1NR Northland Power Inc.

TORONTO, Oct. 01, 2024 (GLOBE NEWSWIRE) -- Northland Power Inc. (TSX: NPI) announced today that John Brace, who has been serving as Northland’s Executive Chair since March 25, 2024, has assumed the role of Interim President and CEO effective immediately, following former President and CEO Mike Crawley’s planned departure from the Company on September 30^th. Mr. Brace continues to serve as Chair of the Board and Ian Pearce continues as Lead Independent Director.

Mr. Brace has been with Northland since 1988, serving as CEO from 2003 to 2018, and has played a pivotal role in the Company’s growth and success. His leadership and expertise have been instrumental as Northland continues to focus on its key priorities, including successfully advancing the Company’s three large construction programs – Hai Long, Baltic Power and Oneida – as well as prudently advancing Northland’s 9GW development pipeline.

Northland will provide a further update when a permanent President and CEO has been appointed.

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 of projects, the expected generating capacity of projects, 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 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 NORTHLAND POWER
Northland Power is a global power producer dedicated to helping the energy transition by producing electricity from renewable resources. Founded in 1987, Northland has a long history of developing, building, owning and operating renewable 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.

For further information, please contact:

Dario Neimarlija, Vice President, FP&A and Investor Relations
(647) 288-1019
investorrelations@northlandpower.com

Victor Gravili, Head of Global Brand & Integrated Communications
(647) 288-1105
communications@northlandpower.com

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