Northland Power Secures Financing to Advance the Jurassic Battery Energy Storage Project in Alberta

Press Release

April 09, 2025

Announcement Highlights

• Northland closes its second battery storage financing, reflecting the Company’s growing expertise in battery storage technology.
• The project is located in Cypress County, Alberta and is preparing to begin construction.
• Jurassic BESS will be Alberta’s largest battery energy storage system once completed.

TORONTO, April 09, 2025 Northland Power Inc. (“Northland” or the “Company”) (TSX: NPI) today announced that the Jurassic Battery Energy Storage System project (“Jurassic BESS” or the “project”) in southern Alberta has achieved financial close, securing all necessary financing as it prepares to begin construction.

Jurassic BESS is an 80 MW, 2-hour (160 MWh) battery storage system that is part of Northland’s growth pipeline in Alberta. The project recently signed construction contracts and will benefit from a 15-year fixed price contract for capacity. The project is expected to reach commercial operation in late 2026.

“Building on the success of our Oneida Battery Storage Project, which is nearing operations, today’s announcement represents another great milestone for Northland Power. We are delivering needed battery storage as one of the ways we provide energy solutions in Canada and around the world,” said Christine Healy, President and Chief Executive Officer. “This BESS project will enhance the stability and reliability of Alberta’s energy grid, expand our footprint in Canada, and diversify our asset base. It highlights the growth potential of our multi-technology approach.”

The project cost is approximately $120 million. Construction costs will be funded by non-recourse project-level financing, existing cash and available liquidity. Once fully operational, Jurassic BESS is expected to contribute approximately $15 million of annual Adjusted EBITDA.

ABOUT NORTHLAND POWER

Northland Power is a Canadian-based global power producer dedicated to accelerating the global energy transition. Founded in 1987, with almost four decades of experience, Northland has a long history of developing, owning and operating a diversified mix of energy infrastructure assets including offshore and onshore wind, solar, battery energy storage, and natural gas. Northland also supplies energy through a regulated utility.

Headquartered in Toronto, Canada, with global offices in seven countries, Northland owns or has an economic interest in 3.2 GW of gross operating generating capacity, 2.4 GW under construction and a significant inventory of early to mid-stage development opportunities encompassing approximately 10 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.

NON-IFRS FINANCIAL MEASURES

This press release includes references to the Company’s adjusted earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”), Adjusted Free Cash Flow, Free Cash Flow and applicable payout ratios and per share amounts, which are measures not prescribed by International Financial Reporting Standards (“IFRS”), and therefore do not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. Non-IFRS financial measures are presented at Northland’s share of underlying operations. These measures should not be considered alternatives to net income (loss), cash flow from operating activities or other measures of financial performance calculated in accordance with IFRS. Rather, these measures are provided to complement IFRS measures in the analysis of Northland’s results of operations from management’s perspective. Management believes that Northland’s non-IFRS financial measures and applicable payout ratio and per share amounts are widely accepted and understood financial indicators used by investors and securities analysts to assess the performance of a company, including its ability to generate cash through operations.

For further information, please contact:

Dario Neimarlija, Vice President, FP&A and Investor Relations
647-288-1019
investorrelations@northlandpower.com

Victor Gravili,
Head of Global Brand & Integrated Communications
647-288-1105
communications@northlandpower.com

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