Northland Power Confirms Hai Long Offshore Project Incident

“Northland” or the “Company”) (TSX: NPI) confirms that at approximately 10:00 AM local time on August 20, 2024, an incident occurred at the Hai Long Changhua onshore substation, part of its offshore wind project in Taiwan. While the details of the incident remain under investigation, the preliminary information available cited a leak of carbon dioxide from the fire suppression system, which affected approximately 17 on-site workers.

In alignment with established emergency response protocols, emergency services were immediately notified, and first aid measures were promptly administered on-site. The affected individuals were quickly transported to nearby hospitals, where they are currently receiving emergency treatment.

The project team is fully cooperating with local authorities to investigate the cause of the incident and ensure the safety of personnel and the surrounding community. The incident has been contained, and all work at the onshore substation is suspended until further notice while investigations are ongoing.

“The safety and well-being of our employees and partners remain our top priority,” said John Brace, Executive Chair. “Our current focus is on the well-being of the affected workers and their families. We will continue to monitor the situation closely and provide updates as more information becomes available.”

Northland is committed to maintaining the highest safety standards across all its operations and construction programs and is working diligently to address this incident with the utmost urgency and care.

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 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 Northland's expectations for the completion of construction and anticipated costs thereof, the timing for and attainment of commercial operations, the expected generating capacity of the project, and the future operations of 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 design specifications of development of 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, 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, 2023, 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.

ABOUT THE HAI LONG OFFSHORE WIND PROJECT
Located approximately 45 – 70 kilometers off the Changhua coast in the Taiwan Strait, Hai Long consists of two phases, Hai Long 2 and Hai Long 3, with an expected combined generating capacity of 1,022 MW. Hai Long 2A benefits from a 294 MW 20-year PPA with Taipower under a Feed-in-Tariff, and Hai Long 2B and 3 (728 MW) benefits from a 30-year Corporate Power Purchase Agreement (CPPA) with an investment grade counterparty. Hai Long will play an important role in helping Taiwan achieve its renewable energy target of 15 GW of offshore wind to be constructed between 2026 and 2035. Once operational, Hai Long will be one the largest offshore wind facilities in Asia, and will provide enough clean energy to power more than one million Taiwanese households including industrial facilities.

ABOUT NORTHLAND POWER
Northland Power is a global power producer dedicated to helping the clean energy transition by producing electricity from clean renewable resources. Founded in 1987, Northland has a long history of developing, building, owning and operating clean and green power infrastructure assets and is a global leader in offshore wind. In addition, Northland owns and manages a diversified generation mix including onshore renewables, natural gas energy, as well as supplying energy through a regulated utility. Headquartered in Toronto, Canada, with global offices in eight countries, Northland owns or has an economic interest in approximately 3.2GW (net 2.8GW) of operating capacity. The Company also has a significant inventory of projects in construction and in various stages of development encompassing approximately 12GW 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.

Media Contact

Dario Neimarlija, Vice President, FP&A and Investor Relations
P: 647-288-1019
[email protected]

Victor Gravili, Head of Global Brand & Integrated Communications
P: 647-288-1105
[email protected]