Ms. Katherine Perron reports

CAPITAL POWER ANNOUNCES CLOSING OF US$1.2 BILLION OF SENIOR NOTES

Capital Power Corp. has closed a private offering of $700-million (U.S.) aggregate principal amount of 5.257 per cent senior notes due 2028 and $500-million (U.S.) aggregate principal amount of 6.189 per cent senior notes due 2035 issued by Capital Power (U.S. Holdings) Inc., a U.S. wholly owned subsidiary of the company. The notes are guaranteed by the company and the company's subsidiaries that guarantee the company's revolving credit facilities.

The company intends to use the net proceeds from the offering 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, Pa., 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 2035 notes are subject to a special mandatory redemption if the company does not consummate the acquisition on or prior to the later of: (i) Jan. 15, 2026; or (ii) the date that is five business days after any later date to which the parties to the acquisition agreement may agree to extend the outside date in the acquisition agreement, or the company notifies the trustee that it will not pursue the consummation of the acquisition. If the acquisition is not completed, the company intends to use the net proceeds from the offering to finance such special mandatory redemption and the remaining to finance future growth opportunities, including acquisitions, to finance capital development expenditures, to reduce outstanding indebtedness or for other general corporate purposes.

Territorial acknowledgment

In the spirit of reconciliation, Capital Power respectfully acknowledges that it operates within the ancestral homelands, traditional and treaty territories of the Indigenous Peoples of Turtle Island, or North America. Capital Power's head office is located within the traditional and contemporary home of many indigenous peoples of the Treaty 6 region and the Metis Nation of Alberta, Region 4. The company acknowledges the diverse indigenous communities that are located in these areas and whose presence continues to enrich the community.

About Capital Power Corp.

Capital Power is a growth-oriented power producer with approximately 10 gigawatts of power generation at 30 facilities across North America. It prioritizes safely delivering reliable and affordable power communities can depend on, building lower-carbon power systems and creating balanced solutions for the energy future.

We seek Safe Harbor.