Ms. Katherine Perron reports

CAPITAL POWER ANNOUNCES A C$600 MILLION MEDIUM TERM NOTE OFFERING AND ITS INTENTION TO REDEEM C$300 MILLION OF MEDIUM TERM NOTES

Capital Power Corp. has priced a public offering in Canada of unsecured medium-term notes in the aggregate principal amount of $600-million. The notes have an interest rate of 4.231 per cent and mature on Jan. 14, 2033.

Offering of medium-term notes

The offering is expected to close on or about Nov. 14, 2025.

Capital Power intends to use the net proceeds of the offering to repay, redeem or refinance existing indebtedness, which may include fully financing the redemption of the company's January, 2026, notes (as defined below), as well as project-level debt at Goreway Power Station, or Capital Power's credit facilities, or for general corporate purposes.

The notes have been assigned a provisional rating of BBB minus by S&P Global Ratings, BBB minus by Fitch Ratings Inc., and BBB (low) (stable) by DBRS Ltd.

The notes are being offered in Canada through a syndicate of investment dealers co-led by Scotia Capital Inc. and National Bank Financial Inc. under Capital Power's short form base shelf prospectus dated June 12, 2024, as supplemented by a prospectus supplement dated June 17, 2024, and a pricing supplement to be dated Nov. 5, 2025. The short form base shelf prospectus, the prospectus supplement and the pricing supplement contain important detailed information about the notes. Copies of these documents are, and in the case of the pricing supplement will be, available electronically on SEDAR+.

Redemption of January, 2026, medium-term notes

Capital Power also announced that it has issued a notice of redemption in respect of all of its outstanding 4.986 per cent medium-term notes, due Jan. 23, 2026, for redemption on Nov. 23, 2025, in accordance with the trust indenture governing the January, 2026, notes. The aggregate principal amount of January, 2026, notes outstanding as of the date hereof is $300-million. The redemption price will be $1,000 per $1,000 principal amount of the January, 2026, notes redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. As Nov. 23, 2025, is not a business day, payment of the redemption price will occur on Nov. 24, 2025.

Territorial acknowledgment

In the spirit of reconciliation, Capital Power respectfully acknowledges that it 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 homeland. It 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 with approximately 12 gigawatts of owned power generation at 32 power generation facilities and two BESS facilities across North America. It prioritizes safely delivering reliable and affordable power communities can depend on, building lower-carbon power systems and creating balanced solutions for the energy future.

We seek Safe Harbor.