1NR Northland Power Inc.

Northland Power Announces Financial Close of the 1.0 GW Hai Long Offshore Wind Project in Taiwan Financing and Date for Investor Presentation Conference Call
Northland Power Inc. (Northland) (TSX: NPI) today announced that its Hai Long offshore wind project (Hai Long or the project) in Taiwan has successfully met all conditions to close its 1171 billion New Taiwan Dollars long-term non-recourse green financing (equivalent of CAD 5 billion).

The non-recourse green project financing will be provided by over 15 international and local lenders with support from multiple Export Credit Agencies (ECAs) including: Export Development Canada (EDC), Japan Bank for International Cooperation (JBIC), Nippon Export and Investment Insurance (NEXI), UK Export Finance (UKEF), Export Finance Australia (EFA), Export Finance Norway (Eksfin) and Credendo – Export Credit Agency of Belgium.

Hai Long will play an important role in helping the Government of Taiwan achieve its renewable energy target of 15 GW of offshore wind to be constructed between 2026 and 2035. Once operational, Hai Long will be one of the largest offshore wind facilities in Asia, and will provide enough clean energy to power more than one million Taiwanese households.

1. Note: The total NTD 117 billion debt amount at closing changed from the NTD118 billion at signing financial agreements as a result of the final foreign exchange rates on closing. There were no other material changes to the financial metrics disclosed within the press release dated September 21, 2023.

To support successful financial closing announcements on both Baltic Power and Hai Long offshore wind projects, Northland's management team will hold an investor presentation conference call and webcast at 9:30 a.m. Eastern Time (ET) on Friday, September 29, 2023, followed by an analyst question and answer period.

Conference call details:

Date: Friday, September 29, 2023

Start Time: 9:30 a.m. ET

Participants wishing to join the call and ask questions must register using the following URL below:

https://register.vevent.com/register/BI154628b2f03040dd9337ec9698f14622

For all other attendees, the call will be broadcast live on the internet, in listen-only mode and can be accessed using the following link:

Webcast URL: https://onlinexperiences.com/Launch/QReg/ShowUUID=FDACA832-7061-44A2-B0D5-7ECE7F06D597

For those unable to attend the live call, an audio recording will be available on Northland’s website at northlandpower.com on Monday, October 2, 2023.

ABOUT NORTHLAND POWERNorthland 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 3.2 GW (net 2.7 GW) of operating capacity. The Company also has a significant inventory of projects in construction and in various stages of development encompassing approximately 16 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.

FORWARD-LOOKING STATEMENTSThis press release contains certain forward-looking statements including certain future oriented financial information that are provided for the purpose of presenting information about management’s current expectations and plans. Northland’s actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, the events anticipated by the forward-looking statements may or may not transpire or occur. Readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects,” “anticipates,” “plans,” “predicts,” “believes,” “estimates,” “intends,” “targets,” “projects,” “forecasts” or negative versions thereof and other similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” These statements may include, without limitation, statements regarding Northland’s expectations for guidance, the completion of construction, the timing for and attainment of commercial operations, the project’s anticipated contributions to Adjusted EBITDA and Free Cash Flow, the expected generating capacity of the project, and the future operations, business, financial condition, financial results, priorities, ongoing objectives, strategies and outlook of Northland and its subsidiaries, all of which may differ from the expectations stated herein. These statements are based upon certain material factors or assumptions that were applied in developing the forward-looking statements, including the design specifications of development the projects, the provisions of contracts to which Northland or a subsidiary is a party, management’s current plans and its perception of historical trends, current conditions and expected future developments, as well as other factors, estimates, and assumptions that are believed to be appropriate in the circumstances. Although these forward-looking statements are based upon management’s current reasonable expectations and assumptions, they are subject to numerous risks and uncertainties. Some of the factors include, but are not limited to, risks associated with sales contracts, Northland’s reliance on the performance of its offshore wind facilities at Gemini, Nordsee One and Deutsche Bucht for approximately 50% of its Adjusted EBITDA and Free Cash Flow, counterparty risks, impacts of regional or global conflicts, contractual operating performance, variability of sales from generating facilities powered by intermittent renewable resources, offshore wind concentration, natural gas and power market risks, commodity price risks, operational risks, recovery of utility operating costs, Northland’s ability to resolve issues/delays with the relevant regulatory and/or government authorities, permitting, construction risks, procurement and supply chain risk, project development risks, disposition and joint venture risk, competition risks, acquisition risks, financing risks, interest rate and refinancing risks, liquidity risk, credit rating risk, currency fluctuation risk, variability of cash flow and potential impact on dividends, taxation, natural events, environmental risks, climate change, health and worker safety risks, market compliance risk, government regulations and policy risks, utility rate regulation risks, international activities, cybersecurity, data protection and reliance on information technology, labour relations, reputational risk, insurance risk, risks relating to co-ownership, bribery and corruption risk, legal contingencies, and the other factors described in the “Risks Factors” section of Northland’s 2022 Annual Information Form, which can be found at www.sedarplus.ca under Northland’s profile and on Northland’s website at northlandpower.com. Northland has attempted to identify important factors that could cause actual results to materially differ from current expectations, however, there may be other factors that cause actual results to differ materially from such expectations. Northland’s actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, and Northland cautions you not to place undue reliance upon any such forward-looking statements.

The forward-looking statements contained in this release are based on assumptions that were considered reasonable as of the date hereof. Other than as specifically required by law, Northland undertakes no obligation to update any forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.

For further information, please contact:

Mr. Adam Beaumont, Vice PresidentMr. Dario Neimarlija, Vice President647-288-1019investorrelations@northlandpower.com