Northland Power Inc. has closed approximately USD 130 million in project financing for its Mieczysławów and Kamionka battery energy storage system projects in Poland, the Toronto-headquartered company announced on September 30, 2026.

The financing was secured with Canadian and Polish financial institutions and completes the funding structure for both projects, which are currently under construction.

Financing completes the funding structure

Mieczysławów is a 200 MW / 800 MWh facility, while Kamionoka's Kamionka project is a 100 MW / 400 MWh facility. Together, the two projects represent 300 MW / 1.2 GWh of battery storage capacity.

Total capital costs for the two projects are estimated at approximately USD 260 million. Northland has already fulfilled its equity commitment for both projects using corporate cash and available funding.

Both projects have also received grants totaling approximately USD 73 million from Poland's National Fund for Environmental Protection and Water Management.

"Securing financing for Kamionka and Mieczysławów completes the funding structure for both projects and marks another important milestone in Northland's growth in Poland," said Jeff Hart, Chief Financial Officer of Northland Power.

"These projects demonstrate our disciplined approach to capital allocation and our ability to execute on projects. As demand for flexible grid infrastructure continues to grow, battery storage is an important part of our portfolio and a key driver of long-term value creation."

Commercial operations expected in 2028

Both projects remain on track, with commercial operations expected in early 2028 for Kamionka and mid-2028 for Mieczysławów. Once fully operational, the projects are expected to contribute approximately USD 40 million to USD 50 million of combined annual Adjusted EBITDA.

A portion of the projects' revenues will be contracted under 17-year inflation-indexed auction agreements, with additional revenue opportunities expected through energy arbitrage and ancillary services markets.

Northland acquired the two projects in November 2025 as late-stage, pre-construction assets. Since that acquisition, the company has advanced both projects through development, secured grant funding and project financing, and commenced construction. Once operational, Kamionka and Mieczysławów are expected to be among the first utility-scale standalone battery storage facilities operating in Poland.

Grid flexibility and Poland's energy transition

The facilities are intended to support grid reliability, increase system flexibility, and help integrate Poland's growing renewable energy generation. Together with Baltic Power, the company's offshore wind project in Poland, the two storage facilities further strengthen Northland's presence in one of its core growth markets.

About Northland Power

Northland Power is a Canadian-headquartered global power producer with operations spanning offshore wind, onshore renewables, battery storage, and natural gas-fired generation.

The company has offices in seven countries and owns, in whole or in part, 3.6 GW of gross operating generating capacity, with 2.4 GW under construction and an approximately 8 GW development pipeline.

Northland has been publicly traded since 1997, with its Common Shares and Series 1 and Series 2 Preferred Shares trading on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A and NPI.PR.B, respectively.

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