Northland Power Issues Notice of Redemption of 5.00% Extendible Convertible Unsecured Subordinated Debentures, Series B

Press Release

TORONTO, Nov. 16, 2018 — Northland Power Inc. (“Northland”) (TSX: NPI) announces that it has issued a notice (the “Notice”) of redemption to holders of its currently outstanding 5.00% extendible convertible unsecured subordinated debentures, Series B, due June 30, 2019 (the “Debentures”). As set out in the Notice, the redemption date of the Debentures will be December 21, 2018 (the “Redemption Date”). The Debentures are redeemable for an amount equal to the principal amount of the Debentures plus accrued unpaid interest up to, but excluding, the Redemption Date. There is approximately $77.0 million aggregate principal amount of the Debentures outstanding.

Prior to 5:00p.m. (Toronto time) on the last business day immediately preceding the Redemption Date, a holder of the Debentures (a “Holder”) will have the right to convert its Debentures into common shares of Northland (each being a “Common Share”) at a conversion price of $21.60 (the “Conversion Price”) per Common Share.

A Holder electing to convert the principal amount of its Debentures will receive 46.2963 Common Shares for each $1,000 principal amount of Debentures converted. No fractional shares will be issued on conversion but, in lieu thereof, Northland shall satisfy any fractional interest by a cash payment equal to the fractional interest which would have been issuable multiplied by the Conversion Price. All Holders who fail to deliver a notice of conversion on or prior to December 21, 2018 shall have their Debentures redeemed for cash on the Redemption Date.

Holders who wish to convert their Debentures into Common Shares should consult with their financial institutions as soon as possible and allow for sufficient time to complete the conversion process.

ABOUT NORTHLAND

Northland is an independent power producer founded in 1987, and publicly traded since 1997. Northland develops, builds, owns and operates facilities that produce ‘clean’ (natural gas) and ‘green’ (wind, solar, and hydro) energy, providing sustainable long-term value to shareholders, stakeholders, and host communities.

The Company owns or has an economic interest in 2,429 MW (net 2,014 MW) of operating generating capacity and 269 MW of generating capacity under construction, representing the Deutsche Bucht offshore wind project in the North Sea, in addition to its 60% equity stake in the 1,044 MW Hai Long projects under development in Taiwan. Northland’s cash flows are diversified over four geographically separate regions and regulatory jurisdictions in Canada and Europe.

Northland’s common shares, Series 1, Series 2 and Series 3 preferred shares and Series B and Series C convertible debentures trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A, NPI.PR.B, NPI.PR.C, NPI.DB.B, and NPI.DB.C, respectively.

For further information, please contact:

Barb Bokla, Manager, Investor Relations, (647) 288-1438
investorrelations@northlandpower.com
www.northlandpower.com

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