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NORTHLAND POWER NORTHLAND POWER REPORTS THIRD QUARTER 2021 RESULTS Colombian Renewables Platform Grows with Successful Solar Auction Bid , Spanish Growth Platform Established as 551MW Wind and Solar Acquisition Closes , and Further ESG Progress with closing of $ 1 Billion Sustainability Linked Credit Facility Toronto , Ontario , November 10 , 2021 - Northland Power Inc. ( " Northland " or the " Company " ) ( TSX : NPI ) today reported financial results for three and nine months ended September 30 , 2021. All dollar amounts set out herein are in thousands of Canadian dollars , unless otherwise stated . " Abnormally low wind conditions in the North Sea persisted in the third quarter , resulting in reduced financial contribution from our three large offshore wind facilities . However , consistent with last quarter , we remain on track to meet the low end of our 2021 financial guidance , largely due to the performance of our onshore portfolio as well as the increasing diversification within our operating portfolio , thanks to our Colombian utility , EBSA and the recently acquired solar and wind portfolio in Spain , both of which are performing well , " said Mike Crawley , Northland's President and Chief Executive Officer . " Strategically , we continue to advance to position ourselves for strong growth this decade with a portfolio of identified projects that will add 4 to 5 GW of renewable energy capacity . Specifically , we exercised our right to match the winning bid and secure the lease for our 433MW German Nordsee Two offshore wind project , established our Spanish growth platform by closing the acquisition of 551MWs of operating wind and solar assets , successfully won a joint - bid for 130MW of solar projects in an offtake auction in Colombia and achieved key milestones on two of our prospective Japanese offshore wind projects . Finally , we continued to strengthen Northland's financial position , available capital and liquidity , while at the same time advancing our ESG objectives . " Third Quarter Highlights Financial Results • Sales decreased 8 % to $ 432 million from $ 471 million in 2020 and gross profit decreased 8 % to $ 383 million from $ 418 million . • Adjusted EBITDA ( a non - IFRS measure ) decreased 17 % to $ 211 million from $ 254 million in 2020 . Free Cash Flow per share ( a non - IFRS measure ) decreased 83 % to $ 0.05 from $ 0.30 in 2020 . • • Adjusted Free Cash Flow per share ( a non - IFRS measure ) decreased 61 % to $ 0.15 from $ 0.38 in 2020 . • Net Loss of $ 5 million from a net income of $ 109 million in 2020 . • No change to 2021 Financial Guidance : management continues to expect Adjusted EBITDA , Free Cash Flow ( " FCF " ) per share to be at the low end of their respective original guidance ranges . For Adjusted Free Cash Flow per share , management continues to expect a range of $ 1.60 to $ 1.70 . Refer to the Outlook section for additional information . 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