CPX Capital Power Corporation

Capital Power Corporation (“Capital Power”) (TSX:CPX) announced today that it has priced a public offering in Canada of unsecured medium term notes (the “Notes”) in the aggregate principal amount of C$600 million (the “Offering”). The Notes have a coupon rate of 4.831% and mature on September 16, 2031.

The Offering is expected to close on or about September 16, 2024.

Capital Power intends to use the net proceeds of the Offering to repay, redeem or refinance existing indebtedness, including indebtedness under outstanding debt securities or Capital Power’s credit facilities, or for general corporate purposes.

The Notes have been assigned a provisional rating of BBB- by S&P Global Ratings and BBB (low) by DBRS Limited.

The Notes are being offered in Canada through a syndicate of investment dealers co-led by BMO Nesbitt Burns Inc. and National Bank Financial Inc. under Capital Power’s short form base shelf prospectus dated June 12, 2024 as supplemented by a prospectus supplement dated June 17, 2024 and a pricing supplement to be dated August 26, 2024. The short form base shelf prospectus, the prospectus supplement and the pricing supplement contain important detailed information about the Notes. Copies of these documents are, and in the case of the pricing supplement will be, available electronically on the System for Electronic Data Analysis and Retrieval + (“SEDAR+”) at www.sedarplus.ca.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes in any jurisdiction. The Notes have not been approved or disapproved by any regulatory authority. The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities law, and may not be offered or sold within the United States, or to or for the account of, United States persons.

Forward-looking Information

Forward-looking information or statements included in this press release are provided to inform Capital Power’s shareholders and potential investors about management’s assessment of Capital Power’s future plans and operations. This information may not be appropriate for other purposes. The forward-looking information in this press release is generally identified by words such as will, anticipate, plan, intend, and expect or similar words that suggest future outcomes.

Material forward-looking information in this press release includes expectations regarding the Offering, including: (i) the timing of closing, and (ii) the expected use of the net proceeds.

These statements are based on certain assumptions and analyses made by Capital Power considering its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate including its review of purchased businesses and assets. The material factors and assumptions used to develop these forward-looking statements relate to: (i) electricity natural gas, other energy and carbon prices, (ii) performance, (iii) business prospects (including potential re-contracting of facilities) and opportunities including expected growth and capital projects, (iv) the status of and impact of policy, legislation and regulations and (v) effective tax rates.

Whether actual results, performance or achievements will conform to Capital Power’s expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results and experience to differ materially from Capital Power’s expectations. Such material risks and uncertainties are: (i) changes in electricity, natural gas and carbon prices in markets in which Capital Power operates and the use of derivatives, (ii) regulatory and political environments including changes to environmental, climate, financial reporting, market structure and tax legislation, (iii) disruptions, or price volatility within Capital Power’s supply chains, (iv) generation facility availability, wind capacity factor and performance including maintenance expenditures, (v) ability to fund current and future capital and working capital needs, (vi) acquisitions and developments including timing and costs of regulatory approvals and construction, (vii) changes in the availability of fuel, (viii) the ability to realize the anticipated benefits of acquisitions, (ix) limitations inherent in Capital Power’s review of acquired assets, (x) changes in general economic and competitive conditions, including inflation and recession and (xi) changes in the performance and cost of technologies and the development of new technologies, new energy efficient products, services and programs. See Risks and Risk Management in Capital Power’s Integrated Annual Report for the year ended December 31, 2023, prepared as of February 27, 2024, and Capital Power’s interim Management’s Discussion and Analysis for the three and six months ended June 30, 2024, under Capital Power’s profile on SEDAR+ (www.sedarplus.ca), and other reports filed by Capital Power with Canadian securities regulators.

Readers are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the specified approval date. Capital Power does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in Capital Power’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

Territorial AcknowledgementIn the spirit of reconciliation, Capital Power respectfully acknowledges that we operate 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 Territory and Métis Nation of Alberta Region 4. We acknowledge the diverse Indigenous communities that are located in these areas and whose presence continues to enrich the community.

About Capital PowerCapital Power (TSX: CPX) is a growth-oriented power producer with approximately 9,300 MW of power generation at 32 facilities across North America. We prioritize safely delivering reliable and affordable power communities can depend on today, building clean power systems needed for tomorrow, and creating balanced solutions for our energy future. We are Powering Change by Changing Power™.

For more information, please contact:

Investor and Media Relations:        

Media Relations Katherine Perron (780) 392-5335 kperron@capitalpower.com

Investor Relations Roy Arthur (403) 736-3315 investor@capitalpower.com