Ms. Christine Healy reports

NORTHLAND POWER PROVIDES STRATEGIC UPDATE AHEAD OF 2025 INVESTOR DAY

Northland Power Inc. has provided its strategic update and 2030 outlook. The company's executive team will provide further details on Northland's strategic direction, growth priorities and key initiatives at its investor day on Nov. 20, 2025, at 9:30 a.m. ET.

Strategic highlights:

• Targets doubling gross operating capacity to seven gigawatts by 2030;
• Deepens focus on core markets to unlock additional value from the portfolio;
• Realigns the organization into two regional hubs: Americas and International, establishing a centralized growth and delivery function to leverage expertise and streamline investment decision making;
• Implements a cost optimization program targeting over $50-million in annual corporate and operational savings by 2028;
• Introduces a financial framework to support disciplined growth, deliver sustainable shareholders returns and maintain an investment-grade credit rating without external equity issuances;
• Increases project returns target thresholds to a minimum 12 per cent;
• Targets a 10-per-cent total shareholder return and a 6-per-cent free cash flow per share compound annual growth rate, forecasted to be $1.55 to $1.75 FCF/share by 2030.

"We look forward to presenting our strategy, built on a track record of successfully delivering power projects globally," said Christine Healy, president and chief executive officer. "Rising demand for energy is creating opportunities across our business. By maintaining a steadfast focus on safety, operational excellence and disciplined capital allocation, we are positioning Northland to deliver sustainable, profitable growth. This strategic update highlights three key horizons -- deliver, strengthen and grow -- to ensure the company remains resilient while driving value for shareholders."

As part of the company's efforts to simplify its operating structure, Northland is transitioning from three technology-based business units to two regional hubs, the Americas and International, working with a global project delivery team. This structure will eliminate duplication, focus operational teams on delivering value and ensure capital is deployed to the most value-accretive opportunities. Toby Edmonds, formerly executive vice-president of offshore wind, will lead the international hub, Calvin MacCormack, formerly EVP of natural gas, will oversee the Americas hub, and Pierre-Emmanuel Frot, formerly EVP, project management office, will head the newly established project development and delivery function.

Business update

Acquired Poland battery storage projects -- Earlier today, Northland announced the acquisition of two late-stage preconstruction battery energy storage systems totalling 300 megawatts/1.2 gigawatt-hours in Poland. 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. This acquisition strengthens Northland's growing presence in its core market of Poland and builds on battery storage capabilities.

Nordsee One offshore wind farm signed a five-year power purchase agreement (PPA) with Shell -- Earlier this week, Northland announced one of its subsidiaries Nordsee One offshore wind farm signed a five-year bilateral PPA with Shell Energy Europe Ltd. for approximately one-third of the production from its 332 MW Nordsee One offshore wind farm. The PPA, secured through a structured tendering process, starts in June, 2027.

Financial framework and future outlook

Northland has established a financial framework aimed at ensuring the financial flexibility to deliver disciplined growth by increasing the target levered returns on projects to 12 per cent or greater. In addition, and as part of a new operating model, the company is targeting annual cost savings across general and administrative, operating, and development expenditures of approximately $50-million by 2028.

As a global energy leader, Northland is in a strong position to achieve attractive profitable growth by 2030, with over 2.2 GW of projects in construction and a pipeline of organic and value enhancement projects under way with 2.7 GW in the mid-to-late stage development gates. The company established a long-term outlook for its average annual free cash flow per share growth of 6 per cent by 2030.

Northland intends to utilize non-recourse project level financing as the primary source of funding, supported by other funding tools including proceeds from asset sell-downs, partner equity, as well as corporate hybrid debt. Northland's investor day materials will provide more details on its growth and funding plan.

The company also reaffirms its 2025 financial guidance for adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) and FCF per share.

Details of Northland's investor conference

Management will host a hybrid investor conference today at 9:30 a.m. ET. The conference will be webcast live and can be accessed through Northland's website.

Details of the webcast:

When:   Thursday, Nov. 20, 2025, at 9:30 a.m. ET

Presentations and supporting materials will be posted on Northland's website.

A webcast replay will be available after the conclusion of the conference and posted to Northland's website on Friday, Nov. 21, 2025.

About Northland Power Inc.

Northland Power is a Canada-based 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 3.5 GW of gross operating generating capacity, 2.2 GW under construction and an 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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