Northland Power Corporate Presentation

Prudent Financial Leverage Corporate Card Rating S&P Global Ratings BBB (Stable) (since 2013) Fitch Ratings BBB (Stable) (since Fall 2021) 0 NORTHLAND POWER Funding Model Reduces Equity Risk Project finance continues to be pillar of our funding philosophy and risk management. The majority of Northland's debt is fixed rate debt and the only variable debt is corporate credit facilities and revolving facilities 20231 Permanent growth funding starts with non-recourse project debt to align with contracted revenue term Majority of revenues are contracted through long- term PPAs Remaining sources of capital selected and optimized to maintain a strong investment grade credit rating Prudent level of financial buffer maintained to provide sufficient downside risk protection No corporate leverage at the moment providing significant funding flexibility Majority of debt is fixed rate and fixed term. Fixed Variable 1. Corporate debt includes issuance of hybrid debt in 2023 Long-term debt is non-recourse project level Fixed Variable 46 26

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