Northland Power: An Overlooked AI Infrastructure Play Trading at a 50% Discount

Northland Power (NPI.TO) is a global offshore wind operator that has been heavily discounted due to temporary CAPEX and regulatory headwinds. Despite sentiment damage, the company has long duration contracted cash flows, a credible growth pipeline, and direct exposure to the AI driven surge in global electricity demand.

IRR: 13.6% (10% DR with a 2% TGR).
Dividend Yield: 3.3%.
Discount to next years intrinsic value: 55.3%.

Check out my thesis (link below) and let me know what you think!

In the full write up I break down the structural AI power demand trend, NPI’s project pipeline, the Hai Long TSMC Power Purchase Agreement , and a full DCF with sensitivity analysis.

[Northland Power: Infrastructure powering the AI Boom — EquityForge](https://equityforge.ca/post_view.php?id=3)