Ms. Katherine Perron reports

CAPITAL POWER ANNOUNCES A C$600 MILLION MEDIUM TERM NOTE OFFERING

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 a coupon rate of 4.831 per cent and mature on Sept. 16, 2031.

The offering is expected to close on or about Sept. 16, 2024.

Capital Power intends to use the net proceeds of the offering to repay, redeem or refinance existing indebtedness, including indebtedness under outstanding debt securities or Capital Power's credit facilities, or for general corporate purposes.

The notes have been assigned a provisional rating of BBB- by S&P Global Ratings and BBB (low) by DBRS Ltd.

The notes are being offered in Canada through a syndicate of investment dealers co-led by BMO Nesbitt Burns 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 Aug. 26, 2024. 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+.

About Capital Power Corp.

Capital Power (TSX: CPX) is a growth-oriented power producer with approximately 9,300 MW (megawatts) of power generation at 32 facilities across North America. The company prioritizes safely delivering reliable and affordable power communities can depend on today, building clean power systems needed for tomorrow, and creating balanced solutions for the company's energy future.