Northland Power Inc. (TSX: NPI) has closed approximately PLN 500 million (CAD 185 million) in project financing for two battery energy storage system projects in Poland, the 200 MW Mieczysławów and 100 MW Kamionka facilities, both currently under construction. The financing was secured with Canadian and Polish financial institutions and completes the funding structure for both projects. Together, the facilities are expected to contribute approximately $40 million to $50 million of combined annual Adjusted EBITDA once operational, according to the company's announcement.

Key Points

  • Northland Power Inc. (TSX: NPI) is a Canadian-headquartered global power producer with 3.6 GW of gross operating generating capacity
  • Approximately PLN 500 million (CAD 185 million) in project financing closed for Kamionka and Mieczysławów BESS projects in Poland
  • Both projects have received grants totalling approximately PLN 280 million (CAD 105 million); total capital costs estimated at approximately PLN 1.0 billion (CAD 0.4 billion); commercial operations expected in early 2028 and mid-2028 respectively
  • Combined capacity of 300 MW / 1.2 GWh, with revenues partially contracted under 17-year inflation-indexed auction agreements

Polish Grant Funding and Total Capital Cost Structure for Kamionka and Mieczysławów

Beyond the project financing, both facilities have received grants totalling approximately PLN 280 million (CAD 105 million) from Poland's National Fund for Environmental Protection and Water Management. Total capital costs across the two projects are estimated at approximately PLN 1.0 billion (CAD 0.4 billion). The company disclosed that its equity commitment for both projects has already been fulfilled using corporate cash and available funding, completing what the release describes as a disciplined capital allocation approach. Chief Financial Officer Jeff Hart stated the financing marks an important milestone in Northland's growth in Poland.

Revenue Model and Contracted Agreements Underpinning the Two Polish BESS Projects

A portion of revenues from Kamionka and Mieczysławów will be contracted under 17-year inflation-indexed auction agreements, with additional revenue opportunities available through energy arbitrage and ancillary services markets. Once fully operational, the combined 300 MW / 1.2 GWh facilities are expected to contribute approximately $40 million to $50 million of combined annual Adjusted EBITDA, the company disclosed. Northland notes that these facilities are expected to be among the first utility-scale standalone battery storage projects operating in Poland, supporting grid reliability and renewable energy integration in the country.

Northland Power's Development Timeline and Polish Market Presence

Northland acquired the Kamionka and Mieczysławów projects in November 2025 as late-stage, pre-construction assets. Since acquisition, the company has advanced both through development, secured grant funding and project financing, and commenced construction. Commercial operations for Kamionka are expected in early 2028, and Mieczysławów in mid-2028, according to the release. Together with its Baltic Power offshore wind project, these BESS developments further strengthen Northland's position in Poland as one of its identified core growth markets.