RE:The drop In price is due to dilution and ...My apologies. This stock is one of your mainstay holdings. Not a good feeling.
In Sept 2022 "At-the -market equity program to further support funding of identified initiatives".
Have to put out money early, like you mentioned, for project years away from producing revenues. Can't get debt financing until power purchase agreements are signed.
Back a while, $33 million cash to secure rights in Scotwind auction. Can't do this with debt all the time and pay interest charges for years before any revenues come in. So money comes via equity financing.
With Northland as a portfolio company, I would expect a strong performance and not rely on derivative gains. But this can't go on forever. Can lose bigtime on hedging/derivatives like Orsted did. Northland is not out of the woods just yet.
Should be getting revenues soon from onshore wind in New York.