Ms. Christine Healy reports

NORTHLAND ACQUIRES TWO BATTERY STORAGE PROJECTS IN POLAND

Northland Power Inc. has acquired 100-per-cent equity interests in two BESS (battery energy storage system) projects totalling 300 megawatts/1.2 gigawatt-hours in Poland. The projects were acquired from Greenvolt Power Group spzoo, a global developer of renewable energy projects.

Transaction highlights

• Acquired two late-stage pre-construction battery energy storage system projects totalling 300 MW/1.2 GWh in Poland;
• Builds on Northland's strategy to deepen its presence in its core market of Poland;
• Value-accretive opportunity to deploy Northland's proven expertise in BESS.

This acquisition strengthens Northland's growing presence in Poland and underscores its commitment to supporting the country's energy requirements. Poland's power system is evolving rapidly as it shifts from predominantly coal-based generation toward renewables, with solar PV and wind capacity projected to increase from approximately 31 GW today to 139 GW by 2050 according to Aurora research. As Poland's electricity markets evolve, there is a need for large-scale battery storage.

The projects, Mieczyslawow (200 MW/800 MWh) and Kamionka (100 MW/400 MWh), each have a four-hour duration and are located in western Poland. A portion of revenue is secured under 17-year capacity auction contracts indexed to inflation, and additional revenue is expected to be realized through energy arbitrage and participation in ancillary service markets. Financing and the start of construction are expected in 2026, with an estimated total cost of 200 million euros. Once operational, the projects will be some of the first BESS facilities operating in Poland.

"This acquisition marks an important milestone in advancing Poland's energy transformation and expanding Northland's portfolio in a core market," said Christine Healy, president and chief executive officer of Northland. "Battery storage is essential to enabling a reliable, lower-carbon energy system and these projects represent a strong strategic fit with our growth ambitions."

About Northland Power Inc.

Northland Power is a Canada-owned global power producer dedicated to accelerating the global energy transition. Founded in 1987, with almost four decades of experience, Northland has a long history of developing, owning and operating a diversified mix of energy infrastructure assets including offshore and onshore wind, solar, battery energy storage, and natural gas. Northland also supplies energy through a regulated utility.

Headquartered in Toronto, Canada, with global offices in seven countries, Northland owns or has an economic interest in 3.2 gigawatts of gross operating generating capacity, 2.4 GW under construction and a significant inventory of early to mid-stage development opportunities encompassing approximately nine GW of potential capacity.

Publicly traded since 1997, Northland's common shares, Series 1 and Series 2 preferred shares trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A and NPI.PR.B, respectively.

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