#1NORTHLAND POWER Northland Power Investor Presentation November 2021#2FORWARD LOOKING STATEMENTS DISCLAIMER NORTINANG ROWER This written and accompanying oral presentation contains certain forward-looking statements which 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, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur. Forward-looking statements 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 future adjusted EBITDA, free cash flow, adjusted free cash flow, dividend payments and dividend payout ratios; the construction, completion, attainment of commercial operations, cost and output of development projects; litigation claims; plans for raising capital; and the future operations, business, financial condition, financial results, priorities, ongoing objectives, strategies and outlook of Northland and its subsidiaries. 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 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 that are believed to be appropriate in the circumstances. This presentation contains forward-looking statements and information, within the meaning of Canadian securities laws and in any applicable Canadian securities regulations, concerning the business and operations of Northland Power Inc. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Forward-looking statements in this presentation include statements regarding the quality of Northland's assets and the resiliency of the cash flow they will generate, Northland's anticipated financial performance and payout ratio, future commissioning of assets and expected returns from such assets, technology diversification, acquisition opportunities, expected completion of acquisitions, contract, contract counterparties, operating performance, variability of renewable resources and climate change, offshore wind concentration risk, market power prices, fuel supply, transportation and price, operations and maintenance, permitting, construction, development prospects and advanced stage development, financing and refinancing opportunities, certain information regarding the company's expected cash flow profile and liquidity,, liquidity, credit rating, currency fluctuations, variability of cash flows and potential impact on dividends, taxes, natural events, environmental, health and safety, government regulations and policy, international activities, relationship with stakeholders, reliance on information technology, reliance on third parties, labour relations, insurance, co- ownership, bribery and corruption, legal contingencies, future energy prices and demand for electricity, economic recovery, project development and capital expenditure costs, energy policies, economic growth, growth potential of the renewable asset class, the future growth prospects and distribution profile of Northland Power and its access to capital and the other factors described in Northland's 2020 Annual Report and 2020 Annual Information Form, which are both filed electronically at www.sedar.com and Northland's website www.northlandpower.com. All figures are presented in Canadian dollars unless otherwise indicated. Unless otherwise indicated, the statistical and financial data in this presentation is presented as of September 30, 2021.#33 Northland Overview Resilient Operations and a Global Platform • • • • Northland Power is a leading global power producer dedicated to helping the clean energy transition Over 30 years of success developing, constructing and operating power projects across a range of technologies Well-diversified portfolio of high-quality power infrastructure assets: over 3 GW of operating capacity Approximately 95% of revenues under long-term contracts with highly creditworthy government counterparties Significant development opportunities across multiple markets and technologies: 4-5 GW of identified development projects Significant depth of management experience across a number of disciplines including renewables, project finance, construction and development, Human resources, and risk management Strong environmental and health & safety record NORTHLAND POWER#44 Net Capacity (MW) Evolution of Northland Offshore Wind has Accelerated Our Growth 2,266 MW 2,029 MW 1,345 MW 10% CAGR 0% 2014 2017 2020 Adjusted EBITDA ($MIN) 40% 0% Offshore Wind Contribution $1,170 $765 $363 21% CAGR 2014 2017 2020 Free Cash Flow/Share $1.73 $1.46 $1.12 I 9% CAGR 2014 2017 2020 60% 0% Offshore Wind Contribution Offshore Wind Contribution 50% NORTHLAND POWER#55 Shareholder Returns Track Record of Strong Returns to Shareholders Annual Dividends (Distributions) per share $1.20 $0.89 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD 2021 Total Shareholder Returns Peer Group S&P/TSX Capped Utilities Index Northland Power NORTHLAND POWER 5-Year TSR NORTHLAND POWER 18% 15% 10-Year TSR Canadian IPP Peer Group includes Algonquin Power, Boralex, Brookfield Renewable, Capital Power, Innergex, and TransAlta. 1. 2. As at November 16, 2021. NORTHLAND POWER#66 Global Competitive Position Northland is on the Ground in Key Markets Northland Power Offices NORTHLAND POWER#77 Global Competitive Position The Talent to Win REGIONAL DEVELOPMENT OFFICES OFFSHORE WIND ONSHORE RENEWABLES Offshore wind engineering and construction management Hamburg Onshore wind, solar and construction management Toronto Toronto Houston Mexico City Bogota London Seoul Amsterdam Taipei Tokyo NORTHLAND POWER#8Accelerating Growth Northland's Capital Allocation is Focused on Renewable Growth Northland has the following major business segments ΠΕ Offshore Wind Increase Exposure Onshore Renewables Increase Exposure Utilities Increase Exposure Efficient Natural Gas Reduce Exposure New Technologies Establish Position 8 Our Renewables segments are growing in line with our capital allocation strategy, and we intend to establish initial positions in new technologies such as energy storage and renewable green fuels NORTHLAND POWER#99 Accelerating Growth Balancing Long-term Growth with Near-term Cash Flow 2021-2025 Focus on providing near-term cash flow 2026 - 2030 Development of onshore renewable projects with shorter incubation periods • M&A to augment immediate cash flow Accelerating Growth NMF TTS shore Offshore wind drives significant growth in capacity and cash flow New initiatives to drive additional growth NORTHLAND POWER#10Evolution of Northland Doubling the Company (again) by ~2030 Significant offshore wind platform of operating and development projects position Northland as a global leader in offshore wind development 4-5 GW Identified Development Projects¹ + $15-20+ Billion Potential capital investment over next 5 years, anchored by Offshore Wind development ($10-14 billion net Northland ownership interest) More projects being initiated and through M&A 1. Details for the Identified Development Projects have been provided later in the presentation which includes projects that are owned and active that Northland has publicly disclosed. 10 NORTHLAND POWER#1111 Our Planet Sustainability Our Commitment to Sustainable Growth Aligning our values with the United Nations Sustainability Development Goals De-carbonization and footprint minimization AFFORDABLE AND GLEAMENERITY 13 CL MATE ACTION Our Community Our People A positive and contributing community A safe, healthy, inspired and empowered workforce partner 11 EWABLECITIES 8 DECENT WORK AND AND COMMUNITIES ECONOMIC GROWTH 3 GOOD WEATH AM3 WELL-BEING W сл GENTER பம் Our Company Responsible and transparent governance and sustainable value creation 12 RESPONSIBLE CONSUMPTION AND PRODUCTION 16 PEACE JUSTICE AND STRONG INSTITUTIONS 8 品 NORTHLAND POWER#1212 Sustainability Our Commitment to Develop a Carbon Free World E 4-5 GW of additional energy generation from renewable sources S G 28 CO₂ 65% Reduction Carbon intensity across our portfolio highest standards of Health & Safety A positive and contributing community partner 30% of female representation on Board of Directors/ Executive Office GOVERNANCE ராபாபாபாபா Continuing emphasis on Corporate Governance best practices NORTHLAND POWER#13Portfolio Overview Northland Power#14La Lucha Solar Diversified Asset Portfolio Significant Operating and Development Portfolio Canadian Onshore Helios Solar Assets NY Wind EBSA Regulated Utility Suba Solar Operating Mid/late Stage Development/Construction 14 1. 2. As at August 11, 2021. Includes Spain Portfolio acquisition Includes Hai Long, La Lucha, NY Wind, Baltic Power and Suba North Sea Offshore Wind Baltic Power In Advanced Development Spain Onshore Renewables Technology: Hai Long In Advanced Development Operating Offshore Wind 1,184 MW Onshore Wind 837 MW Solar 246 MW Natural Gas 973 MW Total Capacity (Gross) 1,2 3,240 MW Under Construction & Advanced Development 2,244 MW 320 MW 276 MW 2,840 MW NORTHLAND POWER#1515 Project Northland Operating Assets Technology Location Gross Capacity Ownership Expiry PPA Term Construction (On-time/on-budget) Gemini Offshore Wind Netherlands 600 MW 60% 2032 Nordsee One Offshore Wind Deutsche Bucht Offshore Wind Germany Netherlands 332 MW 85% 2027 252 MW 100% 2031 ✓ (Base Plant) Mont Louis Onshore Wind QC, CA 100 MW 100% 2031 Jardin d'Éole Onshore Wind QC, CA 134 MW 100% 2029 McLean's Mountain Onshore Wind ON, CA 60 MW 50% 2034 Grand Bend Onshore Wind ON, CA 100 MW 50% 2036 Ground-Mount Solar Solar ON, CA 100% (90 MW) 130 MW 2033-2035 63% (40 MW) Thorold Efficient Natural Gas ON, CA 265 MW 100% 2030 Iroquois Falls Efficient Natural Gas ON, CA 120 MW 100% 2021 Spy Hill Efficient Natural Gas SK, CA 86 MW 100% 2036 North Battleford Efficient Natural Gas SK, CA 260 MW 100% 2033 Kirkland Lake EBSA Efficient Natural Gas ON, CA 132 MW 68%¹ 2030 Regulated Distribution Utility Colombia n/a 99% Perpetual n/a Spain Portfolio² Onshore Wind/Solar/Concentrated Solar Spain 560 MW 99% 2031 n/a Power 1. Northland has an effective 77% residual economic interest 2. Closed August 11, 2021 NORTHLAND POWER#1616 Operations Wide Breadth of Generation and Utility Experience • Offshore Wind, Onshore Wind, Solar, Gas Turbine, Electricity Transmission, Distribution and Marketing Activities In-House Industry-leading Generation availability factors and Utility reliability rates across the fleet despite COVID-19 Perform all balance of plant operations (substations, transmission) at most of our facilities Operators and Technicians fully certified in plant operations and leveraging shared best practices to ensure cost efficiency and economies of scale by technology Operating teams provide Due Diligence services to Development Teams to ensure lessons learned and best practices in assessing new opportunities NORTHLAND POWER#17Offshore Wind Northland Power#18Growth Strategy Offshore Wind Platform to Anchor Northland's Growth Significant offshore wind platform of operating and development projects position Northland as a global leader in offshore wind development Canada (Offshore Wind): Hecate: 400 MW Europe (Offshore Wind): Gemini: 600 MW Nordsee One: 332 MW Deutsche Bucht: 252 MW Operating Early Stage Development Mid/late Stage Development/Construction 18 1. Based on gross installed capacity. Europe (Offshore Wind): Baltic Power: up to 1,200 MW Additional Europe (Offshore Wind): 5,000+ MW Asia (Offshore Wind): Hai Long: 1,044 MW Dado Ocean: 1,000 MW Chiba: 600 MW Katagami: up to 400 MW Additional Asia (Offshore Wind): 2,000+ MW NORTHLAND POWER#19Europe Established Offshore Wind Platform in North Sea COD: Deutsche Bucht Capacity: Ownership: PPA Expiry: 2020 252 MW 100% 2032 1 Deutsche Bucht 1.2 GW1 Offshore wind in-operation 2 Gemini 1. Represents total gross operating capacity. 19 COD: Capacity: Ownership: PPA Expiry: Gemini 2017 Nordsee One 3 4 COD: Capacity: Nordsee One 2017 600 MW 60% Ownership: 85% 2031 Netherlands PPA Expiry: 2027 332 MW Germany NORTHLAND POWER#20Poland Expanded Portfolio with Baltic Power Offshore Wind Project Baltic Power Poland Acquired 49% interest in mid-stage offshore wind development project with potential for up to 1.2 GW of capacity Continuation of Northland's strategy of leveraging its top ten sector position globally to expand offshore wind portfolio Project will benefit from long-term, 25-year CfD revenue contract Market entry with strategic partner PKN Orlen, Poland's largest company; synergy between Orlen's significant local presence and Northland's offshore wind expertise 2021 Timeline For Baltic Power Development 2023 2023 2026 Secured CfD Achieve Financial 20 20 Close Expect to start Construction Expected Commercial NORTHLAND Operations POWER#21Taiwan Hai Long 1,044 MW Asia Growth leading from the anchor project across the region 4.5 GW+1 Offshore wind in-development Japan Chiba 600 MW Katagami up to 400 MW 21 1. Represents total gross in development pipeline Asia Growth Additional projects 2,000+ MW Taiwan Japan South Korea South Korea Dado Ocean Up to 1,000 MW Early Stage Development Mid/Advanced Stage Development NORTHLAND POWER#2222 22 Taiwan Offshore Wind Hai Long Status: Key Project Highlights Advanced Development 40-50 km off the west coast of Taiwan, in Taiwan Straits, located in Changhua County Location: • Water depth between 35 and 50 meters Capacity: Contract: • 10 m/s average wind speed 1,044 MW (gross) Signed 20-year PPA under FIT (300 MW); pursuing PPA for remaining (744 MW) with Taipower with possibility for corporate PPA Offshore wind Technology: Ownership: Northland Power: 60% 2021 Timeline For Hai Long Development 2022 2023 Target Securing PPA Achieve Financial for 744 MW auction component Close Expect to start Construction Taiwan Taiwan Strait Taipei City Water Depth: 0-20 m Water Depth: 20-50 m 2025-2026 Expected Commercial Operations NORTHLAND POWER#2323 23 Japan and South Korea Developing local partnerships to facilitate opportunities for future offshore wind Japan . Announced entry into Japanese market in 2019 with Chiba project • Recently announced membership in consortium to develop Katagami project Both are early-stage development projects with potential for 600 MW (Chiba) and up to 400 MW (Katagami) of offshore wind capacity South Korea . . Acquired Dado Offshore Wind Corp. in February 2020 Multiple early-stage development opportunities near Chodo Island Early-stage development projects with potential for 1,000 MW of offshore wind Japan Tokyo⚫ South Korea Chodo Island NORTHLAND POWER#24Onshore Renewables Northland Power#25Growth Strategy Onshore Renewables to Support Near-term Growth Targeted Approach to Developing Onshore Renewables Canada (Gas-Fired): North Battleford: 260 MW Iroquois Falls: 120 MW Thorold: 265 MW Spy Hill: 86 MW Kingston: 110 MW Kirkland Lake: 132 MW Canada (Solar): Ontario Solar: 90 MW Cochrane Solar: 40 MW Additional Canada (Wind/Solar): 800 MW Mexico (Solar): La Lucha Solar: 130 MW Colombia (Solar): Operating Early Stage Development Helios Solar: 16 MW Mid/late Stage Development/Construction 1. Based on gross installed capacity. 25 Canada (Onshore Wind): Grand Bend: 100 MW Mont Louis: 101 MW Jardin d'Éole: 133 MW McLean's Mountain: 60 MW U.S. (Onshore Wind): Ball Hill 108 MW Bluestone: 112 MW High Bridge: 100 MW Additional U.S. (Solar): 200 MW Colombia (Utility): EBSA: 480,000 customers Colombia (Solar): Suba Solar: 130 MW Spain (Wind/Solar): Onshore Wind: 435 MW Solar: 66 MW Concentrated Solar: 50 MW NORTHLAND POWER#26Spain A Leading Onshore Renewables Portfolio • • • • • Acquired a portfolio of 551 MW (net) of onshore renewables with a regulated tariff ~80% of the portfolio consists of onshore wind assets, with the balance comprising solar PV and Concentrated Solar Power (CSP) Positions Northland as top 10 owner of operating onshore renewables in Spain and provides better access to growth opportunities locally and elsewhere in Europe Assets are supported with a regulated tariff with more than 13 years remaining of regulatory life Immediate cash flow contribution to further support offshore development strategy/initiatives Portfolio benefits from a diversified mix of equipment suppliers and OEM providers, mitigating exposure to any single manufacturer or service provider Onshore Wind Solar PV Concentrated Solar Power Net Capacity Project(s) 435 MW 66 MW 50 MW 14 18 1 Average Asset Age 11 Years 10 Years 10 Years Fully Regulated Yes Yes Yes 26 ☀ ☀ ☀ ★Madrid Operating portfolio supplies over 270,000 of households with energy Wind -☀- PV Concentrated Solar Power NORTHLAND POWER#2727 27 Mexico La Lucha Solar Solar project located in State of Durango, Mexico; ~78 km from the city of Torreon 130 MW solar project with 100% Northland ownership First step in Mexico strategy that will focus on commercial and industrial market with a diversified generation portfolio EPC contract with Grupo Ortiz who will provide first two years of O&M services Will target to secure commercial offtake contracts for the project's output after commercial operations Durango 2019 Timeline For La Lucha Development 2019 Final Investment Decision Start of Construction Mexico 2022 La Lucha Torreon Expected Commercial Operations NORTHLAND POWER#28Buffalo New York Ball Hill Pluestone High Bridge NYC Albany 2020 United States New York Onshore Wind Project Overview Acquired three New York onshore wind development projects in 2020. Projects expand Northland's North American portfolio by providing investment opportunities into the US renewables market Well positioned from a competitive standpoint relative to the state's wind development pipeline USD cash flows from stable and high demand market 320 MW potential capacity (Bluestone, High Bridge and Ball Hill) Secured 20-year indexed REC contract (CfD all-in PPA) with with the New York State Energy Research and Development Authority Achieved financial close on Ball Hill and Bluestone in Q2 2021 and actively developing Highbridge Timeline For NY Wind Development 2021 2021 2022/23 Acquired Projects Secured 20 year 28 IRec Offtake Expect to start Construction Expected Commercial NORTHLAND Operations POWER#2949 29 EBSA Helios 2020 Colombia Helios Solar Project Overview 16 MW Solar project in Colombia First development project in Colombia to capitalize on EBSA's grandfathered rights, allowing it to expand into the energy generation market in Colombia Aim is to service the power needs of non-regulated municipal, commercial and industrial (C&I) customers • Secured 12-year Power Purchase Agreement with EBSA Achieved financial close in Q2 2021 Timeline For Helios Solar Development 2021 Acquired Projects Financial Close 2021 Start of Construction 2022 Expected Commercial NORTHLAND Operations POWER#30Suba EBSA 2021 Colombia Suba Solar Project Overview Secured two solar projects in Colombian renewables auction with a combined capacity of 130 MW Developing in partnership with EDF Renewables through 50/50 joint venture Projects underpinned by 15-year Power Purchase Agreements with high quality Colombian energy distribution and commercial entities The PPAs will be denominated in Colombian pesos and will have annual indexation to the Colombian Producer Price index. In addition, the projects will receive a reliability charge in US dollars, which will account for approximately 10% of total revenues of the projects. Timeline For Suba Solar Development 2022 30 Projects Secured in Renewables Auction Financial Close 2022 Start of Construction 2023 Expected Commercial NORTHLAND Operations POWER#31AXAX Utilities XX K MARIA XXX Northland Power XXX 84#3222 32 Tunja Boyaca Duitama Latin America Sogamoso EBSA Utility EBSA provided strategic value to existing asset portfolio • . Bogota Headquarters located in Tunja, 150 km from Bogota Sole distributor to a population of over 1.3 million; proven management team with local expertise Operates under regulatory framework with an approximately 11.5% RAB is expected to grow at a rate in excess of inflation average approved WACC of Other key regulatory features including RAB inflation indexation, a five-year planning cycle and limited to no demand risk Provided a measure of stability and predictability to Free Cash Flow Reduced concentration risk as well as exposure to re-contracting and merchant power price risk Provided Northland with a platform to drive future opportunities in Colombia and Latin America EBSA is one of a few energy companies in Colombia with favourable grandfathered rights allowing for vertical integration across all segments of the electricity market Key Operating Metrics 34,035 km Distribution Lines 105 Substations COP 1,670 BN RAB (C$ 622M) 1.7 TWh Energy Distributed Distribution Commercialization 503,000 Regulated Clients 573 Full Time Employees 915 MVA 220kV/115kV Transmission Regulated revenue subject to revenue cap and five-year tariff review process-No volume risk Power retailer for 100% of regulated clients in Boyacá and 44% market share of commercialization segment Operator of 790km of national and regional transmission lines and 18 substations; fixed annual revenue for 25 years NORTHLAND POWER#3333 Latin America Additional Growth Opportunities Small Solar PV PPAS REDSA OOOOOO Utility M&A OOOOOO Construction + Operations Transmission PPAS Storage Small Hydro Utilities and Non-regulated Clients NORTHLAND POWER#34Financial Overview Northland Power#3535 2021 Financial Guidance Adjusted EBITDA and Free Cash Flow Adjusted EBITDA $1.1 to $1.2 Billion Free Cash Flow (incl. growth expenditures) $1.30 to $1.50 8% ■ Offshore Wind 20% 2021E Adjusted EBITDA ■ Onshore Renewables ■ Efficient Natural Gas Per Share 12% 60% ■ Utilities Adjusted Free Cash Flow (excl. growth expenditures) $1.60 to $1.70 Per Share New for 2021, Northland plans to report on Adjusted Free Cash Flow before all growth- related expenditures NORTHLAND POWER#3636 Financial Overview Funding Plan to Support Growth and Maintain Discipline Identified Development Projects Gross Capital Investment Plan Next 5 Years¹ Green and maintain investment grade balance sheet to support growth Significant growth in adj. EBITDA expected on completion of Identified Development projects $15B to $20B+2 BBB (Stable) X2 (Double) Maintaining flexibility, adding corporate funding tools to diversify sources of capital, preserving low cost of capital and investment grade balance sheet are key to the successful growth execution of Northland 1. Represents the total gross capital costs of the 4-5 GW visible development projects. 2. $10B to $14B net represents Northland's current ownership interest in Identified Development Projects NORTHLAND POWER#3737 Strong Balance Sheet will Support Growth Illustrative Capital Funding Plan of Identified Development Project Over Next Five Years ~$1B GREEN CORPORATE DEBT (INCLUDING REVOLVER/HYBRIDS) ~5% ~$1-2B Illustrative Capital Funding Plan (2021-2025) CURRENT PROJECT PARTNER'S EQUITY ~10% $15-20B+1 ~$2-3B NORTHLAND COMMON EQUITY + OFFSHORE WIND SELL-DOWNS ~15% ~$11-14B NON-RECOURSE DEBT- TARGETED GREEN ~70% 1. The capital funding plan is based on recent estimates of total capital costs for Identified Development Projects, that Northland has publicly disclosed. The chart illustrates potential sources of funding that is subject to change/update. NORTHLAND POWER#3838 . Green Financing Framework Adding Financial Optionality to Portfolio Green Financing Framework allows Northland to diversify and optimize additional sources of capital to fund growth plan Northland has advanced several capital markets initiatives to diversify and optimize our sources of capital Green the balance sheet Allows the issuance of green debt instruments that benefit from lower margins and a new pool of investors Introduced Sustainability Linked Overlay on $1.0 bn Corporate credit facilities • Increase our available liquidity • Capitalize on strong investor demand • • Our Green Financing Framework allows Northland to issue green bonds and corporate hybrids at any point in the future Key benefits: . • . • Lower cost than traditional unsecured senior debt Enhanced ESG positioning Access to European debt capital markets Strong Euro base allows to better match tenor and currency Very strong demand/subscription levels for green products Favourable treatment by lenders and S&P for corporate hybrids Green Bonds/Loans & Corporate Hybrid Bonds Green Project Finance NORTHLAND POWER#3939 2020A Adjusted EBITDA Growth Outlook Identified Projects Alone Expected to Double Adjusted EBITDA La Lucha ~$1.17 billion Iroquois Falls (PPA Expiry) Adjusted EBITDA Growth of Identified Projects More than doubles NY Wind Spain Portfolio Hai Long Baltic Power Nordsee 2/3 Dado Chiba Early to Mid- Stage Development Projects This chart has been compiled by management for illustrative purposes based on current Identified Development Project forecasts. Adjusted EBITDA reflects Northland's current ownership interest ~$2.5+ billion NORTHLAND POWER#4040 40 Evolution of Northland Key Priorities Over the Next five Years 01 70 02 Leverage Strong Position in Offshore Wind Press strong position in offshore wind by sourcing and advancing large scale projects as the sector grows and new markets open up Near-term Growth Secure near-term growth through onshore renewables and Transmission and Distribution assets in select markets 03 33 Positioned for New Wave of Global De-carbonization Targeting further growth from storage and renewable fuels NORTHLAND POWER#41Appendix Northland Power#42Market Summary Key Metrics¹ Recent Share Price (TSX: NPI) Shares (Common) Annual Dividend 2021 EBITDA Guidance 2021 FCF/sh Guidance 2021 Adjusted FCF/sh Guidance Total Debt, Net of Cash² Preferred Shares (NPI.PR.A, NPI.PR.B, NPI.PR.C) Market Capitalization (Common) Enterprise Value Credit Rating (S&P)³ Fitch Rating4 42 22 1. Market data as at November 17, 2021 unless stated otherwise. 2. As at September 30, 2021. 3. Reaffirmed in March 2021 4. Received in September 2021 $39.48 226 million $1.20 $1.1 $1.2 Billion $1.30 $1.50 $1.60 - $1.70 $7.1 billion $247 million $8.9 billion $14.9 billion BBB Stable BBB Stable NORTHLAND POWER#4343 European Offshore Wind Facility Details Gemini 600 MW 85km Nordsee One Deutsche Bucht 332 MW 252 MW 40km 95km 150 x Siemens 4 MW 54 Senvion x 6.15 MW 31 x MHI Vestas 8MW Capacity Distance to Shore Wind Turbines Turbine Foundation Water Depth Total Project Costs Revenue Contract Type Revenue Contract Term Monopile 28m to 36m €2.8 Billion Contract for Differences (CFD) (FIT-Type) 15 years ~€169/MWh Revenue Contract Price Grid Connection Responsibility NPI Ownership [No escalation] Gemini responsible for connection to shore 60% Monopile 26m to 29m €1.2 Billion Monopile 39m to 41m €1.5 Billion Feed in tariff ~10 years €194/MWh for 8 years, €154/MWh for 1.5 years [No escalation] Feed in tariff ~13 years €184/MWh for 8 years, €149/MWh for 4.7 years [No escalation] Tennet responsible for connection to Tennet responsible for connection to shore shore 85% 100% NORTHLAND POWER#44Reporting of Non-IFRS Financial Measures 44 This investor presentation includes references to Northland's adjusted EBITDA and free cash flow, measures not prescribed by International Financial Reporting Standards (IFRS). Adjusted EBITDA and free cash flow, as presented, may not be comparable to other similarly-titled measures presented by other publicly-traded companies, as these measures do not have a standardized meaning under IFRS. These measures should not be considered in isolation or as alternatives to net income, cash flow from operating activities or other measures of financial performance calculated in accordance with IFRS. These measures are also not necessarily indicative of operating income or cash flows from operating activities as determined under IFRS. Rather, these measures are provided to complement IFRS measures in the analysis of Northland's results of operations and are used by management to evaluate the performance of the company for internal assessment purposes. Management believes that adjusted EBITDA and free cash flow are widely- accepted financial indicators used by investors to assess the performance of a company. These measures provide investors with additional information to assist them in understanding these critical components of the company's financial performance, including its ability to generate cash through its current operations. These measures have been applied consistently for all periods presented in this document. Adjusted EBITDA Adjusted EBITDA provides investors with an indication of Northland's capacity to generate income from operations and investments before taking into account management's financing decisions and the costs of consuming tangible and intangible capital assets, which vary according to asset type and management's estimate of their useful lives. Adjusted EBITDA is calculated as income (loss) before income taxes adjusted for depreciation of property, plant and equipment, amortization of contracts and other intangible assets, net finance costs, Gemini subordinated debt earned by Northland, fair value losses (gains) on derivative contracts, unrealized foreign exchange losses (gains), elimination of non-controlling interests and finance lease and equity accounting. Free cash flow Free cash flow is calculated as cash flow provided by operating activities adjusted for net change in non-cash working capital balances, capital expenditures, interest paid, scheduled principal repayments on term loans, funds set aside for scheduled principal repayments and for asset purchases, restricted cash (funding) for major maintenance, write-off of deferred development costs, consolidation of managed facilities, income from equity accounted investments, proceeds from sale of assets, and preferred share dividends. This measure, along with cash flow provided by operating activities, is considered to be a key indicator for investors to understand Northland's ability to generate cash flow from its current operations. Adjusted Free Cash Flow Commencing with the 2020 Annual Report, Northland introduced Adjusted Free Cash Flow, a supplementary non-IFRS Free Cash Flow measure, and associated per share amounts and payout ratios. Adjusted Free Cash Flow is calculated by excluding growth-related expenditures from Free Cash Flow. Management believes this measure provides a relevant presentation of cash flow generated from the business before investment-related decisions (refer to Section 4.3: Growth Expenditures for additional information). Management believes Adjusted Free Cash Flow is a meaningful measure of Northland's ability to generate cash flow, after on-going obligations, to reinvest in growth and fund dividend payments. The Free Cash Flow and adjusted payout ratios, calculated using Free Cash Flow and Adjusted Free Cash Flow, respectively, demonstrate the proportion of the respective measure paid as dividends, whether in cash, or in shares under Northland's dividend reinvestment plan (DRIP). The net payout ratios indicate the proportion of Free Cash Flow paid as cash dividends. The payout ratios generally reflect Northland's ability to fund growth-related expenditures and sustain dividends. Readers should refer to our MD&As accompanying our financial statements for an explanation of adjusted EBITDA and free cash flow, and for a reconciliation of Northland's reported adjusted EBITDA to its consolidated income (loss) before taxes and a reconciliation of Northland's free cash flow to its cash provided by operating activities. These are filed from time to time on our company's website www.northlandpower.com NORTHLAND POWER#45Northland Power Contact US Northland Power 30 St. Clair Avenue West, 12th Floor Toronto, ON Canada M4V 3A1 Wassem Khalil Senior Director Investor Relations & Strategy 647.288.1019 @ Email: [email protected] Website: northlandpower.com