 to be in the range of $ 1.80 to $ 2.00 . Sales , gross profit and net income , as reported under IFRS , include consolidated results of entities not wholly - owned by Northland , whereas non - IFRS financial measures include Northland's proportionate interest . 1