Northland Power Completes All 76 Turbines at Poland's 1.1 GW Baltic Power Offshore Wind Farm

The Quick Take

• Northland Power's Baltic Power project, Poland's first offshore wind farm, has completed installation of all 76 turbines across the 1.1 GW facility in the Baltic Sea
• The project is advancing through commissioning and is on schedule for commercial operations in 2026, with overall costs aligned with original expectations
• Once operational, Baltic Power is expected to generate approximately 4 terawatt-hours annually, a major contribution to Poland's renewable energy transition

Northland Power, the Toronto-listed renewable energy developer, confirmed that its Baltic Power offshore wind project has achieved a key construction milestone with the installation of all 76 turbines across the 1.1 gigawatt facility. Baltic Power holds the distinction of being Poland's first offshore wind project, positioned in the Baltic Sea off the Polish coast. The project now enters the commissioning phase, during which each turbine is connected, tested, and brought online sequentially, with commercial operation targeted for 2026. Construction costs are tracking in line with original budgeted expectations, providing Northland with the financial certainty needed to complete financing arrangements.

Baltic Power represents a cornerstone asset in Northland Power's European expansion strategy, anchoring the company's position in a market where offshore wind capacity is expanding rapidly to meet EU decarbonization mandates. At 1.1 GW, Baltic Power will be one of the largest single offshore wind assets in Central Europe, providing Poland with a substantial baseload renewable supply alongside its coal-heavy generation mix. The project benefits from a 25-year Contract for Difference with the Polish government, providing revenue certainty that supports the project finance structure and reduces merchant power price risk for investors.

The key forward signal is the pace of turbine commissioning — each turbine brought online incrementally converts construction-phase capital into revenue-generating assets, improving Northland's consolidated EBITDA trajectory from the current drag of capitalized interest. Investors should also watch for Northland's update on the project's power purchase agreement terms and any grid connection milestones from Poland's transmission operator PSE. The macro variable is Polish wholesale power prices: higher power prices boost the contracted Contract for Difference revenue floor, while any regulatory changes to Poland's offshore wind licensing regime could affect future project pipeline economics.

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