#1C NORTHLAND POWER Northland Power Investor Presentation June 2022#2CORPORATE OVERVIEW#3Northland Overview A top global player in offshore wind - fastest growing renewables power technology O NORTHLAND POWER • Northland Power is a leading global power producer at the forefront of the global 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 Majority of revenues under long-term contracts with highly creditworthy government counterparties Significant development opportunities across multiple markets and technologies: 14 GW development pipeline to support growth Significant depth of management experience across a number of disciplines including renewable power project development, project finance, construction and operations. Strong environmental and health & safety record#4Global Competitive Position Northland is on the ground in key markets III Regional Development Offices Toronto Houston Mexico City Bogota Glasgow Amsterdam Seoul Madrid Tokyo Warsaw Offshore Wind Offshore wind engineering and construction management centers Hamburg Taipei Onshore Renewables Onshore wind, solar and construction management Toronto NORTHLAND POWER#5Global Company with Local Presence Established Regional Presence Provides Competitive Advantage 1. • • • • • Offshore Wind Strategy TOP 10 Incumbent in Global Offshore Wind Fastest Growing Renewables Technology Significant driver of value and growth over next decade 1.2 GW in operations and 2.7 GW1 of projects which will achieve financial close within the next 2 years • Building size and scale across multiple markets in Europe and Asia • • Onshore Renewables Strategy • Growth in near-term cash flow Industry is expected to grow at upwards of 10% per annum over the next decade We continue to build local capabilities in development to ensure that sufficient resources are available in supporting functions M&A will continue to play a role to grow presence in select markets Focus will be on key markets including the US Northeast, Southern and Eastern Europe and Colombia Includes Hai Long, Baltic Power and Nordsee Two • • • Battery storage 0 NORTHLAND POWER Hydrogen New Technologies New growth area focus for Northland Exploring opportunities in energy storage and green hydrogen A way to tap higher-value end markets for our electrons Northland Power | 5#6Accelerating Growth Northland's capital allocation is focused on renewable growth Northland has the following major business segments 0 NORTHLAND POWER Offshore Wind Increase Exposure Onshore Renewables Increase Exposure Utilities Increase Exposure Efficient Natural Gas Reduce Exposure New Technologies Establish Position + 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 | 6 ()#73 GOOD HEALTH AND WELL-BEING EDI Sustainability Developing programs and initiatives to inspire, train and grow our workforce Keep our people healthy & safe by upholding the highest standard of safety and wellbeing of our people, contractors and all other stakeholders 8 DECENT WORK AND ECONOMIC GROWTH Further differentiate our workforce by attracting, developing and retaining the best people to help execute on our strategy 0 NORTHLAND POWER 5 GENDER EQUALITY 808 Prioritizing diversity, inclusion and belonging By ensuring our people feel respected, included and empowered to contribute to the advancement, growth and success of Northland Northland Power | 7#82021 Sustainability Report Our ESG Performance 0 NORTHLAND POWER Launched our 2021 Sustainability Report and ESG Performance Index. Both reports represent an enhanced level of ESG disclosure for Northland's and contain information and data covering our activities and accomplishments in 2021. Alignment and reporting standards SUSTAINABILITY STANDARDS ACCOUNTING BOARD Relevant United Nations Sustainable Development Goals (UN SDGs) Alignment with the Sustainability Accounting Standards Board (SASB) KPIs for our industries Zero Life-Changing Incidents GRI In accordance with a core level Global Reporting Initiative Standard (GRI) over 90 In alignment with the community relationships recommendations of the Taskforce TCFD for Climate-Related Financial Disclosures (TCFD) #Equalby30 75 overall engagement score 82% global survey response GHG Emission Intensity: Metric Tonnes of CO₂e per MWh of Electricity 26% reduction since 2019 and 7% reduction since 2020 over 30 community outreach initiatives 0.191 0.151 -65% 0.141 2019 2020 2021 2030 Northland Power | 8#9PORTFOLIO OVERVIEW#10Diversified Asset Portfolio Strong operating foundation with a significant growth profile Mexico: Development: 130 MW Canada: Operated: 1,267 MW Development: 400 MW Colombia: Operated Utility Development: 146 MW Operating Early Stage Development Mid/late Stage Development/Construction 1. As at May 18, 2022 2. Includes Hai Long, Baltic Power, Nordsee Two, La Lucha, Helios, Suba and NY Wind United Kingdom/Scotland: Development: 2,340 MW U.S.: Development: 320 MW. Spain: Europe (Offshore Wind): Operated: 1,184 MW Development: 2,533 MW Operated: 559 MW⚫ 0 NORTHLAND POWER South Korea: Development: 1,600 MW ⚫ Japan: Development: 900 MW ● Taiwan: Development: 1,044 MW ● Technology: Operating Offshore Wind 1,184 MW Onshore Wind 837 MW Solar 246 MW Natural Gas Total Capacity (Gross) 1,2 743 MW 3,010 MW Under Construction & Advanced Development 2,677 MW 320 MW 276 MW 3,273 MW Northland Power | 10#11Offshore wind -88% Technology 14 GW Onshore wind - 3% Solar - 6% Other -3% O Sustainable growth Strong Growth Portfolio Across Multiple Technologies NORTHLAND POWER Continue to target Europe and Asia as key markets for offshore wind development Expand onshore footprint in Northeast United States and Colombia as well as Europe, targeting EU Eastern Europe and Spain Focus on establishing global position in green hydrogen and storage Europe - 49% North America - 12% Geography Latin America - 1% 14 GW Asia - 38% Toronto Houston Bogota Mexico City Northland Power Glasgow Hamburg Amsterdam presence Warsaw Madrid Tokyo Seoul Taipei#12Offshore Wind Strategy Leveraging our global leadership position TOP 10 Incumbent in Global Offshore Wind 1.2 GW in operations and 2.7 GW1 of projects which will achieve financial close within the next 2 years Fastest Growing Renewables Technology 1. Includes Hai Long, Baltic Power and Nordsee Two#13Offshore Wind Strategy Projects and teams in top global markets for offshore wind 0 NORTHLAND POWER National offshore wind targets by 2035 Australia: 2GW Brazil: 3GW France: 11GW Germany: 40GW Ireland: 6GW India: 8GW Japan: 10GW Netherlands: 22GW Poland: 11GW Spain: 2GW S. Korea: 12GW Taiwan: 21GW UK: 50GW US: 40GW Vietnam: 7GW Our active offshore wind markets in bold Source: BNEF, 4C Offshore, NPI analysis Northland Power | 13#14Europe Established offshore wind platform in North Sea 1.2 GW1 Offshore wind in-operation 1. Represents total gross operating capacity. Deutsche Bucht 1 COD: Capacity: Ownership: PPA Expiry: 2020 252 MW 100% 2032 Deutsche Bucht 2 Gemini COD: Capacity: Ownership: Netherlands Gemini 2017 600 MW 60% PPA Expiry: 2031 Nordsee One 3 0 NORTHLAND POWER Nordsee One Germany COD: Capacity: Ownership: PPA Expiry: 2017 332 MW 85% 2027 Northland Power | 14#15Baltic Power Established position in Eastern Europe through Baltic Power offshore wind project Up to 1.2 GW Poland is an attractive new country within the EU, with growth potential in onshore and offshore Granted a 25-year fixed price Contract for Differences ("CfD") Partnership provides local presence and scale resulting in enhanced returns due to synergies in development, construction and operation Progress the project to financial close by completing design, certification, consents, procurement strategy, optimisation and financing plan 2021 Acquired interest/ Secured CfD 2022 Timeline For Baltic Power Development 2023 Project design Achieve Financial and optimization Close 2024 2026 Baltic Power Expect to start Construction Expected Commercial Poland 0 NORTHLAND POWER Operations Northland Power | 15#16Nordsee Cluster Offshore Wind Building Scale and Size in German Offshore Wind Nordsee Delta 480 MW Nordsee Two 433 MW 0 NORTHLAND POWER 1.3 GW Partnership provides scale resulting in enhanced returns due to synergies in development, construction and operation of the cluster projects Secured Nordsee Two site through exercise of step-in rights Auction for Nordsee Three and Nordsee Delta with a total capacity of 900 MW will be in 2023. Partnership holds step-in rights for both sites Enhanced offtake capabilities through formation of cluster N Nordsee One Nordsee Three 420 MW 2021 Exercised Step-in for Nordsee Two Timeline For Nordsee Cluster Development 2023 2024 2026 2026/28 Expected Step-in for Expected Financial Nordsee Three/Delta Close Nordsee Two Expected Financial Close Nordsee Three/Delta Expected Commercial Operations Germany Northland Power | 16#17Scotwind Offshore Wind Executing on our strategy to Extend our Offshore wind runway 2.3 GW Successfully awarded two leases in recent Crown Estate Scotland offshore wind process Lease N4 - 840 MW fixed bottom foundation Lease N2 - 1,500 MW floating foundation Continuation of Northland's offshore strategy of being early mover in key markets. Extends Company's development runway into next decade Example of establishing local partnerships leading to success Next steps include moving development plans forward and finalizing local content requirements in plan 2022 Timeline For Scotwind Development 2029/30 2030's N4 N3 N1 0 NORTHLAND POWER UK Secured Leases Expected Commercial Operations Fixed - Expected Commercial Operations - Northland Power | 17#18Asia Hai Long project anchor for growth across the region Chiba Japan 4.0 GW+1 Offshore wind in-development Taiwan Hai Long 1,044 MW South Korea Katagami Dado Ocean 600 MW up to 400 MW Up to 1,000 MW Bobae 600 MW 1. Represents total gross in development pipeline Early Stage Development Japan South Korea Mid/Advanced Stage Development Taiwan 0 NORTHLAND POWER Northland Power | 18#19Hai Long Progressing to financial close 1.0GW Hai Long comprises two adjacent sites: 532 MW Hai Long 2 and 512 MW Hai Long 3 Localization plan obtained in 2021 Tendering for main components concluded, preferred supplier agreements signed EIA amendment approved, allowing for 14MW turbines Main design works (turbine foundations, Offshore and onshore substations) and corresponding certification progressing well and on track, now well into the detailed design phase Launched project finance activities Commenced with sell-down process Timeline For Hai Long Development 2021 2022 Project optimization through offtake, design and procurement Achieve Financial Close 2023 2026-2027 0 NORTHLAND POWER HL 3 HL 2 Taipei City Taiwan Construction underway Expected Commercial Operations Northland Power | 19#20Asia Offshore Wind Development Advancing milestones to facilitate growth and opportunities for future offshore wind Japan | 1.0 GW+ early-stage Development portfolio 0 NORTHLAND POWER Announced entry into Japanese market in 2019 with Chiba project and followed up with membership in consortium to develop Katagami project in 2021. . • . • Isumi City, Chiba Prefecture Developing in partnership with Shizen Energy and Tokyo Gas The Government designated the area as a Promising Area in the Round 3 announcement. Deployed a floating LIDAR to collect data on meteorological conditions alongside onshore measurements Completed offshore geotechnical and geophysical surveys and engineering work for the auction Continue work with the local communities and stakeholders to support the project Katagami City, Akita Prefecture • Developing in partnership with Mitsui Co. Ltd, Osaka Gas and United Keikaku • Up to 400 MW offshore wind capacity • • The Government designated the area as a Promising Area in the Round 3 announcement. Completed offshore geotechnical and geophysical surveys and engineering work for the auction Continue work with the local communities and stakeholders to support the project Northland Power | 20#21Asia Offshore Wind Development Advancing milestones to facilitate growth and opportunities for future offshore wind 0 NORTHLAND POWER South Korea | 1.6 GW+ early/mid- stage development portfolig Acquired Dado Offshore Wind Corp. in February 2020 • Multiple early-stage development opportunities near Chodo Island Dado A 1GW+ mid-stage offshore wind project in-development Secured 2 out of 3 electricity business licenses (EBLs) which grant the priority development rights to Northland. The third EBL is expected in the summer of 2022 First major permit on route to financial close. Gives Northland development exclusivity over the site area Team secured EBLS through gaining local community support for the project and wind data collection Project development is progressing and expecting to start offshore works, design and securing grid in 2022 Bobae, Jindo County 600 MW+ early-stage offshore wind development project Completed 12-months of onshore wind measurement for use in the initial EBL applications Submitted the initial EBL applications with results expected in the first half of 2022 A floating LIDAR was deployed, wind data is under measurement and will be used to submit additional EBLs in 2022 Northland Power | 21#22Onshore Renewables Our onshore renewables strategy Onshore renewables present an attractive growth opportunity for Northland • . The industry is expected to grow at upwards of 10% per annum over the next decade. We continue to build local capabilities in development to ensure that sufficient resources are available in supporting functions Growth in near-term cash flow M&A will continue to play a role to grow presence in select markets Focus will be on key markets including the US Northeast, Southern and Eastern Europe and Colombia#23NORTHLAND POWER Spain • • • 57 GW market growth by 2030 Northland is top ten operator Focus on development and M&A to grow platform Onshore Renewables Strategy Targeted Approach EU Eastern Europe • 22 GW market growth by 2030 . . Capitalise on Northland "brand" created by Baltic Power • Focus on development ✓ Target limited number of high growth markets ✓ Create competitive positions on the ground ✓ Secure scale at local level North East United States • 50 GW market growth by 2030 • Established Northland development team • Focus on development . Colombia • 8 GW market growth by 2030 • EBSA platform creates advantage Focus on development and M&A Source: Arcadia Center EnergyVision 2030, Statista.com#24Spain Onshore Renewables Achieving Success in Onshore M&A Execution on M&A strategy to secure near-term cash flow and establish new market 0 NORTHLAND POWER Acquired a portfolio of 551 MW (net) of onshore renewables with a regulated tariff Delivers near-term cash flow which helps fund the development of Northland's large offshore wind projects • Creation of a European onshore renewables asset management platform . It places Northland immediately as a top 10 operator in the growing Spanish renewables market. Assets are supported with a regulated tariff with more than 13 years remaining of regulatory life Northland Power | 24#25United States New York onshore wind Ball Hill 108 MW 320 MW 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 New York Wind Development Highbridge 100 MW 2020 Acquired projects 2021 Secured 20-year IRec offtake contract 2021 2022 2023 Achieved financial close on Ball Hill and Bluestone Expected Commercial Operations for Ball Hill and Bluestone Expected Commercial Operations for Highbridge Bluestone 112 MW 0 NORTHLAND POWER United States Northland Power | 25#26Colombia Onshore Renewables Helios Solar Project Overview 16 MW 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, with first phase (10 MW) achieving COD in February 2022 Helios Colombia 2020 2021 Acquired Projects Achieved Financial Close Timeline For Helios Solar Development 2021 Commenced Construction 2022 0 NORTHLAND POWER EBSA Expected Commercial Operations Northland Power | 26#27Colombia Onshore Renewables Suba Solar Project Overview 130 MW 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. Suba 2021 Projects Secured in Renewables Auction 2022 Timeline For Suba Solar Development 2022 2023 Expected Financial Close Expected Start of Construction Expected Commercial Colombia 0 NORTHLAND POWER EBSA Operations Northland Power | 27#28Utilities High-quality Regulated Utility Business. 7 Regulated utility provides strategic value to existing asset portfolio · • Sole distributor to a population of over 1.3 million; proven management team with local expertise Operates under regulatory framework with an average approved WACC of approximately 11.5% RAB is expected to grow at a rate in excess of inflation Other key regulatory features including RAB inflation indexation, a five-year planning cycle and limited to no demand risk Provides a measure of stability and predictability to Free Cash Flow Reduces concentration risk as well as exposure to re-contracting and merchant power price risk#29Colombia EBSA Utility • 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 In addition to the growth in the distribution segment approved by regulators, EBSA is able to add additional growth projects in Boyacá to its RAB Key Operating Metrics Headquarters located in Tunja, 150 km from Bogota 105 Substations 503,000 Regulated Clients COP 1,670 Bn RAB (C$ 622M) 1.7 TWh Energy Distributed 573 Full Time Employees 915 MVA 220kV/115kV Distribution Commercialization 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 Colombia 0 NORTHLAND POWER EBSA Northland Power | 29#30Northland Growth Pipeline Significant Growth to be delivered over next decade Wind Solar Ball Hill 112 MW Bluestone 108 MW 3,606 MW La Lucha 130 MW Helios 16MW 3,240 MW 2021 Construction Projects 2022 Solar SUBA 130 MW Wind Hai Long 1,044 MW Baltic Power 1,200 MW Nordsee Two 433 MW High Bridge 100 MW 6,513 MW 2x 0 NORTHLAND POWER 9+ GW Capitalized Development Early/Mid-Stage Development Projects Projects 2023 2027e 2030e Northland Power | 30#31FINANCIAL OVERVIEW T#32Long-term financial objectives 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, to ultimately drive growth in FCF/AFCF per share 1. Represents the total gross capital costs of the ~3 GW capitalized growth projects. المالية BBB (Stable) 0 Maintain investment grade balance sheet to support growth $12-15B1 pipeline Maintain flexibility to fund Capitalized Projects costs 7-10% CAGR by 2027 Significant growth in adj. EBITDA expected on completion of Capitalized Growth Projects NORTHLAND POWER Northland Power | 32#33Committed to prudent capital structure and investment grade rating Commitment to investment grade credit rating and continued balance sheet strength S&P Corporate Credit Ratings BBB (Stable) (since 2013) Fitch BBB Stable (since fall 2021) • NORTHLAND POWER Strong financial condition supported by investment grade ratings Growth investments funded • First with non-recourse debt (65-75%) to match revenue contract (PPA) life With sources of capital selected and sized to maintain our investment grade credit rating Diversified model provides stability to free cash flow ~93% of revenues are contracted through long-term PPAs#342022 Financial Guidance Adjusted EBITDA and Free Cash Flow Adjusted EBITDA $1.15 to $1.25 Billion Free Cash Flow (incl. growth expenditures) Utilities- 8% Efficient natural gas- 16% $1.20 to $1.40 Per Share Onshore renewables- 24% Adjusted Free Cash Flow (excl. growth expenditures) $1.65 to $1.85 Per Share 2022E Adjusted EBITDA 0 NORTHLAND POWER Offshore wind - 52% The current financial guidance excludes any gains that could be realized on asset-level sell-downs Northland Power | 34#35Financial Strategy Disciplined and flexible approach to project funding • 0 NORTHLAND POWER The Company manages its capital strategy with a high degree of selectivity in funding its capitalized growth projects I $ Project Funding Northland Equity Sell-Down Partner Equity Sell-Down Premium Senior Debt Green Corporate Hybrids • Focused on maintaining an investment grade rating Credit facilities support short-term funding needs with borrowings repaid from project financings at financial close, corporate and/or project-level financing/re-financing optimizations and/or sell downs at or before financial close Free Cash Flow finances growth development expenditures (devex), corporate costs that support growth and new initiatives Partial sell-down of ownership interests in certain development assets on or before financial close to complement existing sources of funding Additional funding sources help improve Northland's financial flexibility, while supporting the capital and credit requirements for development projects. Northland Power | 35#36Strong Balance Sheet will Support Growth Illustrative Capital Funding Plan of Capitalized Growth projects Over Next Five Years Illustrative Funding Plan for Capitalized Projects (2022-2026) ~$1Bn GREEN CORPORATE DEBT (INCLUDING REVOLVER/HYBRIDS) ~5% 0 NORTHLAND POWER ~$1-2Bn NORTHLAND EQUITY² + OFFSHORE WIND SELL-DOWNS ~10-15% Key takeaways: Achievable funding plan given the diverse sources of capital available at corporate and asset level Continuing to diversify our tool kit & partner prospects to achieve optimal cost of capital ~$1-2Bn CURRENT PROJECT PARTNER'S EQUITY ~10-15% $12-15B1 ~$9-10Bn NON-RECOURSE DEBT- TARGETED GREEN ~65-75% 1. The capital funding plan is based on recent estimates of total capital costs for Capitalized Growth Projects, that Northland has publicly disclosed. The chart illustrates potential sources of funding that is subject to change/update. 2. Northland intends to fund common equity portion through a combination of cash on hand, proceeds from financings/optimizations of existing facilities and new share issuances Northland Power | 36#37Sustainable Finance Adding Financial Optionality to Portfolio Green Financing allows Northland to diversify and optimize additional sources of capital to fund growth plan 0 NORTHLAND POWER Green Financings Targeting all of our project finance debt to be green, where possible Executed first green financing with New York wind projects Additional green financing for Helios solar in Colombia $1Bn+ Credit Facility with sustainability linked KPIs Renewable Energy (%) in Generation Portfolio Carbon intensity of assets Green Bonds Up to $1Bn included in 5-year capital plan Prepare to issue inaugural green bond or hybrid bond over the next 12-18 months Northland Power | 37#38Strong annual EBITDA growth Capitalized Growth Projects will increase EBITDA and Quality of Cash Flow through 2027+ $2.0-2.2 Bn² $1.7 - 1.9 Bn¹ 0 NORTHLAND POWER + Ability for more growth through 6 GW Additional Pipeline - $1.15 1.25 Bn 7-10% CAGR EBITDA 2x Capitalized + By 2030 Capitalized projects¹ Other Identified Projects² 2022 2027e 2030e 10 year avg. contracted life 14 year avg. contracted life 1. 2. 2027 includes contributions from capitalized growth projects only (Hai Long, Baltic Power, Suba, Nordsee Two and High Bridge) 2030 also includes contributions from identified growth projects (Dado, Chiba, N3 and Delta) in addition to capitalized projects Northland Power | 38#39Northland's Competitive Positioning Northland is well positioned to capitalize on market growth opportunities Growth Pipeline Moves Toward Financial Close Global De-carbonization movement is accelerating Significant growth in renewables expected to offer immense opportunities for Northland 2.9 GW of development projects will be de-risked over next 24 months Provides certainty to costs as projects approach financial close Proven ability to enter new markets and establish competitive position Established teams in key markets provide local presence to generate growth opportunities Capital plan to support growth Prudent capital strategy with multiple levers to support continued growth of business NO H WA ESKVLOTEC#40Looking Forward Northland's identified development projects to deliver substantial growth Existing Projects 3.2 GW1 9% CAGR Capitalized Devt Projects² 6.5 GW 2021 2027e 2. 3. 123 1. Based on installed gross capacity and before any potential sell downs 2027 includes contributions from capitalized growth projects only (Hai Long, Baltic Power, Suba, Nordsee Two and High Bridge) 2030 also includes contributions from identified growth projects (Dado, Chiba, N3 and Delta) in addition to capitalized projects Identified Devt Projects³ 9.0+ GW 2030e Capacity >2x By 2030 0 Total Pipeline 14 GW NORTHLAND POWER Northland Power | 40#41APPENDIX#42Shareholder Returns Track Record of Strong Returns to Shareholders An investor who invested in the IPO in 1987 would have realized a total return of over 2,200 %¹ 0 NORTHLAND POWER Annual Dividends (Distributions) per share $0.89 $1.20 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD 1. As at May 18, 2022 and assumes reinvestment of dividends Total Shareholder Returns 2022 1. Peer Group S&P/TSX Capped Utilities Index Northland Power 5-Year TSR NORTHLAND POWER NORTHLAND POWER 15% 14% 10-Year TSR Canadian IPP Peer Group includes Algonquin Power, Boralex, Brookfield Renewable, Capital Power, Innergex, and TransAlta. 2. As at May 18, 2022. Northland Power | 42#43Market Summary Key Metrics¹ Recent Share Price (TSX: NPI) Shares (Common) Annual Dividend 2022 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 Market data as at June 2, 2022 unless stated otherwise. 1. 2. As at March 31, 2022 3. 4. Received in September 2021 Reaffirmed in March 2022 $38.31 231 million $1.20 $1.15 $1.25 Billion - $1.20 $1.40 $1.65 $1.85 - $6.0 billion $236 million $8.9 billion $14.3 billion BBB Stable BBB Stable 0 NORTHLAND POWER Northland Power | 43#44European Offshore Wind Facility Details Gemini 600 MW Capacity Distance to Shore Wind Turbines Turbine Foundation Water Depth Total Project Costs Revenue Contract Type Revenue Contract Term 85km 150 x Siemens 4 MW Monopile 28m to 36m €2.8 Billion Contract for Differences (CFD) (FIT-Type) 15 years Nordsee One 332 MW 40km 54 Senvion x 6.15 MW Monopile 26m to 29m €1.2 Billion Feed in tariff ~ 10 years €194/MWh for 8 years, €154/MWh for 1.5 years [No escalation] Deutsche Bucht 0 NORTHLAND POWER 252 MW 95km 31 x MHI Vestas 8MW Monopile 39m to 41m €1.5 Billion Feed in tariff ~13 years €184/MWh for 8 years, ~€169/MWh Revenue Contract Price [No escalation] €149/MWh for 4.7 years [No escalation] Grid Connection Responsibility Gemini responsible for connection to shore Tennet responsible for connection to Tennet responsible for connection to shore shore NPI Ownership 60% 85% 100% Northland Power | 44#45Northland's Operating Assets On-time and on-schedule project execution Project 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 Spy Hill Efficient Natural Gas SK, CA 86 MW 100% 2036 North Battleford Efficient Natural Gas SK, CA 260 MW 100% 2033 Kirkland Lake Efficient Natural Gas ON, CA 132 MW 87%¹ 2030 ✓ EBSA Spain Portfolio² Regulated Distribution Utility Colombia n/a 99% Perpetual n/a Onshore Wind/Solar/Concentrated Spain 560 MW 99% 2031 n/a Solar Power 1. Northland has an effective 87% residual economic interest 2. Closed August 11, 2021 NORTHLAND POWER Northland Power | 45#46Project Pipeline Nearly 8 GW of capitalized and identified projects to support growth to 2030 Project Location Capitalized Growth Projects Technology Northland Current Size Ownership Status 0 NORTHLAND POWER Contract Type Est. COD Hai Long Taiwan Offshore Wind 1,044MW 60% Late-Stage Development 20-yr PPA 2026/2027 Baltic Power Poland Nordsee Two Germany Offshore Wind Offshore Wind Up to 1,200MW 49% Mid/Late -Stage development 20-yr PPA 2026 433MW 49% Mid-Stage development TBD 2026 Suba Colombia Solar 130MW 50% Late-Stage Development 15-yr PPA 2023 Highbridge United States Onshore Wind 100MW 100% Mid/Late-Stage development 20-yr PPA 2023 Total Capitalized Growth Projects 2,907 MW Identified Projects Nordsee Three Germany Offshore Wind 420MW 49% Mid-Stage Development Nordsee Delta Germany Chiba Japan Offshore Wind Offshore Wind 480MW 49% Mid-Stage Development 600MW 50% Early/Mid-Stage Development COD 2027-2030+ Dado South Korea Offshore Wind Up to 1000MW 100% Early/Mid-Stage Development Scotwind Hecate Scotland Canada Offshore Wind Offshore Wind 2340MW 100% 400MW 100% Early-Stage Development Early-Stage Development Total Identified Projects Additional Pipeline 5,240MW Various ~5,900MW Total Pipeline (Capitalized + Identified + Additional) ~14,000MW Early-Stage Development Northland Power | 46#47Onshore Renewables Our onshore business continues to grow to supplement growth in offshore wind 0 NORTHLAND POWER Our onshore strategy will provide nearly 1.2 GW of near-term growth to complement growth from our offshore wind portfolio Project Spain La Lucha Ball Hill and Bluestone High Bridge Helios Suba Technology Size Status COD Solar and wind 551MW Operational Solar 130MW Construction 2022 Wind 220MW Construction 2022 Wind 100MW Development 2023 Solar 16MW Construction 2022 Solar 130MW Development 2023 1,147MW Northland Power | 47#48Forward looking statement 0 NORTHLAND POWER 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 2021 Annual Report and 2021 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 June 2, 2022. Northland Power | 48#49Reporting of Non-IFRS Financial Measures NORTHLAND POWER 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 | 49#50NORTHLAND POWER 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