TORONTO, Aug. 12, 2026 (GLOBE NEWSWIRE) — Northland Power Inc. (“Northland” or the “Company”) (TSX: NPI) today reported financial results for the three and six months ended June 30, 2026. All dollar amounts set out herein are in Canadian dollars, unless otherwise stated.

Highlights

• Delivered strong operational performance across the fleet during the second quarter, achieving 96% commercial availability.
• The offshore wind resource in Europe was low for the quarter, with year-to-date generation in line with historical average levels due to strong first-quarter wind conditions.
• Adjusted EBITDA increased by 6% year over year, reflecting strong operational performance, while free cash flow per share decreased, primarily due to a one-time tax item refund recognized in 2025.
• Advancing 2.5 GW construction portfolio, with all projects in construction remaining on track:
  • Achieved first power at the Baltic Power (1.1 GW) offshore wind project, marking the first delivery of offshore wind-generated electricity to Poland’s national grid;
  • Expanded the Hai Long (1.0 GW) offshore wind project’s existing 30-year Corporate Power Purchase Agreement (CPPA) for 100 percent of the offtake and, subsequent to quarter end, secured an incremental debt funding;
  • Completing final testing and commissioning on the Jurassic (80 MW / 160 MWh) Battery Energy Storage System (BESS) project in Alberta; and
  • Commenced construction of the Kamionka (100 MW / 400 MWh) and Mieczysławów (200 MW / 800 MWh) BESS projects in Poland.
• Management reaffirmed its 2026 full-year guidance.

“We reached several important milestones across our construction portfolio, including achieving first power at Baltic Power and delivering the first offshore wind-generated electricity to Poland’s national grid, achieving commercial and financial milestones at Hai Long, and commencing construction of our two battery storage projects in Poland,” said Christine Healy, President and CEO of Northland Power. “As Baltic Power and Hai Long progress toward commercial operations, we are approaching an important inflection point where our proven execution capabilities will deliver incremental long term contracted cash flow. With electricity demand expected to grow globally, Northland is well positioned to leverage its execution capabilities and development pipeline to deliver long-term value for shareholders.”

Significant Events and Updates

Construction Projects Update:

Hai Long Offshore Wind Project – Northland continues to advance construction of the 1.0 GW Hai Long Project in Taiwan, with 71 of 73 turbines installed and 59 generating power. The project continues its wind turbine installation and commissioning campaign and is on track for commercial operations in 2027, with overall costs aligned with original expectations.

As disclosed in the previous quarter, in April 2026, Hai Long expanded its existing 30-year CPPA. Under the CPPA, 100% of the project’s generating capacity will be contracted with the current corporate off-taker, subject to completion of necessary administrative procedures, which are expected to be completed by the end of 2026.

Subsequent to the quarter end, in August 2026, the project optimized its capital structure by securing a 20-year debt financing of NTD 55 billion ($2.4 billion). Of the new debt facilities, approximately $0.9 billion represents incremental funding available through project completion. The incremental funding and expected pre-completion revenues are expected to be sufficient to cover project funding requirements. The remaining $1.5 billion of proceeds replaces existing debt. Together, these measures optimize the project’s capital structure and cost of financing.

Baltic Power Offshore Wind Project – Northland continues to advance construction of the 1.1 GW Baltic Power Project in Poland. The project achieved first power and delivered the first offshore wind-generated electricity into Poland’s national grid. The project has 61 of 76 turbines installed and 15 generating power. The project continued its wind turbine installation and commissioning campaign and is on track for commercial operations in the second half of 2026, with overall costs aligned with original expectations.

Jurassic Battery Energy Storage System (BESS) Project – Northland continues to advance construction of the 80 MW / 160 MWh Jurassic BESS Project in Alberta, Canada, completing the remaining construction activities and starting the final testing and commissioning phase. The project is on track for commercial operations by the end of 2026, with overall costs aligned with original expectations.

Polish BESS Projects – During the quarter, Northland commenced construction of two BESS projects in Poland, totaling 300 MW / 1.2 GWh. Both projects are on track with Project Kamionka’s commercial operations expected in early 2028, and Project Mieczysławów’s commercial operations expected mid-2028.

Financial Results for the Second Quarter

The second quarter of 2026 was driven by strong operating performance across the fleet, achieving 96% commercial availability. In the quarter, the offshore wind resource in Europe was low.

• Revenue from energy sales of $510 million in the second quarter of 2026 is largely in line with $512 million in the corresponding quarter of 2025.
• Net loss of $54 million in the second quarter of 2026 is largely in line with $53 million in the corresponding quarter of 2025.
• Adjusted EBITDA (a non-IFRS measure) increased to $259 million in the second quarter of 2026 compared to $245 million in the corresponding quarter of 2025.
• Free Cash Flow per share (a non-IFRS measure) decreased to $0.09 in the second quarter of 2026 compared to $0.22 in the corresponding quarter of 2025.
• Cash provided by operating activities decreased to $170 million in the second quarter of 2026 compared to $451 million in the corresponding quarter of 2025.

Second Quarter Highlights

International Business Unit

Northland’s International business unit comprises a portfolio of two offshore wind facilities in Germany, one offshore wind facility in the Netherlands, and a portfolio of onshore renewable (solar and wind) projects in Spain. The business unit has projects under construction, including the Hai Long offshore wind joint venture project in Taiwan, and the Baltic Power offshore wind joint venture project and two BESS in Poland.

Subsequent to the quarter in July 2026, one of Gemini’s two export cables experienced failure due to a short circuit and was taken out of service. Gemini has commenced the subsea cable repair work, with completion expected within 2026. The production continued via the inter-connector and second export cable albeit with a reduced maximum transport capacity of 300 MW. This event occurred during the lower-production season, and the Company expects the impact on Northland’s full-year results to be immaterial, net of anticipated insurance proceeds.

Offshore wind facilities

Electricity production for the three months ended June 30, 2026 decreased 4% or 28 GWh compared to the same quarter of 2025, due to lower wind resource at the offshore wind facilities.

Commercial availability for the three months ended June 30, 2026 was at 95%.

Revenue from energy sales of $196 million for the three months ended June 30, 2026 decreased 8% or $17 million, compared to the same quarter of 2025, due to lower production at the offshore wind facilities.

Adjusted EBITDA of $96 million for the three months ended June 30, 2026 decreased 11% or $12 million compared to the same quarter of 2025, due to lower operating results for the second quarter.

Onshore renewable facilities

Electricity production for the three months ended June 30, 2026 of 210 GWh was in line with the same quarter of 2025.

Commercial availability for the three months ended June 30, 2026 was at 97%.

Revenue from energy sales of $38 million for the three months ended June 30, 2026 was in line with the same quarter of 2025.

Adjusted EBITDA of $25 million for the three months ended June 30, 2026 was in line with the same quarter of 2025.

Americas Business Unit

Northland’s Americas business unit comprises a portfolio of energy assets in Canada and the United States, including natural gas, onshore wind, solar, and energy storage facilities. In addition, the business unit operates a regulated utility services in Colombia.

Onshore renewable & energy storage facilities

Electricity production for the three months ended June 30, 2026 of 450 GWh decreased 9% or 44 GWh, compared to the same quarter of 2025, due to lower wind resource at the New York and Canadian onshore wind facilities.

Commercial availability for the three months ended June 30, 2026 was at 99%.

Revenue from energy sales of $93 million for the three months ended June 30, 2026 was in line with the same quarter of 2025. The contribution from the Oneida energy storage facility, which commenced operations in the second quarter of 2025, was offset by lower production, as discussed above.

Adjusted EBITDA of $61 million for the three months ended June 30, 2026 was in line with the same quarter of 2025.

Natural gas facilities

Electricity production of 590 GWh for the three months ended June 30, 2026 decreased 12% or 82 GWh compared to the same quarter of 2025.

Commercial availability for the three months ended June 30, 2026 was at 93%.

Revenue from energy sales of $72 million for the three months ended June 30, 2026 was in line compared to the same quarter of 2025.

Adjusted EBITDA of $46 million for the three months ended June 30, 2026 increased 9% or $4 million compared to the same quarter of 2025, due to lower operating costs.

Utility

Revenue from energy sales of $111 million for the three months ended June 30, 2026 increased 25% or $22 million compared to the same quarter of 2025, due to exchange rate movement and growth in the asset base.

Adjusted EBITDA of $46 million for the three months ended June 30, 2026 increased 15% or $6 million compared to the same quarter of 2025, due to higher revenue and operating income.

Consolidated statements of income (loss)

General and administrative (“G&A”) costs of $29 million were in line with the same quarter of 2025.

Development costs of $16 million increased 21% or $3 million with the same quarter of 2025, due to one-time restructuring costs.

Finance costs of $91 million decreased $6 million compared to the same quarter of 2025, due to scheduled principal repayments on facility-level loans.

Fair value loss on financial instruments was $87 million, due to net movement in the fair value of derivative financial instruments related to foreign exchange and interest rate hedge contracts.

Foreign exchange gain of $17 million was due to fluctuations in foreign exchange rates.

Share of loss from joint ventures of $14 million was due to loss on fair value of derivative financial instruments partially offset by pre-completion revenues from Hai Long.

Net loss of $54 million in the second quarter of 2026 compared to $53 million in the same period of 2025, as a result of the factors described above.

Adjusted EBITDA

The following table reconciles net income (loss) to Adjusted EBITDA:

Adjusted EBITDA of $259 million for the three months ended June 30, 2026 increased 6% or $14 million compared to the same quarter of 2025. The factors increasing Adjusted EBITDA include:

• $12 million increase due to the contribution from Hai Long;
• $10 million increase due to operating results from EBSA and natural gas facilities; and
• $5 million increase due to the contribution from the Oneida energy storage facility, which commenced operations in the second quarter of 2025.

The factor partially offsetting the increase in Adjusted EBITDA was:

• $12 million decrease in operating results from the offshore wind facilities due to lower wind resources, as described earlier.

Free Cash Flow

The following table reconciles cash flow from operations to Free Cash Flow:

Free Cash Flow of $23 million for the three months ended June 30, 2026 was 61% or $36 million lower compared to the same quarter of 2025.

The factors decreasing Free Cash Flow include:

• $28 million increase in current taxes for second quarter of 2026, resulting from Northland receiving a one-time German trade tax refund last year, which lowered taxes in the same quarter of 2025; and
• $11 million decrease from foreign exchange and interest rate hedges, and other settlements.

The factor offsetting the decrease in Free Cash Flow was:

• $4 million decrease relating to scheduled repayments of facility-level debt and funds set aside for maintenance and decommissioning reserves.

The following table reconciles Adjusted EBITDA to Free Cash Flow:

Outlook

Management maintains the Company’s 2026 financial outlook with Adjusted EBITDA expected in the range of $1.45 billion to $1.65 billion and Free Cash Flow per share expected in the range of $1.05 to $1.25.

The information in this Outlook constitutes forward-looking information within the meaning of applicable Canadian securities laws, is based on several assumptions and is subject to risks and uncertainties. See Forward-Looking Statements in this document as well as the Risk Factors in the 2025 AIF.

Second-Quarter Earnings Conference Call

Northland’s management will hold an earnings conference call and webcast at 10 a.m. Eastern Time (ET) on Thursday August 13, 2026, to discuss the Company’s financial results and developments and answer questions from analysts.

Participants wishing to join the call and ask questions must register using the following URL below:

https://register-conf.media-server.com/register

For all other attendees, the call will be broadcast live on the internet, in listen-only mode and can be accessed using the following link:

Webcast URL: https://edge.media-server.com/mmc

For those unable to attend the live call, an audio recording will be available on northlandpower.com starting on Friday, August 14, 2026.

Northland’s unaudited interim condensed consolidated financial statements for the six months ended June 30, 2026, and related MD&A can be found on SEDAR+ at www.sedarplus.ca under Northland’s profile and on northlandpower.com.

ABOUT NORTHLAND POWER

Northland Power is a Canadian-headquartered global power producer delivering the electricity the world needs through offshore wind, onshore renewables, battery storage, and natural gas-fired generation. With offices in seven countries, Northland owns or has an economic interest in 3.5 GW of gross operating generating capacity, 2.5 GW under construction, and an approximately 7.7 GW development pipeline, reflecting nearly four decades of experience delivering large-scale energy infrastructure.

Publicly traded since 1997, Northland’s Common Shares, and 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”), 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. Instead, 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.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) that are provided for the purpose of presenting information about management’s current expectations and plans. Readers are cautioned that such statements may not be appropriate for other purposes.

Northland’s actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, the events anticipated by the forward-looking statements may or may not transpire or occur. Forward-looking statements include statements that are not historical facts and are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects,” “anticipates,” “plans,” “predicts,” “believes,” “estimates,” “intends,” “targets,” “projects,” “forecasts” or negative versions thereof and other similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would” and “could”. These statements may include, without limitation, statements regarding future Adjusted EBITDA and Free Cash Flow, including respective per share amounts, dividend payments and dividend payout ratios, the implementation, timing and anticipated benefits of Northland’s new strategic plan, the timing for and attainment of the Hai Long and Baltic Power offshore wind projects, Jurassic and Polish BESS battery energy storage project and other growth activity and the anticipated contributions therefrom to Adjusted EBITDA and Free Cash Flow, the expected generating capacity of certain projects, guidance, anticipated dates of commercial operations, forecasts as to overall project costs, the completion of construction, acquisitions, dispositions, whether partial or full, investments or financings and the timing thereof, the timing for and attainment of financial close and commercial operations for each project, the potential for future production from project pipelines, cost and output of development projects, the all-in interest cost for debt financing, the impact of currency and interest rate hedges, Northland’s anticipated credit rating, litigation claims, future funding requirements, and the future operations, business, financial condition, financial results, priorities, ongoing objectives, strategies and the outlook of Northland, its subsidiaries and joint ventures.

These statements are based upon certain material factors or assumptions that were applied in developing the forward-looking statements, including the design specifications of development projects, the provisions of contracts to which Northland or a subsidiary is a party, management’s current plans and its perception of historical trends, current conditions and expected future developments, the ability to obtain necessary approvals, satisfy any closing conditions, satisfy any project finance lender conditions to closing sell-downs or obtain adequate financing regarding contemplated construction, acquisitions, dispositions, investments or financings, as well as other factors, estimates and assumptions that are believed to be appropriate in the circumstances.

Although these forward-looking statements are based upon management’s current reasonable expectations and assumptions, they are subject to numerous risks and uncertainties. Some of the factors that could cause results or events to differ from current expectations include, but are not limited to, risks associated with further regulatory and policy changes which could impair current guidance and expected returns, risks associated with merchant pool pricing and revenues, risks associated with sales contracts, Northland’s ability to execute on its growth strategy, the emergence of widespread health emergencies or pandemics, Northland’s reliance on the performance of its offshore wind facilities at Gemini, Nordsee One and Deutsche Bucht for over 50% of its annualized Adjusted EBITDA, counterparty and joint venture risks, contractual operating performance, variability of sales from generating facilities powered by intermittent renewable resources, wind and solar resource risk, unplanned maintenance risk, offshore wind concentration, natural gas and power market risks, commodity price risks, operational risks, recovery of utility operating costs, Northland’s ability to resolve issues/delays with the relevant regulatory and/or government authorities, permitting, construction risks, project development risks, integration and acquisition risks, procurement and supply chain risks, financing risks, disposition and joint-venture risks, competition risks, interest rate and refinancing risks, liquidity risk, inflation risks, commodity availability and cost risk, construction material cost risks, impacts of regional or global conflicts, credit rating risk, currency fluctuation risk, variability of cash flow and potential impact on dividends, taxation, natural events, environmental risks, unforeseeable site conditions, including geological and geotechnical risks, climate change, health and worker safety risks, market compliance risk, government regulations and policy risks, utility rate regulation risks, international activities, cybersecurity, data protection and reliance on information technology, labour relations, labour shortage risk, management transition risk, geopolitical risk in and around the regions Northland operates in, large project risk, reputational risk, insurance risk/proceeds, risks relating to co-ownership, bribery and corruption risk, terrorism and security, litigation risk and legal contingencies, and the other factors described in the “Risks Factors” section of Northland’s MD&A and 2025 AIF, which can be found at www.sedarplus.ca under Northland’s profile and on Northland’s website at northlandpower.com.

Northland has attempted to identify important factors that could cause actual results to materially differ from current expectations; however, there may be other factors that cause actual results to differ materially from such expectations. Northland’s actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, and Northland cautions you not to place undue reliance upon any such forward-looking statements.

The forward-looking statements contained in this release are, unless otherwise indicated, stated as of the date hereof and are based on assumptions that were considered reasonable as of the date hereof. Other than as specifically required by law, Northland undertakes no obligation to update any forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.

Certain forward-looking information in this release and the MD&A may also constitute a “financial outlook” within the meaning of applicable securities laws. Financial outlook involves statements about Northland’s prospective financial performance, financial position or cash flows and is based on and subject to the assumptions about future economic conditions and courses of action and the risk factors described above in respect of forward-looking information generally, as well as any other specific assumptions and risk factors in relation to such financial outlook noted in this release and the MD&A. Such assumptions are based on management’s assessment of the relevant information currently available and any financial outlook included in this release and the MD&A is provided for the purpose of helping readers understand Northland’s current expectations and plans. Readers are cautioned that reliance on any financial outlook may not be appropriate for other purposes or in other circumstances and that the risk factors described above or other factors may cause actual results to differ materially from any financial outlook. The actual results of Northland’s operations will likely vary from the amounts set forth in any financial outlook and such variances may be material.

For further information, please contact:

Alison Holditch, Investor Relations
416-989-8734
investorrelations@northlandpower.com
northlandpower.com

Financing Highlights

• $2.4 billion of new Taiwan dollar-denominated debt facilities at the 100% project interest level, including $0.9 billion of incremental funding through project completion
• Optimizes the Project’s capital structure and financing costs
• Expands and diversifies funding sources, demonstrating lender confidence and reducing execution risk
• The incremental funding and pre-completion revenue are expected to cover future project funding requirements
• Construction activities are continuing as the project is on track for commercial operations in 2027, with overall costs aligned with original expectations.

TORONTO, Aug. 11, 2026 (GLOBE NEWSWIRE) — Northland Power Inc. (“Northland” or the “Company”) (TSX: NPI) today announced that its Hai Long offshore wind project (“Hai Long” or the “Project”) in Taiwan has secured approximately NT$55 billion (equivalent to CAD $2.4 billion) of new Taiwan dollar-denominated debt with a 20-year tenor.

Of the new debt facilities, approximately $0.9 billion represents incremental funding available through project completion. The incremental funding and expected pre-completion revenues are expected to be sufficient to cover project funding requirements. The remaining approximately $1.5 billion of proceeds replaces existing debt. Together, these measures optimize the Project’s capital structure and cost of financing.

In total, 35 financial institutions are supporting the transaction, including seven export credit agencies from the original financing. This includes 17 financial institutions including international and local Taiwanese commercial and state-owned banks, that are providing the new project debt. The addition of more local Taiwanese commercial and state-owned banks further broadens the Project’s funding base across both construction and operations phases.

“We have achieved a significant milestone at Hai Long, and this financing reflects the strength of the Project and the critical role offshore wind plays in Taiwan’s energy future,” said Christine Healy, President and Chief Executive Officer of Northland. “Northland is among the few companies in the world with the proven capabilities to develop, finance and deliver projects of this scale. This outcome reinforces our confidence in the Project and in offshore wind as a long-term investment platform.”

Jeff Hart, Northland’s Chief Financial Officer commented, “This financing strengthens Hai Long’s fundamentals and reflects Northland’s focus on driving value. We recognize the significant contributions of our partners and stakeholders who collaborated to support achieving this important milestone.”

Hai Long is located approximately 45 to 70 kilometers off the Changhua County coast in the Taiwan Strait and has a total capacity of 1,022 MW. Long-term offtake contracts of 30 years underpin the Project and provide the contracted revenue visibility that supports Northland’s Energize 2030 targets.

The project is on track for commercial operations in 2027, with overall costs aligned with original expectations. Once completed, Hai Long is expected to be one of the largest offshore wind projects in Asia.

ABOUT NORTHLAND POWER

Northland Power is a Canadian-headquartered global power producer delivering the electricity the world needs through offshore wind, onshore renewables, battery storage and natural gas-fired generation. With offices in seven countries, Northland owns or has an economic interest in 3.5 GW of gross operating generating capacity, 2.5 GW under construction and an approximately 8.0 GW development pipeline, reflecting nearly four decades of experience delivering large-scale energy infrastructure.

Publicly traded since 1997, Northland’s Common Shares, and 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.

FORWARD LOOKING INFORMATION

This news release contains statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) that are provided for the purpose of presenting information about management’s current expectations and plans. Readers are cautioned that such statements may not be appropriate for other purposes. Northland’s actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, the events anticipated by the forward-looking statements may or may not transpire or occur. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “anticipates”, “expects,” “believes,” or negative versions thereof and other similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” These statements may include, without limitation, statements regarding Northland’s expectations for the timing of commercial operations and the cost expectations for the Project, the expected scale of the Project and its anticipated capacity to generate renewable electricity, the expected sufficiency of funding to cover Project requirements and the contribution of the Project to Northland’s Energize 2030 targets, all of which may differ from the expectations stated herein. These statements are based upon certain material factors or assumptions that were applied in developing the forward-looking statements, including the provisions of contracts to which Northland or a subsidiary is a party, as well as other factors, estimates, and assumptions that are believed to be appropriate in the circumstances. Although these forward-looking statements are based upon management’s current reasonable expectations and assumptions, they are subject to numerous risks and uncertainties. Some of the factors include, but are not limited to, those described in the “Risks Factors” section of Northland’s Management’s Discussion and Analysis and Annual Information Form for the year ended December 31, 2025, which can be found at www.sedarplus.ca under Northland’s profile and on Northland’s website at northlandpower.com. Northland has attempted to identify important factors that could cause actual results to materially differ from current expectations, however, there may be other factors that cause actual results to differ materially from such expectations. Northland’s actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, and Northland cautions you not to place undue reliance upon any such forward-looking statements.

The forward-looking statements contained in this release are, unless otherwise indicated, stated as of the date hereof and are based on assumptions that were considered reasonable as of the date hereof. Other than as specifically required by law, Northland undertakes no obligation to update any forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.

For further information, please contact:

Alison Holditch, Investor Relations
+1 416-989-8734
investorrelations@northlandpower.com
northlandpower.com

TORONTO, July 10, 2026 (GLOBE NEWSWIRE) — Northland Power Inc. (“Northland” or the “Company”) (TSX: NPI) today announced that Baltic Power – its 1.1-gigawatt offshore wind project, owned 49% by Northland and 51% by ORLEN – has achieved first power, delivering the first electricity ever generated from offshore wind to Poland’s national grid.

“Today, the first electricity from offshore wind flows to Polish homes and businesses — a historic moment for the country,” said Christine Healy, President and CEO of Northland Power. “Northland is proud to stand with our partner ORLEN to launch the offshore wind industry in Poland. Together we are providing a more secure, resilient energy system for generations to come, and marking the start of a new chapter in Poland’s energy future.”

Once operational, Baltic Power is expected to generate approximately 4 terawatt-hours of electricity annually – enough to power more than 1.5 million Polish households.

Northland is playing an important role in building Poland’s offshore wind sector, drawing on its world-class development and operating experience. Baltic Power demonstrates Northland’s ability to deliver offshore wind projects at scale in partnership with industry and government.

Once operational, Baltic Power will add to Northland’s gross installed offshore wind capacity, increasing it from approximately 1.2 GW to 2.3 GW and reinforcing the Company’s position as one of the world’s leading offshore wind operators.

Northland continues its commitment in Poland through two grid-scale battery energy storage projects, totaling 300 MW / 1.2 GWh.

Construction and Commissioning Status

Offshore installation and commissioning activities continue, with 54 of the project’s 76 turbines installed. Work is focused on completing the remaining turbine installations and commissioning, and the project remains on track for commercial operations in the second half of 2026, with costs aligned with original expectations.

Project Overview

Baltic Power is Poland’s first offshore wind project, located approximately 23 kilometres off the Polish coast near Choczewo and Łeba and spanning 130 square kilometres of the Baltic Sea. Once complete, the project will consist of 76 Vestas turbines, each with a capacity of 15 MW. This is the largest turbine model available from European manufacturers, and Baltic Power is among the first wind farms in the world to install it.

The project is underpinned by a 25-year Contract for Difference secured from Poland’s Energy Regulatory Office in 2021.

ABOUT NORTHLAND POWER

Northland Power is a Canadian-headquartered global power producer delivering the electricity the world needs through offshore wind, onshore renewables, battery storage and natural gas-fired generation. With offices in seven countries, Northland owns or has an economic interest in 3.5 GW of gross operating generating capacity, 2.5 GW under construction and an approximately 8.0 GW development pipeline, reflecting nearly four decades of experience delivering large-scale energy infrastructure.

Publicly traded since 1997, Northland’s Common Shares, and 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.

FORWARD LOOKING INFORMATION

This news release contains statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) that are provided for the purpose of presenting information about management’s current expectations and plans. Readers are cautioned that such statements may not be appropriate for other purposes. Northland’s actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, the events anticipated by the forward-looking statements may or may not transpire or occur. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “anticipates”, “expects,” “believes,” or negative versions thereof and other similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” These statements may include, without limitation, statements regarding Northland’s expectations for the timing of commercial operations and the cost expectations for the Project, all of which may differ from the expectations stated herein. These statements are based upon certain material factors or assumptions that were applied in developing the forward-looking statements, including the provisions of contracts to which Northland or a subsidiary is a party, as well as other factors, estimates, and assumptions that are believed to be appropriate in the circumstances. Although these forward-looking statements are based upon management’s current reasonable expectations and assumptions, they are subject to numerous risks and uncertainties. Some of the factors include, but are not limited to, those described in the “Risks Factors” section of Northland’s Management’s Discussion and Analysis and Annual Information Form for the year ended December 31, 2025, which can be found at www.sedarplus.ca under Northland’s profile and on Northland’s website at northlandpower.com. Northland has attempted to identify important factors that could cause actual results to materially differ from current expectations, however, there may be other factors that cause actual results to differ materially from such expectations. Northland’s actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, and Northland cautions you not to place undue reliance upon any such forward-looking statements.

The forward-looking statements contained in this release are, unless otherwise indicated, stated as of the date hereof and are based on assumptions that were considered reasonable as of the date hereof. Other than as specifically required by law, Northland undertakes no obligation to update any forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.

For further information, please contact:

Alison Holditch, Investor Relations

+1 416-989-8734

investorrelations@northlandpower.com

northlandpower.com

TORONTO, May 13, 2026 (GLOBE NEWSWIRE) — Northland Power Inc. (“Northland” or the “Company”) (TSX: NPI) today reported financial results for the three months ended March 31, 2026. All dollar amounts set out herein are in Canadian dollars, unless otherwise stated.

Highlights

• Delivered Adjusted EBITDA and Free Cash Flow per share increased 18% and 17%, respectively, over the first quarter of 2025, driven by 31% higher wind production across European offshore wind assets.
• Advanced construction on the Baltic Power (1.1 GW) and Hai Long (1.0 GW) offshore wind projects including fabrication of the remaining major components and installation of over 50% of the turbines across the two projects.
• Secured a 30-year Corporate Power Purchase Agreement (CPPA) for the balance of the production of the Hai Long offshore wind Project.

“We’ve had a positive start to the year, driven by strong operating performance and continued progress across our construction portfolio,” said Christine Healy, President and CEO of Northland. “As demand for electricity grows across our core markets, we’re focused on executing with discipline and driving value, including with the recently secured CPPA for Hai Long.”

Significant Events and Updates

Construction Projects Update:

Hai Long Offshore Wind Project – Northland continues to advance the 1.0 GW Hai Long Project in Taiwan. During the quarter, fabrication of the remaining components for the project was completed. The project began its 2026 wind turbine installation campaign, with 51 out of 73 turbines now installed and 32 turbines generating power. There have been no material changes to the potential equity funding requirements since last reported. The project is on track for commercial operations in 2027, with overall costs aligned with original expectations.

In April 2026, Hai Long signed a 30-year Corporate Power Purchase Agreement. Upon completion of certain administrative conditions precedent later in 2026, 100% of the project’s generating capacity will be contracted with the current corporate off-taker.

Baltic Power Offshore Wind Project – Northland continues to advance the 1.1 GW Baltic Power Project in Poland. During the quarter, several important construction milestones were achieved, including completion of fabrication of the remaining components for the project and the installation of all four export cables, all inter-array cables, and 38 of 76 turbines. The project is on track for commercial operations in the second half of 2026, with overall costs aligned with original expectations.

Jurassic Battery Energy Storage Project – Northland continues to advance the 80 MW / 160 MWh Jurassic Battery Energy Storage Project in Alberta, Canada. During the quarter, all 39 battery packs and 20 transformers were installed, and the project energized the main transformer. The project is on track for commercial operations in late 2026, with overall costs aligned with original expectations.

Others:

Polish Battery Energy Storage Projects – During the quarter, Northland continued to advance the two late-stage, pre-construction, 300 MW / 1.2 GWh battery energy storage projects in Poland. The 100 MW / 400 MWh Kamionka Project secured key permits and is expected to commence construction by the end of the first half of 2026. Meanwhile, the 200 MW / 800 MWh Mieczysławów Project is expected to commence construction in the second half of 2026.

Board Appointment – On March 25, 2026, Northland appointed Bahir Manios to its Board of Directors. Mr. Manios brings more than 20 years of senior leadership experience in asset management and North American capital markets.

Updates to Growth Pipeline – During the quarter, Northland continued to evaluate and streamline its growth pipeline. As part of this process, the Company discontinued the 104 MW High Bridge Onshore Wind Project in New York State and did not renew a permit in South Korea for a 990 MW offshore project. These changes have been reflected in the growth pipeline.

Financial Results for First Quarter

The first quarter of 2026 showed improved financial results compared to the corresponding quarter last year, driven by higher production across the offshore wind facilities as well as the contribution from the Oneida Energy Storage Facility, which commenced operations in the second quarter of 2025. This increase was partially offset by lower revenue from the onshore wind and solar facilities in Spain, Canada and the United States.

• Revenue from energy sales increased to $775 million in the first quarter of 2026 compared to $665 million in the same quarter of 2025.
• Net income increased to $161 million in the first quarter of 2026 compared to $111 million in the same quarter of 2025.
• Adjusted EBITDA (a non-IFRS measure) increased to $427 million in the first quarter of 2026 compared to $361 million in the same quarter of 2025.
• Free Cash Flow per share (a non-IFRS measure) increased to $0.70 in the first quarter of 2026 compared to $0.60 in the same quarter of 2025.
• Cash provided by operating activities increased to $571 million in the first quarter of 2026 compared to $423 million in the same quarter of 2025.

The following table presents key IFRS and non-IFRS financial measures and operational results. Revenue from energy sales, operating income (loss) and net income (loss), as reported under IFRS, include consolidated results of entities not wholly owned by Northland, whereas Northland’s non-IFRS financial measures include only Northland’s proportionate ownership interest.

First Quarter Highlights

International Business Unit

Northland’s International business unit comprises a portfolio of two operating offshore wind facilities in Germany, one operating offshore wind facility in the Netherlands, and a portfolio of onshore wind and solar assets located in Spain. The business unit also includes two under-construction offshore wind projects, namely the Hai Long Project in Taiwan and the Baltic Power Project in Poland, which Northland and its partners jointly own.

Offshore wind facilities

Electricity production for the three months ended March 31, 2026 increased 31% or 350 GWh compared to the same quarter of 2025, due to higher wind resource across all offshore wind facilities.

Commercial availability for the three months ended March 31, 2026 was at 96%.

Revenue from energy sales of $418 million for the three months ended March 31, 2026 increased 31% or $100 million, compared to the same quarter of 2025, due to higher production across offshore wind facilities.

Adjusted EBITDA of $265 million for the three months ended March 31, 2026 increased 31% or $63 million compared to the same quarter of 2025, resulting from higher operating income.

Onshore renewable facilities

Electricity production for the three months ended March 31, 2026 of 315 GWh, increased 15% or 40 GWh, due to high wind and solar resources at the Spanish facilities.

Commercial availability for the three months ended March 31, 2026 was at 96%.

Revenue from energy sales of $42 million for the three months ended March 31, 2026 decreased 25% or $14 million compared to the same quarter of 2025, due to lower market prices at the Spanish facilities.

Adjusted EBITDA of $28 million for the three months ended March 31, 2026 decreased 34% or $15 million compared to the same quarter of 2025, due to the factors noted above.

Americas Business Unit

Northland’s Americas business unit comprises a portfolio of energy assets in Canada and the United States, including natural gas, onshore wind, solar, and energy storage facilities. In addition, the business unit operates regulated utility services in Colombia.

Onshore renewable & energy storage facilities

Electricity production for the three months ended March 31, 2026 of 531 GWh was 14% or 89 GWh lower compared to the same quarter of 2025, due to lower wind and solar resources at the New York and Canadian onshore facilities.

Commercial availability for the three months ended March 31, 2026 was at 98%.

Revenue from energy sales of $112 million for the three months ended March 31, 2026 increased 19% or $18 million compared to the same quarter of 2025, primarily due to the contribution from the Oneida energy storage facility, which commenced operations in the second quarter of 2025. This was partially offset by lower production at the New York wind facilities.

Adjusted EBITDA of $53 million for the three months ended March 31, 2026 was in line compared to the same quarter of 2025.

Natural gas facilities

Electricity production of 1,002 GWh for the three months ended March 31, 2026 was in line compared to the same quarter of 2025.

Commercial availability for the three months ended March 31, 2026 was at 96%.

Revenue from energy sales of $102 million for the three months ended March 31, 2026 was in line compared to the same quarter of 2025.

Adjusted EBITDA of $55 million for the three months ended March 31, 2026 was in line compared to the same quarter of 2025.

Utility

Revenue from energy sales of $98 million for the three months ended March 31, 2026 increased 3% or $2 million compared to the same quarter of 2025, due to growth in the asset base.

Adjusted EBITDA of $41 million for the three months ended March 31, 2026 was in line with the same quarter of 2025.

Consolidated statements of income (loss)

General and administrative (“G&A”) costs of $33 million increased $6 million compared to the same quarter of 2025, primarily due to one time restructuring costs.

Development costs of $12 million were in line with the same quarter of 2025.

Fair value loss on financial instruments of $63 million, due to net movement in the fair value of derivatives financial instruments related to foreign exchange and interest rate hedge contracts.

Share of profit from joint ventures of $33 million, due to pre-completion revenues from Hai Long and gain on fair value of derivative financial instruments.

Impairment expense of $23 million, recognized upon the termination of the High Bridge Wind Project in the United States.

Net income of $161 million in the first quarter of 2026 compared to $111 million in the same quarter of 2025, as a result of the factors described above.

Adjusted EBITDA

The following table reconciles net income (loss) to Adjusted EBITDA:

Adjusted EBITDA of $427 million for the three months ended March 31, 2026, increased by 18% or $66 million compared to the same quarter of 2025. The factors increasing Adjusted EBITDA include:

• $63 million increase in operating results from the offshore wind facilities, due to higher production, as described above;
• $18 million increase due to contribution from pre-completion revenue generated by Hai Long; and
• $15 million increase due to contribution from the Oneida energy storage facility, which commenced operations in the second quarter of 2025.

The factors partially offsetting the increase in Adjusted EBITDA were:

• $15 million decrease in operating results from the Spanish portfolio, due to lower average market prices as compared to the same quarter of 2025; and
• $13 million decrease in operating results due to lower wind and solar resources at the New York and Canadian onshore facilities, as described above.

Free Cash Flow

The following table reconciles cash flow from operations to Free Cash Flow:

Free Cash Flow of $182 million for the three months ended March 31, 2026 increased by 16% or $25 million compared to the same quarter of 2025.

The factors increasing Free Cash Flow include:

• $48 million increase in Adjusted EBITDA (excluding contributions from Hai Long’s pre-completion revenue and growth expenditures), driven by better operating results; and
• $3 million increase from foreign exchange and interest rate hedges, and other settlements.

The factors offsetting the increase in Free Cash Flow include:

• $14 million increase due to scheduled debt repayments on facility-level loans and funds set aside for maintenance and decommissioning reserves; and
• $10 million increase in current taxes as a result of higher operating results.

The following table reconciles Adjusted EBITDA to Free Cash Flow:

Outlook

Management maintains the Company’s 2026 financial outlook with Adjusted EBITDA expected in the range of $1.45 billion to $1.65 billion and Free Cash Flow per share expected in the range of $1.05 to $1.25.

The information in this Outlook constitutes forward-looking information within the meaning of applicable Canadian securities laws, is based on several assumptions and is subject to risks and uncertainties. See Forward-Looking Statements in this document as well as the Risk Factors in the 2025 AIF.

First-Quarter Earnings Conference Call

Northland’s management will hold an earnings conference call and webcast at 10a.m. Eastern Time (ET) on Thursday May 14, 2026, to discuss the Company’s financial results and developments and answer questions from analysts.

Participants wishing to join the call and ask questions must register using the following URL below:

https://register-conf.media-server.com/register/BIb7c7c0e4c675408dbb0209ea0bab2b6b

For all other attendees, the call will be broadcast live on the internet, in listen-only mode and can be accessed using the following link:

Webcast URL: https://edge.media-server.com/mmc/p/8huqntmu

For those unable to attend the live call, an audio recording will be available on northlandpower.com starting on Friday, May 15, 2026.

Northland’s unaudited interim condensed consolidated financial statements for the three months ended March 31, 2026, and related MD&A can be found on SEDAR+ at www.sedarplus.ca under Northland’s profile and on northlandpower.com.

ABOUT NORTHLAND POWER

Northland Power is a Canadian-owned 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 3.5 GW of gross operating generating capacity, 2.2 GW under construction and an inventory of early to mid-stage development opportunities encompassing approximately 8.0 GW of potential capacity.

Publicly traded since 1997, Northland’s Common Shares, and 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”), 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. Instead, 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.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) that are provided for the purpose of presenting information about management’s current expectations and plans. Readers are cautioned that such statements may not be appropriate for other purposes.

Northland’s actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, the events anticipated by the forward-looking statements may or may not transpire or occur. Forward-looking statements include statements that are not historical facts and are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects,” “anticipates,” “plans,” “predicts,” “believes,” “estimates,” “intends,” “targets,” “projects,” “forecasts” or negative versions thereof and other similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would” and “could”. These statements may include, without limitation, statements regarding future Adjusted EBITDA and Free Cash Flow, including respective per share amounts, dividend payments and dividend payout ratios, the implementation, timing and anticipated benefits of Northland’s new strategic plan, the timing for and attainment of the Hai Long and Baltic Power offshore wind projects, Jurassic BESS battery energy storage project and other growth activity and the anticipated contributions therefrom to Adjusted EBITDA and Free Cash Flow, the expected generating capacity of certain projects, guidance, anticipated dates of commercial operations, forecasts as to overall project costs, the completion of construction, acquisitions, dispositions, whether partial or full, investments or financings and the timing thereof, the timing for and attainment of financial close and commercial operations for each project, the potential for future production from project pipelines, cost and output of development projects, the all-in interest cost for debt financing, the impact of currency and interest rate hedges, Northland’s anticipated credit rating, litigation claims, future funding requirements, and the future operations, business, financial condition, financial results, priorities, ongoing objectives, strategies and the outlook of Northland, its subsidiaries and joint ventures.

These statements are based upon certain material factors or assumptions that were applied in developing the forward-looking statements, including the design specifications of development projects, the provisions of contracts to which Northland or a subsidiary is a party, management’s current plans and its perception of historical trends, current conditions and expected future developments, the ability to obtain necessary approvals, satisfy any closing conditions, satisfy any project finance lender conditions to closing sell-downs or obtain adequate financing regarding contemplated construction, acquisitions, dispositions, investments or financings, as well as other factors, estimates and assumptions that are believed to be appropriate in the circumstances.

Although these forward-looking statements are based upon management’s current reasonable expectations and assumptions, they are subject to numerous risks and uncertainties. Some of the factors that could cause results or events to differ from current expectations include, but are not limited to, risks associated with further regulatory and policy changes which could impair current guidance and expected returns, risks associated with merchant pool pricing and revenues, risks associated with sales contracts, Northland’s ability to execute on its growth strategy, the emergence of widespread health emergencies or pandemics, Northland’s reliance on the performance of its offshore wind facilities at Gemini, Nordsee One and Deutsche Bucht for over 50% of its Adjusted EBITDA, counterparty and joint venture risks, contractual operating performance, variability of sales from generating facilities powered by intermittent renewable resources, wind and solar resource risk, unplanned maintenance risk, offshore wind concentration, natural gas and power market risks, commodity price risks, operational risks, recovery of utility operating costs, Northland’s ability to resolve issues/delays with the relevant regulatory and/or government authorities, permitting, construction risks, project development risks, integration and acquisition risks, procurement and supply chain risks, financing risks, disposition and joint-venture risks, competition risks, interest rate and refinancing risks, liquidity risk, inflation risks, commodity availability and cost risk, construction material cost risks, impacts of regional or global conflicts, credit rating risk, currency fluctuation risk, variability of cash flow and potential impact on dividends, taxation, natural events, environmental risks, unforeseeable site conditions, including geological and geotechnical risks, climate change, health and worker safety risks, market compliance risk, government regulations and policy risks, utility rate regulation risks, international activities, cybersecurity, data protection and reliance on information technology, labour relations, labour shortage risk, management transition risk, geopolitical risk in and around the regions Northland operates in, large project risk, reputational risk, insurance risk, risks relating to co-ownership, bribery and corruption risk, terrorism and security, litigation risk and legal contingencies, and the other factors described in the “Risks Factors” section of Northland’s MD&A and 2025 AIF, which can be found at www.sedarplus.ca under Northland’s profile and on Northland’s website at northlandpower.com.

Northland has attempted to identify important factors that could cause actual results to materially differ from current expectations; however, there may be other factors that cause actual results to differ materially from such expectations. Northland’s actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, and Northland cautions you not to place undue reliance upon any such forward-looking statements.

The forward-looking statements contained in this release are, unless otherwise indicated, stated as of the date hereof and are based on assumptions that were considered reasonable as of the date hereof. Other than as specifically required by law, Northland undertakes no obligation to update any forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.

Certain forward-looking information in this release and the MD&A may also constitute a “financial outlook” within the meaning of applicable securities laws. Financial outlook involves statements about Northland’s prospective financial performance, financial position or cash flows and is based on and subject to the assumptions about future economic conditions and courses of action and the risk factors described above in respect of forward-looking information generally, as well as any other specific assumptions and risk factors in relation to such financial outlook noted in this release and the MD&A. Such assumptions are based on management’s assessment of the relevant information currently available and any financial outlook included in this release and the MD&A is provided for the purpose of helping readers understand Northland’s current expectations and plans. Readers are cautioned that reliance on any financial outlook may not be appropriate for other purposes or in other circumstances and that the risk factors described above or other factors may cause actual results to differ materially from any financial outlook. The actual results of Northland’s operations will likely vary from the amounts set forth in any financial outlook and such variances may be material.

For further information, please contact:

Alison Holditch, Investor Relations

416-989-8734

investorrelations@northlandpower.com

northlandpower.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9524404b-f2c2-453b-a7a9-7b45379e45a2

TORONTO, April 30, 2026 (GLOBE NEWSWIRE) — Northland Power Inc. (“Northland”) (TSX: NPI) today announced the signing of a long-term Corporate Power Purchase Agreement (“CPPA”) with Taiwan Semiconductor Manufacturing Company (“TSMC”) for additional power from its Hai Long offshore wind project in Taiwan (“Hai Long” or the “Project”).

The Hai Long Project is being constructed by Northland (30.6%) jointly with Mitsui & Co. (40%) and Gentari International Renewables Pte. Ltd (29.4%). The project is located approximately 45 – 70 kilometers off the Changhua coast in the Taiwan Strait and consists of three offshore wind sites, the 294-megawatt (MW) Hai Long 2A, the 224 MW Hai Long 2B, and the 504 MW Hai Long 3 with a combined gross capacity of 1,022 MW.

The new 30-year agreement builds on the existing long-term partnership with TSMC, established in 2022, which already covers Hai Long 2B and Hai Long 3. Subject to completion of necessary administrative procedures later in 2026, Hai Long 2A will switch to the new CPPA, and TSMC will offtake 100% of the project’s generating capacity.

This agreement strengthens the Project’s economics and extends Hai Long’s revenue period, supporting Northland’s focus on value enhancement.

“This agreement with TSMC reinforces the strategic importance of Hai Long. Once the switch is complete it will enhance the project’s long-term economic fundamentals and contribute directly to value creation for Northland and its shareholders,” said Christine Healy, President & CEO of Northland Power.

TSMC is a Taiwan-based multinational semiconductor manufacturer and a global leader in advanced semiconductor fabrication. TSMC is listed on the Taiwan Stock Exchange (TWSE: 2330 TSMC) and the New York Stock Exchange (NYSE: TSM).

ABOUT NORTHLAND POWER

Northland Power is a Canada-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 3.5 GW of gross operating generating capacity, 2.2 GW under construction and early to mid-stage development opportunities encompassing approximately 9 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. 

FORWARD-LOOKING STATEMENTS

This news release contains statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) that are provided for the purpose of presenting information about management’s current expectations and plans. Readers are cautioned that such statements may not be appropriate for other purposes. Northland’s actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, the events anticipated by the forward-looking statements may or may not transpire or occur. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “anticipates”, “expects,” “believes,” or negative versions thereof and other similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” These statements may include, without limitation, statements regarding Northland’s expectations for the CPPA with TSMC, the impact of the CPPA on Hai Long’s economics and revenue period, the timing of commercial operations and the cost expectations for the Project, all of which may differ from the expectations stated herein. These statements are based upon certain material factors or assumptions that were applied in developing the forward-looking statements, including the provisions of contracts to which Northland or a subsidiary is a party, as well as other factors, estimates, and assumptions that are believed to be appropriate in the circumstances. Although these forward-looking statements are based upon management’s current reasonable expectations and assumptions, they are subject to numerous risks and uncertainties. Some of the factors include, but are not limited to, those described in the “Risks Factors” section of Northland’s Management’s Discussion and Analysis and Annual Information Form for the year ended December 31, 2025, which can be found at www.sedarplus.ca under Northland’s profile and on Northland’s website at northlandpower.com. Northland has attempted to identify important factors that could cause actual results to materially differ from current expectations, however, there may be other factors that cause actual results to differ materially from such expectations. Northland’s actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, and Northland cautions you not to place undue reliance upon any such forward-looking statements. 

The forward-looking statements contained in this release are, unless otherwise indicated, stated as of the date hereof and are based on assumptions that were considered reasonable as of the date hereof. Other than as specifically required by law, Northland undertakes no obligation to update any forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.

For further information, please contact:

Alison Holditch, Investor Relations

+1 416-989-8734

investorrelations@northlandpower.com

The 37 turbines on Hai Long 2 have been successfully installed marking a significant milestone for the project Next up: installation of 36 turbines at Hai Long 3 in 2026 Once complete, Hai Long will deliver a significant boost to Taiwan’s grid and support the nation’s goal of reaching 20% renewable energy share by 2026.

Learn More About Hai Long

Celebrating the safe and successful installation of all 73 jacket foundations at our Hai Long Offshore Wind project ahead of schedule

Congratulations to the Hai Long project team, CDWE, and our partners on this achievement!

Learn More About Hai Long

TORONTO, April 14, 2026 (GLOBE NEWSWIRE) — Northland Power Inc. (“Northland” or the “Company”) (TSX: NPI) announced today dates for its 2026 first quarter operating and financial results and accompanying earnings conference call, as well as details of its 2026 Annual General Meeting (AGM) in hybrid format on May 20, 2026.

First Quarter 2026 Financial Results and Earnings Call

Northland will release its 2026 first quarter operating and financial results after markets close on Wednesday, May 13, 2026. Northland’s management will hold an earnings conference call and webcast at 10 a.m. Eastern Time (ET) on Thursday, May 14, 2026, followed by a question-and-answer period with analysts.

Conference call details:

Date: Thursday, May 14, 2026
Start Time: 10:00 a.m. ET

Participants wishing to join the call and ask questions must register using the following URL below:

https://register-conf.media-server.com/register/BIb7c7c0e4c675408dbb0209ea0bab2b6b

For all other attendees, the call will be broadcast live on the internet, in listen-only mode and can be accessed using the following link:

Webcast URL: https://edge.media-server.com/mmc/p/8huqntmu

For those unable to attend the live call, an audio recording will be available on Northland’s website at northlandpower.com on Friday, May 15, 2026.

2026 Annual General Meeting of Shareholders

Northland has filed its notice of meeting, management information circular (the “Circular”), and related documents (collectively, the “Meeting Materials”) with securities regulators in connection with its upcoming Annual General Meeting (the “Meeting”) of holders of common shares (“Shareholders”). The Meeting will take place on Wednesday, May 20, 2026, in a hybrid format, enabling Shareholders to attend in person or virtually.

Meeting details:

Date: Wednesday, May 20, 2026
Start Time: 11:00 a.m. ET
Location: 155 Wellington Street West, 40^th Floor, Toronto, ON, M5V 3J7

Shareholders wishing to attend the Meeting virtually can do so via the following link:

www.virtualshareholdermeeting.com/NPI2026

Details of the Meeting and instructions on how to participate and vote are set out in the related Meeting Materials, which can be accessed online on Northland’s website at www.northlandpower.com, and under the Company’s profile on SEDAR+ at www.sedarplus.ca.

Shareholders with questions or who require voting assistance may contact Northland’s proxy solicitation agent:

Laurel Hill Advisory Group
North America Toll Free: 1-877-452-7184
Outside North America: 1-416-304-0211
Text Message: Text “INFO” to 416-304-0211 or 1-877-452-7184
Email: assistance@laurelhill.com

ABOUT NORTHLAND POWER

Northland Power is a Canada-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 3.5 GW of gross operating generating capacity, 2.2 GW under construction and early- to mid-stage development opportunities encompassing approximately 9 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.

For further information, please contact:

Alison Holditch, Senior Manager, Investor Relations

416-989-8734

investorrelations@northlandpower.com