Ms. Katherine Perron reports

CAPITAL POWER ANNOUNCES C$850 MILLION MEDIUM TERM NOTES OFFERING

Capital Power Corp. has priced a public offering in Canada of unsecured medium term notes in the aggregate principal amount of $850-million. The offering consists of $400-million of 5.378 per cent medium term notes maturing on Jan. 25, 2027, and $450-million of 5.973 per cent medium term notes maturing on Jan. 25, 2034.

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

The net proceeds from the offering will be used to partially finance Capital Power's previously announced acquisitions of (i) a 50-per-cent interest in New Harquahala Generating Company LLC, which owns a 1,092-megawatt natural gas generation facility located in Arizona, and (ii) a 100-per-cent interest in CXA La Paloma LLC, which owns a 1,062 MW natural gas generation facility located in California, and related expenses, or for general corporate purposes. Details of the acquisitions were announced on Nov. 20, 2023.

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

The notes are being offered in the provinces and territories of Canada through a syndicate of investment dealers co-led by TD Securities and CIBC Capital Markets under Capital Power's short form base shelf prospectus dated June 10, 2022, a prospectus supplement dated June 13, 2022, and pricing supplements to be dated Nov. 29, 2023, relating to the offering of each series of notes. Copies of these documents may be obtained over the Internet under the company's profile at the Canadian Securities Administrators' website, SEDAR+.

About Capital Power Corp.

Capital Power is a growth-oriented power producer committed to net zero by 2045. Its balanced approach to the energy transition prioritizes reliable, affordable and decarbonized power that communities across North America can depend on.

Capital Power owns approximately 7,500 megawatts (MW) of power-generation capacity at 29 facilities across North America. Projects in advanced development include approximately 213 MW (megawatts) of renewable generation capacity in Alberta and North Carolina, 512 MW of incremental natural gas combined cycle capacity from the repowering of Genesee 1 and 2 in Alberta, and approximately 350 MW of natural gas and battery energy storage systems in Ontario.

We seek Safe Harbor.