Turbines operate at the Block Island Wind Farm, Dec. 7, 2023, off the coast of Block Island, R.I. THE CANADIAN PRESS\/AP-Julia Nikhinson \u00b7 Associated Press <\/p>\n
Northland Power\u2019s (NPI.TO<\/a>) stock crashed on Thursday as investors responded to a 40 per cent dividend cut and a more than $500 million write-down on the Canadian company\u2019s Nordsee One offshore wind farm.<\/p>\n Toronto-based Northland\u2019s global portfolio of energy assets spans offshore and onshore wind, solar, battery, and natural gas, as well as a regulated utility in Colombia. Toronto-listed shares fell as much as 27 per cent in early trading on Thursday.<\/p>\n Northland reported third-quarter financial results after Wednesday\u2019s closing bell, booking a net loss that\u2019s more than double the figure from the same period last year. At the same time, Northland announced a $527 million non-cash accounting adjustment for the Nordsee One offshore wind facility located near Germany. The company says this was due to a transition from \u201csubsidized price regime\u201d to market pricing under German regulations in May 2027.<\/p>\n On Thursday, Northland cut its dividend on common shares to $0.72 per share on an annual basis from $1.20. The change will apply to shareholders of record on Dec. 31.<\/p>\n \u201cWe are committed to this sustainable dividend and we look forward to providing our plan and outlook to the market at our upcoming Investor Day on November 20, 2025,\u201d CEO Christine Healy stated in a news release.<\/p>\n BMO Capital Markets analyst Ben Pham on Thursday downgraded Northland shares to \u201cmarket perform\u201d from \u201coutperform”, lowering his price target on the stock to $25 from $31.<\/p>\n \u201cWhile NPI’s 40 per cent dividend cut should better position the company to accelerate growth self-funded with its ~8.5GW development pipeline, it will likely come as a surprise and disappointment, Cespecially with its major construction projects on track.\u201d<\/p>\n Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on X @jefflagerquist<\/a>.<\/p>\n Download the Yahoo Finance app, available for Apple<\/a> and Android<\/a>.<\/p>\n <\/a> <\/p>\n