Mr. Mike Crawley reports

NORTHLAND POWER AND GENTARI RENEWABLES ANNOUNCE CLOSING OF HAI LONG PARTNERSHIP

Northland Power Inc. has closed its previously announced transaction with Gentari International Renewables Pte. Ltd., a subsidiary of clean energy solutions company Gentari Sdn Bhd, pursuant to which Gentari has acquired 49 per cent of Northland's ownership in the Hai Long offshore wind project located in Taiwan. Northland now holds a 30.6-per-cent ownership interest in the overall project and will continue to take the lead role in Hai Long's construction and operation.

The strategic partnership reflects the opportunity for both companies to share in the value creation of offshore wind development, while supporting Taiwan's transition to renewable energy. This transaction marks another significant milestone for the Hai Long offshore wind project after the recently announced debt financial close, with Gentari having contributed final equity consideration of approximately 23 billion new Taiwan dollars ($1-billion) and assuming its pro rata share of credit support for the project. The proceeds from the transaction will be used to repay Northland's previously disclosed $500-million short-term corporate credit facility and finance Northland's remaining equity in the project. As part of the broader strategic partnership with Northland in Taiwan, Gentari previously acquired 49 per cent of Northland's ownership interest in its Taiwan Round 3 offshore wind projects in the summer of 2023.

"Northland is delighted to welcome Gentari as an official long-term partner of the Hai Long offshore wind project and believes that they will add significant value," said Mike Crawley, president and chief executive officer of Northland. "Once completed, Hai Long will be the largest offshore wind project in Taiwan and will provide much needed clean energy to the grid and significant long-term, sustainable value to Taiwan's economy. The project financing for Hai Long close in September was the largest in Taiwan and one of the largest globally. This completes Northland's funding plan for the project, which is a huge milestone for the organization and is a testament to the value of the Hai Long project as an asset and the attractiveness of Taiwan as a market for green investment."

"Gentari is pleased with the successful conclusion of this transaction. Today, we celebrate a strategic partnership with Northland for the Hai Long offshore wind project. Bringing Gentari to the forefront of the offshore wind industry, this is an important milestone in our commitment to advancing renewable energy globally. This not only aligns with our vision for a sustainable future but positions Gentari as a valued clean energy solutions partner in driving change towards achieving net-zero goals. It is not just a transaction; it's a powerful step towards realizing our clean energy ambitions and contributing meaningfully to a cleaner tomorrow," commented Sushil Purohit, chief executive officer of Gentari.

Hai Long's total cost is projected to be approximately $9-billion, with $5-billion of the costs covered by non-recourse debt provided by the project lenders, approximately $-1billion of precompletion revenues derived during the project construction phase, and the remaining equity investment contributed by the project's partners. Northland's equity investment has been fully secured through funds raised under its at-the-market equity program in 2022 and with the completion of its partnership with Gentari.

About the Hai Long offshore wind project

Located approximately 45 to 70 kilometres off the Changhua coast in the Taiwan Strait, Hai Long consists of two phases, Hai Long 2 and Hai Long 3, with an expected combined generating capacity of 1,022 megawatts. Hai Long 2A benefits from a 294 MW 20-year power purchase agreement with Taipower under a feed-in-tariff, and Hai Long 2B and 3 (728 MW) benefit from a 30-year corporate power purchase agreement (CPPA) with an investment-grade counterparty. Hai Long will play an important role in helping Taiwan achieve its renewable energy target of 15 gigawatts of offshore wind to be constructed between 2026 and 2035. Once operational, Hai Long will be one the largest offshore wind facilities in Asia, and will provide enough clean energy to power more than one million Taiwanese households, including industrial facilities.

About Northland Power Inc.

Northland Power is a global power producer dedicated to helping the clean energy transition by producing electricity from clean renewable resources. Founded in 1987, Northland has a long history of developing, building, owning and operating clean and green power infrastructure assets and is a global leader in offshore wind. In addition, Northland owns and manages a diversified generation mix, including onshore renewables, efficient natural gas energy as well as supplying energy through a regulated utility.

Headquartered in Toronto, Canada, with global offices in eight countries, Northland owns or has an economic interest in approximately 3.4 GW (net 2.9 GW) of operating capacity. The company also has a significant inventory of projects in construction and in various stages of development encompassing approximately 15 GW of potential capacity.

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