Northland’s Hai Long Offshore Wind Project Reaches Major Milestone: All 73 Turbines Installed and Generating Power

• Hai Long, Northland’s 1.0 GW facility in the Taiwan Strait and one of Asia’s largest offshore wind projects, has completed the installation of all 73 turbines, with all turbines now generating power.
• The project remains on track for final permitting approvals in the first half of 2027 as planned. Construction costs remain aligned with original expectations.
• Hai Long will deliver long-term contracted revenues under a 30-year offtake agreement.

TORONTO, Oct. 15, 2026 (GLOBE NEWSWIRE) — Northland Power Inc. (“Northland” or the “Company”) (TSX: NPI) today announced that all 73 turbines at Hai Long, its 1.0 GW offshore wind project in the Taiwan Strait, are now installed and generating power. The milestone substantially advances Hai Long toward final completion and reduces the project’s remaining construction risk. The project remains on track for final permitting approvals in the first half of 2027 as planned, with overall construction costs aligned with original expectations.

This achievement builds on Northland’s nearly two decades of offshore wind experience across Europe and Asia and reinforces the Company’s disciplined approach and strong track record in developing, constructing, and operating large-scale energy infrastructure.

“Installing all 73 turbines and generating power across the entire Hai Long project demonstrates Northland’s ability to safely execute complex, large-scale offshore wind projects,” said Christine Healy, President and Chief Executive Officer of Northland. “This milestone reflects the dedication, expertise, and collaboration of our joint project teams, contractors, suppliers, and partners, who have worked together to advance one of Asia’s largest offshore wind projects. Hai Long showcases our project execution capabilities and reinforces our ability to develop, construct, and operate energy infrastructure globally.”

The Hai Long Project is being constructed by Northland (30.6%) jointly with Mitsui & Co. (40%) and Gentari International Renewables Pte. Ltd (29.4%). Hai Long is one of Asia’s largest offshore wind projects, located approximately 45 to 70 kilometres off the coast of Changhua County in the Taiwan Strait. The project will generate enough electricity to power more than one million Taiwanese households, supported by a 30-year offtake agreement providing contracted revenues to contribute to Northland’s long-term cash flow generation.

ABOUT NORTHLAND POWER

Northland Power is a Canadian-headquartered global power producer delivering the electricity the world needs through offshore wind, onshore renewables, battery storage, and natural gas-fired generation. With offices in seven countries, Northland owns, in whole or in part, 3.6 GW of gross operating generating capacity, 2.4 GW under construction, and an approximately 8 GW development pipeline.

Publicly traded since 1997, Northland’s Common Shares, and 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.

FORWARD LOOKING INFORMATION

This news 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 “anticipates”, “expects,” “believes,” 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 timing of commercial operations and final permitting and the cost expectations for the Project, the expected scale of the Project and its anticipated capacity to generate renewable electricity, the expected sufficiency of funding to cover Project requirements, the contribution of the Project to Northland’s targets and the size of Northland’s development pipeline,
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 the provisions of contracts to which Northland or a subsidiary is a party, 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 “Risk Factors” section of Northland’s Management’s Discussion and Analysis and Annual Information Form for the year ended December 31, 2025, 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.

For further information, please contact:

Alison Holditch, Head of Investor Relations
+ 1 (416) 989-8734
investorrelations@northlandpower.com

Victor Gravili, Vice President of Corporate Affairs
+1 (416) 895-5433
communications@northlandpower.com