Northland Power Secures $130 million Debt Package for 300 MW Battery Build-out in Poland

Toronto-based Northland Power has completed approximately USD 130 million in project financing for two battery energy storage projects it is building in Poland, the company said in an announcement dated September 30, 2026.

The debt was arranged with a group of Canadian and Polish financial institutions and, according to the company, completes the funding structure for the Mieczysławów and Kamionka facilities, both of which are currently under construction.

The two sites together add up to 300 MW of power and 1.2 GWh of energy storage. Mieczysławów is the larger of the pair at 200 MW / 800 MWh, while Kamionka accounts for 100 MW / 400 MWh. Combined capital costs for the two projects are estimated at roughly USD 260 million. Northland stated that it has already met its equity commitments for both projects, drawing on corporate cash and available funding.

Grants from Poland's environmental fund

Beyond the new debt and equity, the projects benefit from public support. Northland has received grants totaling approximately USD 72.7 million from Poland's National Fund for Environmental Protection and Water Management.

Commenting on the financing, Jeff Hart, Chief Financial Officer of Northland Power, said that securing the debt for Kamionka and Mieczysławów completes the funding structure for both projects and represents another important step in the company's growth in Poland.

He described the projects as evidence of Northland's disciplined approach to capital allocation and its ability to execute, adding that battery storage is an important part of the company's portfolio and a key driver of long-term value creation as demand for flexible grid infrastructure grows.

Timelines and expected earnings contribution

Both projects remain on schedule. Kamionka is expected to reach commercial operations in early 2028, with Mieczysławów following in mid-2028. Once both are fully operational, Northland expects them to contribute approximately USD 40 million to USD 50 million in combined annual Adjusted EBITDA.

Revenue will come from more than one source. A portion of the projects' income is contracted under 17-year, inflation-indexed auction agreements, with additional revenue opportunities expected from energy arbitrage and ancillary services markets. Northland acquired the two projects in November 2025 as late-stage, pre-construction assets.

In the period since the acquisition, the company has moved both through development, obtained grant funding and project financing, and started construction. When operational, Kamionka and Mieczysławów are expected to rank among the first utility-scale standalone battery storage facilities operating in Poland.

Role in grid flexibility and the Polish market

The two facilities are intended to support grid reliability and increase system flexibility, and to help integrate Poland's growing renewable energy generation. Alongside Baltic Power, Northland's offshore wind project in Poland, the storage sites strengthen the company's position in what it identifies as one of its core growth markets.

Company profile

Northland Power is a global power producer headquartered in Canada with operations across offshore wind, onshore renewables, battery storage and natural gas-fired generation. The company maintains offices in seven countries and owns, in whole or in part, 3.6 GW of gross operating generating capacity.

A further 2.4 GW is under construction, and the company carries an approximately 8 GW development pipeline. Northland has been publicly traded since 1997; its Common Shares trade on the Toronto Stock Exchange under the symbol NPI, with its Series 1 and Series 2 Preferred Shares listed as NPI.PR.A and NPI.PR.B.