Northland Power Renews At-The-Market Equity Program to Further Support Funding of Identified Growth Initiatives

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO, Sept. 07, 2022 (GLOBE NEWSWIRE) -- Northland Power Inc. (“Northland” or the “Company”) (TSX: NPI) announced today that it has renewed its at-the-market equity program (“ATM Program”) to allow the Company to issue up to an additional $750 million of common shares from treasury (the “Common Shares”) to the public from time to time, at the Company’s discretion in connection with the ATM Program. The ATM Program was renewed following the termination of the Company’s previous at-the-market equity program as a result of having sold most of the Common Shares permitted to be sold under the previous program. Any Common Shares sold in the ATM Program will be sold through the facilities of the Toronto Stock Exchange (the “TSX”) or any other marketplace on which the Common Shares are listed, quoted or otherwise traded (collectively, the “Marketplaces”) at the prevailing market price at the time of sale.

The ATM Program provides Northland with an additional source of financial flexibility and will be activated at the Company’s discretion if and as required based on the funding requirements of the Company’s identified growth initiatives. The volume and timing of distributions under the ATM Program, if any, will be determined at the Company's sole discretion.

The ATM Program will be effective until the earlier of July 16, 2023 and the date that all of the Common Shares issuable under the ATM Program have been issued, unless terminated prior to such date by the Company or the Agents in accordance with the terms of the equity distribution agreement dated September 7, 2022 (the “Equity Distribution Agreement”) between the Company and CIBC Capital Markets, National Bank Financial Inc., BMO Capital Markets, Desjardins Securities Inc., RBC Dominion Securities Inc., TD Securities Inc. and Scotia Capital Inc. (collectively, the “Agents”). Distributions of the Common Shares through the ATM Program will be made pursuant to the terms of the Equity Distribution Agreement.

Northland intends to use the net proceeds from the ATM Program, if any, to fund the advancement of its growth projects and for general corporate purposes. Refer to Northland’s 2022 Second Quarter Report for additional information on growth projects. As Common Shares sold in the ATM Program will be distributed at the prevailing market price at the time of the sale, prices may vary among purchasers during the period of the distribution.

The ATM Program is being renewed pursuant to a prospectus supplement dated September 7, 2022 (the “Prospectus Supplement”) to the Company's short form base shelf prospectus dated June 16, 2021 (the “Shelf Prospectus”). The Prospectus Supplement, the Shelf Prospectus and the Equity Distribution Agreement are available on SEDAR at The Agents will send copies of the Prospectus Supplement and the Shelf Prospectus via requests made to any of the following individuals:

CIBC Capital Markets, attn: Equity Capital Markets, 161 Bay Street, 5th Floor, Toronto, ON M5J 2S8, by email at or by phone at (416) 594-7339;

National Bank Financial Inc., attn: Gavin Brancato, 130 King Street West, 4th Floor Podium, Toronto, ON M5X 1J9, by email at or by phone at (416) 869-7568; and

BMO Capital Markets, attn: Equity Capital Markets, 100 King Street West, 3rd Floor Podium, Toronto, ON M5X 1H3, by email or by phone at (905) 791-3151 Ext 4312.

This news release does not constitute an offer to sell or the solicitation of any offer to buy, nor will there be any sale of these securities, in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, state or jurisdiction.

ABOUT NORTHLAND POWER

Northland 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 3.0GW (net 2.6GW) of operating capacity. The Company also has a significant inventory of projects in construction and in various stages of development encompassing over 14GW of potential capacity.

Publicly traded since 1997, Northland's common shares, Series 1, Series 2 and Series 3 preferred shares trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A, NPI.PR.B and NPI.PR.C, respectively.

FORWARD-LOOKING STATEMENTS

This release contains certain forward-looking statements. Readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking statements include statements that are not historical facts and are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects,” “anticipates,” “plans,” “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 issuances of Common Shares under the ATM Program, the ATM Program providing a source of further funding and Northland’s use of proceeds under the ATM Program, if any. These statements are based upon certain material factors or assumptions that were applied in developing the forward-looking statements. 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 that could cause results or events to differ from current expectations include, but are not limited to, the use of proceeds as intended and the other factors described in the “Risks and Uncertainties” section of Northland’s 2021 Annual Report and Annual Information Form, both of which can be found at under Northland's profile and on Northland’s website northlandpower.com, as well as the risks set out under the heading “Risk Factors” in the Prospectus Supplement. 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.

The forward-looking statements contained in this release are based on assumptions that were considered reasonable on date of release. 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:

Wassem Khalil, Senior Director, Investor Relations

(647) 288-1019