FP Foresight Global Real Infrastructure Fund on Northland Power Inc.
Thesis
Northland Power’s battery-storage development execution is central to the fund’s investment thesis. Its Jurassic battery project in Alberta entered operation ahead of schedule and under budget, with capacity backed by a 15-year offtake agreement. The company also secured financing for two Polish storage projects with revenues supported by 17-year inflation-indexed capacity agreements. These milestones demonstrate a track record of delivering projects while turning development assets into operating cash-flow generators, reinforcing the fund’s conviction in battery storage as an expanding infrastructure opportunity.
“This is a continuation of Northland’s track record of strong project delivery, which is central to our investment thesis, and highlights the growing investment opportunity in battery storage.”
Key risks
- The Polish battery-storage assets are still under construction and exposed to delivery risk.
- Future development projects may require additional financing.
- Infrastructure valuations remain sensitive to rising bond yields.