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EDMONTON, Alberta – Capital Power Corporation (“Capital Power” or the “Company”) (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 an interest rate of 4.231% and mature on January 14, 2033.

Offering of Medium Term Notes

The Offering is expected to close on or about November 14, 2025.

Capital Power intends to use the net proceeds of the Offering to repay, redeem or refinance existing indebtedness, which may include fully funding the redemption of the Company’s January 2026 Notes (as defined below), as well as project level debt at Goreway Power Station, 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, BBB- by Fitch Ratings, Inc., and BBB (low) (stable) by DBRS Limited.

The Notes are being offered in Canada through a syndicate of investment dealers co-led by Scotia Capital 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 November 5, 2025. 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.

Redemption of January 2026 Medium Term Notes

Capital Power also announced that it has issued a notice of redemption in respect of all of its outstanding 4.986% medium term notes, due January 23, 2026 (the “January 2026 Notes”), for redemption on November 23, 2025 (the “Redemption Date”) in accordance with the trust indenture governing the January 2026 Notes. The aggregate principal amount of January 2026 Notes outstanding as of the date hereof is C$300,000,000. The redemption price will be C$1,000 per C$1,000 principal amount of the January 2026 Notes redeemed, plus accrued and unpaid interest to, but excluding, the Redemption Date (the “Redemption Price”). As November 23, 2025 is not a business day, payment of the Redemption Price will occur on November 24, 2025.

U.S. Securities Law Disclosures

The distribution of this announcement may be restricted by law in certain jurisdictions, and persons into whose possession any document or other information referred to herein should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

No securities regulatory authority has either approved or disapproved of the contents of this news release. This announcement does not constitute an offer of securities for sale in the United States, nor may any securities referred to herein be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act, and the rules and regulations thereunder. The securities referred to herein have not and will not be registered under the U.S. Securities Act or any state securities law, and except pursuant to exemptions from registration requirements of the U.S. Securities Act and any applicable state securities laws, may not be offered or sold in the United States.

Forward-looking Information

This news release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws. Such forward-looking information is provided to inform the Company’s shareholders and potential investors about management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information in this press release may be identified by words such as “anticipate”, “proposed”, “estimated”, “estimates”, “would”, “expects”, “intends”, “plans”, “may”, “will”, and similar expressions, although not all forward-looking information contains these identifying words.

Material forward-looking information in this press release includes forward-looking information and statements pertaining to the expected timing of the closing of the Offering, the anticipated use of the net proceeds of the Offering and the anticipated redemption of the January 2026 Notes. By their nature, such statements are subject to significant risks and uncertainties, which include, but are not limited to, regulatory and government decisions, economic conditions, and availability and cost of financing.

All forward-looking information or statements reflect Capital Power’s assumptions and analyses made by Capital Power in light of its experience and perception of historical trends, current conditions and expected future developments, and other factors it believes are appropriate, including those related to its performance, business prospects and opportunities, the status and impact of policy, legislation and regulation, and effective tax rates. Readers are cautioned not to place undue reliance on this forward-looking information. Capital Power undertakes no obligation to update or revise any forward-looking information except as required by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to Capital Power’s Integrated Annual Report for the year ended December 31, 2024, prepared as of February 25, 2025, and other reports filed by Capital Power with Canadian securities regulators.

Territorial Acknowledgement

In 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 homeland. We acknowledge the diverse Indigenous communities that are located in these areas and whose presence continues to enrich the community.

About Capital Power

Capital Power (TSX: CPX) is a growth-oriented power producer with approximately 12 GW of owned power generation at 32 power generation facilities and two BESS 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 Power^TM.