Ms. Katherine Perron reports

CAPITAL POWER ANNOUNCES A C$350 MILLION MEDIUM TERM NOTE OFFERING

Capital Power Corp. has priced a public offering in Canada of unsecured medium-term notes in the aggregate principal amount of $350-million. The notes have a coupon rate of 5.816 per cent and mature on Sept. 15, 2028.

The offering is expected to close on or about Sept. 15, 2023.

The net proceeds of the offering will be used to repay, redeem or refinance existing indebtedness, including indebtedness under Capital Power's credit facilities, or for general corporate purposes.

The notes to be issued and sold under the offering have been rated BBB minus by S&P Global Ratings and BBB (low) by DBRS Ltd.

The offering is being offered in the provinces and territories of Canada through a syndicate of investment dealers co-led by TD Securities and RBC Capital Markets under Capital Power's short form base shelf prospectus dated June 10, 2022, a prospectus supplement dated June 13, 2022, and a pricing supplement to be dated Sept. 12, 2023. Copies of these documents may be obtained over the Internet under the company's profile at the Canadian Securities Administrators' website (SEDAR+).

Territorial acknowledgment

In the spirit of reconciliation, Capital Power respectfully acknowledges that the company operates within the ancestral homelands, traditional and treaty territories of the indigenous peoples of Turtle Island, or North America. Capital Power's head office is located within the traditional and contemporary home of many indigenous peoples of the Treaty 6 territory and Metis Nation of Alberta Region 4. The company acknowledges the diverse indigenous communities that are located in these areas and whose presence continues to enrich the community.

About Capital Power Corp.

Capital Power is a growth-oriented North American wholesale power producer with a strategic focus on sustainable energy headquartered in Edmonton, Alta. The company builds, owns and operates high-quality, utility-scale generation facilities that include renewables and thermal. The company has also made significant investments in carbon capture and utilization to reduce carbon impacts. Capital Power owns approximately 7,500 megawatts of power generation capacity at 29 facilities across North America. Projects in advanced development include 224 megawatts of renewable generation in Alberta and North Carolina, 512 megawatts of incremental natural gas combined-cycle capacity from the repowering of Genesee 1 and Genesee 2 in Alberta, and approximately 350 megawatts of natural gas and battery energy storage systems in Ontario.

We seek Safe Harbor.