Ms. Katherine Perron reports

CAPITAL POWER COMPLETES ACQUISITION OF THE 1,092-MW HARQUAHALA NATURAL GAS GENERATION FACILITY IN ARIZONA

Capital Power Corp. has closed the acquisition by a 50/50 partnership between Capital Power Investments LLC and an affiliate of a fund managed by BlackRock's Diversified Infrastructure business of 100 per cent of the equity interests in New Harquahala Generating Company LLC, which owns the 1,092-megawatt Harquahala natural-gas-fired generation facility in Arizona. Concurrently, approximately $442-million (U.S.) of combined term loans, letter of credit loans and revolving loans related to the Harquahala facility were closed as part of the transaction.

The Harquahala acquisition and the acquisition of the 1,062-megawatt La Paloma natural-gas-fired generation facility in California were previously announced on Nov. 20, 2023. The acquisition of the La Paloma facility was completed on Feb. 9, 2024. The net purchase price for the two acquisitions attributable to Capital Power is $1.1-billion (U.S.), subject to working capital adjustments. Capital Power will be responsible for the operation, maintenance and asset management of the facilities relating to the acquisitions and will receive an annual management fee for the Harquahala facility.

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 region 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 power producer committed to net zero by 2045. The company's balanced approach to the energy transition prioritizes reliable, affordable and decarbonized power that communities across North America can depend on.

Capital Power owns approximately 9,300 megawatts of power generation capacity at 32 facilities across North America. Projects under construction include approximately 140 megawatts of renewable generation capacity and 512 megawatts of incremental natural gas combined-cycle capacity from the repowering of Genesee 1 and Genesee 2 in Alberta; as well as approximately 350 megawatts of natural gas and battery energy storage systems in Ontario and approximately 70 megawatts of solar capacity in North Carolina in advanced development.