Temerty Foundation Announces Gift of Common Shares to University of Toronto

TORONTO, Sept. 24, 2020 (GLOBE NEWSWIRE) -- The Temerty Foundation announces that it has donated by way of gift to the University of Toronto 6,224,067 common shares of Northland Power Inc. ("Northland") (TSX: NPI) (the “Gift”). The Gift was made pursuant to the announcement made earlier today by the University describing the Gift and the University’s plans in relation thereto.

The Gift represented approximately 3.09% of the total issued common shares of Northland. Prior to making the Gift, the Temerty Foundation, together with certain other persons and entities holding Shares over which Mr. James C. Temerty exercises control or direction (collectively, the “Temerty Group”), held 21,740,884 common shares of Northland representing approximately 10.78% of the total issued common shares outstanding (treating Class A Shares of Northland (“Class A Shares”) as converted to common shares). Prior to the Gift, Northland Power Holdings Inc., one of the entities within the Temerty Group, converted 1,000,000 Class A Shares representing all of the outstanding Class A Shares, into an equal number of common shares. Immediately following completion of the Gift, the Temerty Group holds 15,516,817 common shares in Northland, representing approximately 7.69% of the issued common shares. Accordingly, the Gift results in a decrease in the Temerty Group’s ownership interest in Northland from approximately 10.78% to approximately 7.69%.

Mr. Temerty, the Temerty Foundation and the other members of the Temerty Group have no current plans to dispose of any additional common shares, except that Mr. Temerty, directly or through holding companies he controls, may donate a number of common shares to the Temerty Foundation. Members of the Temerty Group may in their sole discretion participate in Northland’s dividend reinvestment plan, thereby acquiring ownership of more common shares.

For further information, including a copy of the early warning report related to this press release, please contact:

Mike Lord

22 St. Clair Avenue East, Suite 1500

Toronto, Ontario M4T 2S3

Tel: +1 647-660-2228