Ms. Christine Healy reports

NORTHLAND POWER SIGNS LONG-TERM CORPORATE POWER PURCHASE AGREEMENT FOR HAI LONG OFFSHORE WIND PROJECT

Northland Power Inc. has signed a long-term corporate power purchase agreement (CPPA) with Taiwan Semiconductor Manufacturing Company (TSMC) for additional power from its Hai Long offshore wind project in Taiwan.

The Hai Long project is being constructed by Northland (30.6 per cent) jointly with Mitsui & Co. (40 per cent) and Gentari International Renewables Pte. Ltd. (29.4 per cent). The project is located approximately 45 to 70 kilometres off the Changhua coast in the Taiwan Strait and consists of three offshore wind sites, the 294-megawatt Hai Long 2A, the 224 MW Hai Long 2B and the 504 MW Hai Long 3 with a combined gross capacity of 1,022 MW.

The new 30-year agreement builds on the existing long-term partnership with TSMC, established in 2022, which already covers Hai Long 2B and Hai Long 3. Subject to completion of necessary administrative procedures later in 2026, Hai Long 2A will switch to the new CPPA, and TSMC will offtake 100 per cent of the project's generating capacity.

This agreement strengthens the project's economics and extends Hai Long's revenue period, supporting Northland's focus on value enhancement.

"This agreement with TSMC reinforces the strategic importance of Hai Long. Once the switch is complete it will enhance the project's long-term economic fundamentals and contribute directly to value creation for Northland and its shareholders," said Christine Healy, president and chief executive officer of Northland Power.

TSMC is a Taiwan-based multinational semiconductor manufacturer and a global leader in advanced semiconductor fabrication. TSMC is listed on the Taiwan Stock Exchange (TWSE: 2330 TSMC) and the New York Stock Exchange (NYSE: TSM).

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.

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