Ms. Katherine Perron reports

CAPITAL POWER ANNOUNCES CLOSING OF $667 MILLION OFFERING OF COMMON SHARES

Capital Power Corp. has completed its previously announced bought deal offering of 11,902,500 common shares of Capital Power, which included 1,552,500 common shares issued pursuant to the full exercise of the overallotment option, at an offering price of $43.45 per common share, for total gross proceeds of approximately $517-million.

The public offering was first announced on April 14, 2025, when the company entered into an agreement with a syndicate of underwriters led by TD Securities Inc. and CIBC Capital Markets. The company subsequently announced that it had increased the size of the public offering on April 15, 2025.

Concurrently, the company issued 3,455,000 common shares at the offering price to Alberta Investment Management Corp. on a private placement basis for gross proceeds of approximately $150-million. TD Securities acted as the sole agent and bookrunner for the private placement.

The net proceeds of the offerings will be used by Capital Power to finance a portion of the purchase price for the previously announced acquisition of 100 per cent of the equity interests in Hummel Station LLC, which owns the 1,124-megawatt Hummel station, a combined-cycle natural gas facility in Shamokin Dam in Pennsylvania, and 100 per cent of the equity interests in Rolling Hills Generating LLC, which owns the 1,023-megawatt Rolling Hills plant, a combustion turbine natural gas facility in Wilkesville, Ohio. The acquisition is expected to close in the third quarter of 2025, subject to receipt of regulatory approvals and the satisfaction of other customary closing conditions. Details of the acquisition and the offerings were announced on April 14, 2025.

The closing of the offerings was not conditional upon the completion of the acquisition. If the acquisition is not completed, the company intends to use the net proceeds from the offerings to finance future growth opportunities, including acquisitions, finance its capital development expenditures and reduce its outstanding indebtedness, or for other general corporate purposes.

We seek Safe Harbor.

About Capital Power

Capital Power is a growth-oriented power producer with approximately 10 GW of power generation at 30 facilities across North America. We prioritize safely delivering reliable and affordable power communities can depend on, building lower-carbon power systems, and creating balanced solutions for our energy future. We are Powering Change by Changing PowerTM.