Northland Power Capitalized Growth & Strategic Overview

Committed 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

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