Northland Power (NPI) fell nearly 30% on the back of a messy Q3, which came with a >$500M impairment charge related to lower future pricing in its offshore portfolio…

… and a 40% divvy cut, as NPI looks to fund growth internally instead of relying on equity markets and pre-completion revenues (which should come in $200M below guidance).

With how the sector has traded in recent years, the shift in funding strategy makes sense - you have to rip the bandaid off at some point…

… but it’ll take time and execution before investors feel they can trust the story again.

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