Capital Power completes acquisition of the 1,092-MW Harquahala natural gas generation facility in Arizona

Capital Power Corporation (TSX: CPX) (“Capital Power” or the “Company”) is pleased to announce the closing today of the acquisition by a 50/50 partnership between Capital Power Investments, LLC and an affiliate of a fund managed by BlackRock’s Diversified Infrastructure business (“BlackRock”) of 100% of the equity interests in New Harquahala Generating Company, LLC (the “Harquahala Acquisition”) which owns the 1,092 MW Harquahala natural gas-fired generation facility in Arizona. Concurrently, approximately US$442 million of combined term loans, letter of credit loans and revolving loans related to the Harquahala facility were closed as part of the transaction.

The Harquahala Acquisition and the acquisition of the 1,062 MW La Paloma natural gas-fired generation facility in California were previously announced on November 20, 2023. The acquisition of the La Paloma facility was completed on February 9, 2024. The net purchase price for the two acquisitions attributable to Capital Power is US$1.1 billion, subject to working capital adjustments. Capital Power will be responsible for the operation, maintenance and asset management of the facilities relating to the Acquisitions and will receive an annual management fee for the Harquahala facility.

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 region 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 is a growth-oriented power producer committed to net zero by 2045. Our balanced approach to the energy transition prioritizes reliable, affordable and decarbonized power that communities across North America can depend on.

Capital Power owns approximately 9,300 MW of power generation capacity at 32 facilities across North America. Projects under construction include approximately 140 MW of renewable generation capacity and 512 MW of incremental natural gas combined cycle capacity from the repowering of Genesee 1 and 2 in Alberta, as well as approximately 350 MW of natural gas and battery energy storage systems in Ontario and approximately 70 MW of solar capacity in North Carolina in advanced development.

For more information, please contact:

Media Relations:        Katherine Perron(780) 392-5335        [e-mail]

Investor Relations:Roy Arthur(403) [e-mail]