Northland Power Inc. (“Northland” or the “Company”) has announced that the Jurassic Battery Energy Storage System project (“Jurassic BESS” or the “project”) in southern Alberta has achieved financial close, securing all necessary financing as it prepares to begin construction.
Jurassic BESS is an 80 MW, 2-hour (160 MWh) battery storage system that is part of Northland’s growth pipeline in Alberta. The project recently signed construction contracts and will benefit from a 15-year fixed price contract for capacity. The project is expected to reach commercial operation in late 2026.
“Building on the success of our Oneida Battery Storage Project, which is nearing operations, today’s announcement represents another great milestone for Northland Power. We are delivering needed battery storage as one of the ways we provide energy solutions in Canada and around the world,” said Christine Healy, President and Chief Executive Officer. “This BESS project will enhance the stability and reliability of Alberta’s energy grid, expand our footprint in Canada, and diversify our asset base. It highlights the growth potential of our multi-technology approach.”
The project cost is approximately $120 million. Construction costs will be funded by non-recourse project-level financing, existing cash and available liquidity. Once fully operational, Jurassic BESS is expected to contribute approximately $15 million of annual Adjusted EBITDA.
ABOUT NORTHLAND POWER
Northland Power is a Canadian-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 3.2 GW of gross operating generating capacity, 2.4 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.
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