Ms. Katherine Perron reports

CAPITAL POWER COMPLETES ACQUISITION OF THE HUMMEL AND ROLLING HILLS FACILITIES IN PJM FOR US$2.2 BILLION (CAD ~$3.0¹ BILLION)

Capital Power Corp. today closed the previously announced acquisition of 100 per cent of the equity interests in:

• Hummel Station LLC, owner of the 1,124-megawatt Hummel combined cycle natural gas facility in Shamokin Dam, Pennsylvania;
• Rolling Hills Generating LLC, owner of the 1,023 MW Rolling Hills plant, a combustion turbine natural gas facility in Wilkesville, Ohio.

The Federal Energy Regulatory commission approved the acquisition on June 2, 2025, and the applicable waiting period under the Hart-Scott-Rodino Act, expired on June 4, 2025.

The acquisition was previously announced on April 14, 2025. Capital Power partially financed the acquisition with net proceeds from an offering of common shares (the equity offering) and a private offering of senior notes. The equity offering, which closed on April 22, 2025, consisted of total gross proceeds of $667-million, including an approximately $517-million bought public offering and an approximately $150-million private placement with Alberta Investment Management Corp. The notes offering, which closed on May 28, 2025, consisted of a private offering of $1.2-billion (U.S.) aggregate principal amount of senior notes in the U.S. issued by Capital Power (U.S. Holdings) Inc., a U.S. wholly owned subsidiary of the company, and guaranteed by the company and the company's subsidiaries that guarantee the company's revolving credit facilities. The balance of the acquisition was financed with additional cash on hand and a drawdown on the company's existing revolving credit facilities. On April 14, 2025, the company announced that it had entered into a commitment letter for an acquisition term loan with a Canadian chartered bank to finance up to $2-billion of the acquisition purchase price. The company will not be drawing on the acquisition term loan and the commitment letter will be terminated.

About Capital Power Corp.

Capital Power is a growth-oriented power producer with approximately 12 gigawatts (GW) of power generation at 32 facilities across North America. The company prioritizes safely delivering reliable and affordable power communities can depend on, building lower-carbon power systems and creating balanced solutions for the company's energy future.