Solar panels in Prince Edward County, Ont., operated by Northland Power. Until Wednesday, when the company released third-quarter earnings, its stock had climbed 40 per cent this year.

Northland Power Inc. NPI-T , one of Canada’s leading renewable energy operators, shocked investors with a 40-per-cent dividend cut, sending the company’s shares plunging 27 per cent and wiping out virtually all market gains this year.

Until Wednesday, when Northland released third-quarter earnings, the company’s stock had climbed 40 per cent this year as investors started dipping their toes back into the renewable energy sector after a brutal sell-off.

Yet as Northland’s shares soared, the company and its new management team faced questions about the dividend’s sustainability because Northland was payin

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