The management proxy circular (available at www.capitalpower.com/AGM) provides detailed information about the business of the meeting and the voting process. The Company will only conduct the formal business of the meeting. Shareholders and duly appointed proxyholders will have the opportunity to ask questions related to the business of the meeting. Following the formal portion of the meeting, the Company will hold a question and answer session to answer any questions that relate to the business of the Company.

Territorial Acknowledgement

In the spirit of reconciliation, Capital Power respectfully acknowledges that we operate within the ancestral homelands, traditional and treaty territories of the Indigenous Peoples of Turtle Island, or North America. Capital Power’s head office is located within the traditional and contemporary home of many Indigenous Peoples of the Treaty 6 Territory and Métis Nation of Alberta Region 4. We acknowledge the diverse Indigenous communities located in these areas and whose presence continues to enrich the community.

About Capital Power

Capital Power (TSX: CPX) is a growth-oriented power producer with approximately 10 GW of power generation at 30 facilities across North America. We prioritize safely delivering reliable and affordable power communities can depend on, building lower-carbon power systems, and creating balanced solutions for our energy future. We are Powering Change by Changing Power.

The post Capital Power to host virtual Annual General Meeting on April 29 appeared first on Capital Power.

“In Q4 2024, we proudly completed our Genesee Repowering project, transitioning Capital Power and the Province of Alberta off coal. This project dramatically reduced our carbon emissions and added significant lower heat rate capacity – making our Genesee 1 and 2 Canada’s most efficient natural gas combined cycle units². In addition to growing our capacity in Alberta, we diversified our fleet through U.S. acquisitions while advancing development across our renewables and flexible generation assets in Canada and the U.S. We are set up for success, with a fleet of well-maintained and optimized assets and access to multiple sources of attractively priced capital. With our expanded North American presence, Capital Power is positioned to continue growing to meet this unprecedented era of energy expansion,” said Avik Dey, President and CEO of Capital Power.

“Our financial results continue to demonstrate the prudence of our strategy and focus on geographic diversification, pro-active risk management and long-term contractedness. These efforts stabilize our cash flows which, along with the dividend, offer a compelling total return. Our strong financial position means our 2025 capital spend, including the advancement of fully contracted projects and maintenance capital, is fully funded along with our dividend. This strong financial position is driven by our base cash flows that are almost entirely long-term contracted or hedged; our cash on hand derived from selling down renewable assets, and successfully executing our largest ever bought deal equity financing. This positions us better than ever to pursue acquisitions as part of our growth strategy while maintaining financial stability,” stated Sandra Haskins, SVP Finance and CFO of Capital Power.

1. Anticipated GHG emission reductions from Genesee Repowering project and transition off-coal compared to 2019 facility emissions.
2. Repowered Units 1 and 2 at Genesee Generating Station use Mitsubishi M501JAC turbines and Vogt heat recovery steam generators in combined cycle mode are the most efficient combined cycle units currently operating in Canada.

Operational and Financial Highlights¹

1. The operational and financial highlights in this press release should be read in conjunction with the Business Report and the audited consolidated financial statements for the year ended December 31, 2024.
2. Earnings before net finance expense, income tax expense, depreciation and amortization, impairments, foreign exchange gains or losses, finance expense and depreciation expense from joint venture interests, gains or losses on disposals and other transactions and unrealized changes in fair value of commodity derivatives and emissions credits and other items that are not reflective of the long-term performance of the Company’s underlying business (adjusted EBITDA) and AFFO are used as non-GAAP financial measures by the Company. The Company also uses AFFO per share which is a non-GAAP ratio. These measures and ratios do not have standardized meanings under GAAP and are, therefore, unlikely to be comparable to similar measures used by other enterprises. See Non-GAAP Financial Measures and Ratios.
3. Includes depreciation and amortization for the three months ended December 31, 2024 and 2023 of $137 million and $142 million, respectively, and for the year ended December 31, 2024 and 2023 of $503 million and $574 million, respectively. Budgeted depreciation and amortization for 2025 is $128 million per quarter.

Significant Events

Renewable power asset sell-down

On December 20, 2024, the Company closed its sale of 49% interests in the Quality Wind facility in British Columbia and the Port Dover and Nanticoke Wind facility in Ontario to Axium Infrastructure. Total pre-tax cash proceeds from the transaction are $333 million, inclusive of working capital. At December 31, 2024, transaction fees of $7 million have been recorded within trade and other payables.

The two wind facilities are fully contracted with investment grade counterparties and have a remaining weighted average contract life of ~11 years. Capital Power will continue to manage and operate the assets on behalf of the newly formed partnership under a long-term asset management agreement. Consistent with its strategy, the transaction represents the crystallization of a levered equity return in excess of Capital Power’s capital allocation thresholds and enhances its financial flexibility.

$460 million bought offering of common shares

On December 17, 2024, the Company completed a public offering of 7,820,000 common shares (inclusive of the full exercise of a 1,020,000 common shares over-allotment option), at an issue price of $58.80 per common share for total gross proceeds of approximately $460 million (the Offering) less issue costs of $19 million.

The Company intends to use the net proceeds from the Offering to fund future potential acquisitions and growth opportunities and for general corporate purposes.

Genesee is off coal and repowering achieves commercial operations

On June 18, 2024, the Company reached a significant milestone for the Genesee Repowering project with the announcement that the Genesee Generating Station is off coal and now 100% natural gas-fueled, resulting in the facility being off coal more than 5 years ahead of the Alberta government mandate.

On December 13, 2024, the Company announced that its Genesee Repowering project as Genesee Unit 2 achieved combined cycle commercial operations. This milestone marked a significant phase in the Genesee Repowering project resulting in Genesee Units 1 and 2 becoming Canada’s most efficient natural gas combined cycle facility³. The advancement of this project increases overall capacity at the Genesee Generating Station by 512 MW and reduces CO₂ emissions (Scope 1) by 3.4 MT annually⁴ – representing a ~60% increase in capacity while reducing emissions (Scope 1) by ~40%.

The approximately $1.5 billion project began construction in summer 2021 requiring more than 5.8 million hours of labour with a peak of ~1,250 workers on site. Located entirely within the footprint of the existing Genesee Generating Station, the project involved installing two new Mitsubishi M501JAC gas-fired combustion turbines and Vogt triple-pressure heat recovery steam generators, while utilizing the units’ existing steam turbine generators.

The Genesee Generating Station is now capable of delivering up to 1,857 MW of reliable, affordable and lower-carbon power for Alberta’s thriving economy. The significant baseload generation available on the 26,000+ acre site supports grid-wide reliability while presenting opportunities for future development, energizing the Alberta advantage for new technologies, industries and growth. With the project now complete, Capital Power will be referring to the Genesee Generating Station as a single facility in our portfolio (30 total facilities instead of 32 when counting all three units separately).

Refinancing of York Energy

On November 27, 2024, York Energy successfully refinanced and upsized its existing term loan for an additional approximately ten-year term maturing April 30, 2035. The $315 million term loan bears interest at a fixed rate of 5.34% and is repayable in quarterly installments. This refinancing creates interest savings of approximately 0.66% and extends the maturity to align with the power purchase agreements expiring in 2035.

Organizational review – voluntary departure program

On October 24, 2024, the Company announced the rollout of the voluntary departure program (VDP) and achieved a reduction in its Canada-based corporate employees of approximately 40% (165 positions). The VDP is the result of a strategic organizational review to optimize the organization to scale and grow efficiently, inclusive of decentralizing corporate functions, reducing headcount in certain areas and expanding in key growth areas.

In connection with the restructuring, the Company incurred a total cost of $49 million, which includes $10 million related to employee benefit costs that would have otherwise been incurred in future periods. The total restructuring costs are expected to be paid within the next six months as the employees participating in the VDP will depart the Company by June 2025.

3. Repowered Units 1 and 2 at Genesee Generating Station use Mitsubishi M501JAC turbines and Vogt heat recovery steam generators in combined cycle mode are the most efficient combined cycle units currently operating in Canada.
4. Anticipated GHG emission reductions from Genesee Repowering project and transition off-coal compared to 2019 facility emissions.

Non-GAAP Financial Measures and Ratios

Capital Power uses (i) earnings before net finance expense, income tax expense, depreciation and amortization, impairments, foreign exchange gains or losses, finance expense and depreciation expense from our joint venture interests, gains or losses on disposals and unrealized changes in fair value of commodity derivatives and emission credits (adjusted EBITDA), and (ii) AFFO as specified financial measures. Adjusted EBITDA and AFFO are both non-GAAP financial measures.

Capital Power also uses AFFO per share as a specified performance measure. This measure is a non-GAAP ratio determined by applying AFFO to the weighted average number of common shares used in the calculation of basic and diluted earnings per share.

These terms are not defined financial measures according to GAAP and do not have standardized meanings prescribed by GAAP and, therefore, are unlikely to be comparable to similar measures used by other enterprises. These measures should not be considered alternatives to net income, net income attributable to shareholders of Capital Power, net cash flows from operating activities or other measures of financial performance calculated in accordance with GAAP. Rather, these measures are provided to complement GAAP measures in the analysis of our results of operations from management’s perspective.

Forward-looking Information

Forward-looking information or statements included in this press release are provided to inform the Company’s shareholders and potential investors about management’s assessment of Capital Power’s future plans and operations. This information may not be appropriate for other purposes. The forward-looking information in this press release is generally identified by words such as will, anticipate, believe, plan, intend, target, and expect or similar words that suggest future outcomes.

Material forward-looking information in this press release includes disclosures regarding (i) forecasted 2025 depreciation, (ii) the timing of, funding of, generation capacity of, costs of technologies selected for, environmental benefits or commercial and partnership arrangements regarding existing, planned and potential development projects and acquisitions (including the repowering of Genesee 1 and 2, and La Paloma and Harquahala acquisitions), (iii) the financial impacts of the La Paloma and Harquahala acquisitions, (iv) the ability of profit-sharing arrangements to support partner communities, (v) the performance of future projects and the performance of such projects in comparison to the market, and (vi) the future energy needs of certain jurisdictions.

These statements are based on certain assumptions and analyses made by the Company considering its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate including its review of purchased businesses and assets. The material factors and assumptions used to develop these forward-looking statements relate to: (i) electricity, other energy and carbon prices, (ii) performance, (iii) business prospects (including potential re-contracting of facilities) and opportunities including expected growth and capital projects, (iv) status of and impact of policy, legislation and regulations and (v) effective tax rates.

Whether actual results, performance or achievements will conform to the Company’s expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results and experience to differ materially from the Company’s expectations. Such material risks and uncertainties are: (i) changes in electricity, natural gas and carbon prices in markets in which the Company operates and the use of derivatives, (ii) regulatory and political environments including changes to environmental, climate, financial reporting, market structure and tax legislation, (iii) disruptions, or price volatility within our supply chains, (iv) generation facility availability, wind capacity factor and performance including maintenance expenditures, (v) ability to fund current and future capital and working capital needs, (vi) acquisitions and developments including timing and costs of regulatory approvals and construction, (vii) changes in the availability of fuel, (viii) ability to realize the anticipated benefits of acquisitions, (ix) limitations inherent in the Company’s review of acquired assets, (x) changes in general economic and competitive conditions and (xi) changes in the performance and cost of technologies and the development of new technologies, new energy efficient products, services and programs. See Risks and Risk Management in the Company’s Integrated Annual Report for the year ended December 31, 2024, prepared as of February 25, 2025, for further discussion of these and other risks.

Readers are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the specified approval date. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

Territorial Acknowledgement

In the spirit of reconciliation, Capital Power respectfully acknowledges that we operate within the ancestral homelands, traditional and treaty territories of the Indigenous Peoples of Turtle Island, or North America. Capital Power’s head office is located within the traditional and contemporary home of many Indigenous Peoples of the Treaty 6 region and Métis Nation of Alberta Region 4. We acknowledge the diverse Indigenous communities that are located in these areas and whose presence continues to enrich the community.

About Capital Power

Capital Power is a growth-oriented power producer with approximately 10 GW of power generation at 30 facilities across North America. We prioritize safely delivering reliable and affordable power communities can depend on, building clean power systems, and creating balanced solutions for our energy future. We are Powering Change by Changing Power^TM.

Supporting Document

• 2024 Integrated Annual Report

The post Capital Power announces fourth quarter and year-end 2024 results appeared first on Capital Power.

The Board of Directors also declared the following dividends on its Cumulative Rate Reset Preference Shares:

The dividends for the common shares and preference shares are 100% eligible dividends as defined by the Income Tax Act. Under this legislation, individuals resident in Canada may be entitled to enhanced dividend tax credits that reduce the income tax otherwise payable on these dividends.

Territorial Acknowledgement

In the spirit of reconciliation, Capital Power respectfully acknowledges that we operate within the ancestral homelands, traditional and treaty territories of the Indigenous Peoples of Turtle Island, or North America. Capital Power’s head office is located within the traditional and contemporary home of many Indigenous Peoples of the Treaty 6 region and Métis Nation of Alberta Region 4. We acknowledge the diverse Indigenous communities that are located in these areas and whose presence continues to enrich the community.

About Capital Power

Capital Power (TSX: CPX) is a growth-oriented power producer with approximately 10 GW of power generation at 30 facilities across North America. We prioritize safely delivering reliable and affordable power communities can depend on, building clean power systems, and creating balanced solutions for our energy future. We are Powering Change by Changing Power.

The post Capital Power declares dividends for its Common and Preference shares appeared first on Capital Power.

Capital Power’s IAR will include our year-end financial information, environmental, social and governance reporting, a Sustainability Accounting Standards Board index, and disclosures in accordance with the Task Force on Climate-related Financial Disclosures.

Territorial Acknowledgement

In the spirit of reconciliation, Capital Power respectfully acknowledges that we operate within the ancestral homelands, traditional and treaty territories of the Indigenous Peoples of Turtle Island, or North America. Capital Power’s head office is located within the traditional and contemporary home of many Indigenous Peoples of the Treaty 6 Territory and Métis Nation of Alberta Region 4. We acknowledge the diverse Indigenous communities that are located in these areas and whose presence continues to enrich the community.

About Capital Power

Capital Power (TSX: CPX) is a growth-oriented power producer with approximately 10 GW of power generation at 30 facilities across North America. We prioritize safely delivering reliable and affordable power communities can depend on, building clean power systems, and creating balanced solutions for our energy future. We are Powering Change by Changing Power.

The post Capital Power to release fourth quarter 2024 results and 2024 Integrated Annual Report on February 26 appeared first on Capital Power.

Territorial Acknowledgement

In the spirit of reconciliation, Capital Power respectfully acknowledges that we operate within the ancestral homelands, traditional and treaty territories of the Indigenous Peoples of Turtle Island, or North America. Capital Power’s head office is located within the traditional and contemporary home of many Indigenous Peoples of the Treaty 6 region and Métis Nation of Alberta Region 4. We acknowledge the diverse Indigenous communities that are located in these areas and whose presence continues to enrich the community.

About Capital Power

Capital Power (TSX: CPX) is a growth-oriented power producer with approximately 10 GW of power generation at 30 facilities across North America. We prioritize safely delivering reliable and affordable power communities can depend on, building clean power systems, and creating balanced solutions for our energy future. We are Powering Change by Changing Power.

The post Capital Power hosts 2025 guidance webcast on January 16 appeared first on Capital Power.

The renewable power asset sell-down transaction was previously announced on November 26, 2024. Total pre-tax cash proceeds to Capital Power from the transaction are expected to be approximately $340 million, inclusive of working capital. Capital Power will remain as operator for the facilities and receive an asset management fee.

Territorial Acknowledgement

In the spirit of reconciliation, Capital Power respectfully acknowledges that we operate within the ancestral homelands, traditional and treaty territories of the Indigenous Peoples of Turtle Island, or North America. Capital Power’s head office is located within the traditional and contemporary home of many Indigenous Peoples of the Treaty 6 region and Métis Nation of Alberta Region 4. We acknowledge the diverse Indigenous communities that are located in these areas and whose presence continues to enrich the community.

About Capital Power

Capital Power (TSX: CPX) is a growth-oriented power producer with approximately 9,800 MW of power generation at 30 facilities across North America. We prioritize safely delivering reliable and affordable power communities can depend on, building clean power systems, and creating balanced solutions for our energy future. We are Powering Change by Changing Power.

About Axium Infrastructure Inc.

Axium Infrastructure (comprised of Axium Infrastructure Inc. and its affiliated entities) is an independent portfolio management firm dedicated to generating long-term investment returns through investing in core infrastructure assets. Axium Infrastructure had over C$11.5 billion in assets under management as of September 30, 2024, as well as approximately C$2.0 billion in co-investments. With offices in Montreal, Toronto, Vancouver, New York, and London, the firm benefits from the capabilities of a group of specialists with decades of experience acquiring, developing, financing, operating, and managing infrastructure assets. Focus is placed on assets that are supported by robust market demand and under long-term contract with creditworthy counterparties. Since 2010, the firm has invested in a diversified portfolio of over 265 infrastructure assets. For further information, including information about other infrastructure assets the firm has invested in, please visit www.axiuminfra.com. This release is for informational purposes only and does not constitute an offer or solicitation to buy securities of any entity.

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The Offering was first announced on December 10, 2024 when the Company entered into an agreement with a syndicate of underwriters led by TD Securities Inc. and Scotiabank. The Company announced that it had increased the size of the Offering on December 11, 2024. The net proceeds from the Offering are intended to fund future potential acquisitions and growth opportunities and for general corporate purposes.

All references to dollar amounts contained herein are to Canadian dollars.

U.S. Securities Laws Disclosures

The distribution of this announcement may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

No securities regulatory authority has either approved or disapproved of the contents of this press release. This announcement does not constitute an offer of securities for sale in the United States, nor may any securities referred to herein be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), and the rules and regulations thereunder. The securities referred to herein have not and will not be registered under the U.S. Securities Act or any state securities laws, and except pursuant to exemptions from registration requirements of the U.S. Securities Act or any state securities laws, there is no intention to register any of the securities in the United States or to conduct a public offering of securities in the United States. Such securities may be offered in the United States only to “qualified institutional buyers” (as defined in and in reliance on Rule 144A under the U.S. Securities Act).

Forward-looking Information

Forward-looking information or statements included in this press release are provided to inform the Company’s shareholders and potential investors about management’s assessment of Capital Power’s future plans and operations. This information may not be appropriate for other purposes. The forward-looking information in this press release is generally identified by words such as will, anticipate, believe, plan, intend, target, and expect or similar words that suggest future outcomes. This press release includes forward-looking information and statements pertaining to the intended use of the net proceeds of the Offering.

These statements are based on certain assumptions and analyses made by Capital Power considering its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate including its review of purchased businesses and assets. The material factors and assumptions used to develop these forward-looking statements relate to: (i) electricity natural gas, other energy and carbon prices, (ii) performance, (iii) business prospects and opportunities, (iv) the status of and impact of policy, legislation and regulations and (v) effective tax rates.

Whether actual results, performance or achievements will conform to Capital Power’s expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results and experience to differ materially from Capital Power’s expectations. Such material risks and uncertainties include: (i) changes in electricity, natural gas and carbon prices in markets in which Capital Power operates and Capital Power’s use of derivatives, (ii) regulatory and political environments, including changes to environmental, climate, financial reporting, market structure and tax legislation, (iii) disruptions or price volatility within Capital Power’s supply chains, (iv) generation facility availability, wind capacity factor and performance, including maintenance expenditures, (v) ability to fund current and future capital and working capital needs, (vi) acquisitions, dispositions and developments, including timing and costs of regulatory approvals and construction, (vii) changes in the availability of fuel, (viii) the ability to realize the anticipated benefits of acquisitions and dispositions, (ix) limitations inherent in Capital Power’s review of acquired assets, (x) changes in general economic and competitive conditions, including inflation and the potential for a recession and (xi) changes in the performance and cost of technologies and the development of new technologies, and new energy efficient products, services and programs. See Risks and Risk Management in Capital Power’s Integrated Annual Report for the year ended December 31, 2023, prepared as of February 27, 2024, and Capital Power’s interim Management’s Discussion and Analysis for the three and nine months ended September 30, 2024, under Capital Power’s profile on SEDAR+ (www.sedarplus.ca), and other reports filed by Capital Power with Canadian securities regulators.

Readers are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the specified approval date. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by applicable securities laws.

Territorial Acknowledgement

In the spirit of reconciliation, Capital Power respectfully acknowledges that we operate within the ancestral homelands, traditional and treaty territories of the Indigenous Peoples of Turtle Island, or North America. Capital Power’s head office is located within the traditional and contemporary home of many Indigenous Peoples of the Treaty 6 region and Métis Nation of Alberta Region 4. We acknowledge the diverse Indigenous communities that are located in these areas and whose presence continues to enrich the community.

About Capital Power

Capital Power (TSX: CPX) is a growth-oriented power producer with approximately 9,800 MW of power generation at 30 facilities across North America. We prioritize safely delivering reliable and affordable power communities can depend on, building clean power systems, and creating balanced solutions for our energy future. We are Powering Change by Changing Power.

The post Capital Power Announces Closing of $460 Million Offering of Common Shares appeared first on Capital Power.

“Our Genesee Repowering project is immensely impactful for North American power generation, demonstrating there is a valuable life after coal for legacy facilities. As we’re witnessing a drastic rise in energy demand in tandem with coal facilities coming offline, there has never been a bigger need or a better time for innovation of this scale,” said Avik Dey, President and CEO of Capital Power. “Our investment in Genesee ensures we can continue to reliably power Alberta’s economy during the harshest winter nights and hottest summer days, while also unlocking major opportunities to power the many drivers of the energy expansion. This is a proud moment in our history that we’re incredibly excited to build on.”

“It is incredibly exciting to see the Genesee Repowering project be fully completed. This additional clean natural gas-powered generation is yet another big step towards ensuring Alberta’s electricity is affordable, reliable, and sustainable for generations to come. I commend Capital Power for their continued innovation in Alberta’s power market,” said Honourable Nathan Neudorf, Minister of Affordability and Utilities, Government of Alberta.

The approximately $1.6 billion project began construction in summer 2021 requiring more than 5.8 million hours of labour with a peak of ~1,250 workers on site. Located entirely within the footprint of the existing Genesee Generating Station, the project involved installing two new Mitsubishi M501JAC gas-fired combustion turbines and Vogt triple-pressure heat recovery steam generators, while utilizing the units’ existing steam turbine generators. In June 2024, the project achieved simple cycle operations for both units which resulted in the facility becoming 100% natural gas fueled – moving Capital Power and Alberta off coal five years ahead of government mandate.

The Genesee Generating Station is now capable of delivering up to 1,857 MW of reliable, affordable and cleaner power for Alberta’s thriving economy. The significant baseload generation available on the 26,000+ acre site supports grid-wide reliability while presenting opportunities for future development, energizing the Alberta advantage for new technologies, industries and growth. With the project now complete, Capital Power will be referring to the Genesee Generating Station as a single facility in our portfolio (30 total facilities instead of 32 when counting all three units separately).

More Information

Media Resources

Media are welcome to use the following photos and videos for use when reporting on the Genesee Generating Station. Other uses require written permission from Capital Power – please contact kperron@capitalpower.com for more information or to arrange an interview.

Genesee Media Resources

Territorial Acknowledgement

In the spirit of reconciliation, Capital Power respectfully acknowledges that we operate within the ancestral homelands, traditional and treaty territories of the Indigenous Peoples of Turtle Island, or North America. Capital Power’s head office is located within the traditional and contemporary home of many Indigenous Peoples of the Treaty 6 region and Métis Nation of Alberta Region 4. We acknowledge the diverse Indigenous communities that are located in these areas and whose presence continues to enrich the community.

About Capital Power

Capital Power (TSX: CPX) is a growth-oriented power producer with approximately 9,800 MW of power generation at 30 facilities across North America. We prioritize safely delivering reliable and affordable power communities can depend on, building clean power systems, and creating balanced solutions for our energy future. We are Powering Change by Changing Power.

The post Genesee Repowering Achieves Commercial Operations appeared first on Capital Power.

The Underwriters have also been granted an option (the “Over-Allotment Option”) to purchase up to an additional 1,020,000 Common Shares at the Offering Price. The Over-Allotment Option is exercisable, in whole or in part, at any time for a period of 30 days following the closing of the Offering. If the Over-Allotment Option is exercised in full, total gross proceeds to the Company from the Offering will be approximately $460 million.

The Company intends to use the net proceeds from the Offering to fund future potential acquisitions and growth opportunities and for general corporate purposes.

The Common Shares will be offered in all provinces and territories of Canada by way of a prospectus supplement (the “Prospectus Supplement”) to Capital Power’s base shelf prospectus dated June 12, 2024 (the “Base Shelf Prospectus”). The Prospectus Supplement will be filed with the securities commissions or securities regulatory authorities in all the provinces and territories of Canada on or before December 12, 2024. The Common Shares will also be offered on a private placement basis to “qualified institutional buyers” pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended (the “U.S. Securities Act”).

Completion of the Offering is subject to customary conditions, including requirements of the TSX. Closing of the Offering is anticipated to occur on December 17, 2024.

All references to dollar amounts contained herein are to Canadian dollars.

The distribution of this announcement may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

No securities regulatory authority has either approved or disapproved of the contents of this press release. This announcement does not constitute an offer of securities for sale in the United States, nor may any securities referred to herein be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act, and the rules and regulations thereunder. The securities referred to herein have not and will not be registered under the U.S. Securities Act or any state securities laws, and except pursuant to exemptions from registration requirements of the U.S. Securities Act or any state securities laws, there is no intention to register any of the securities in the United States or to conduct a public offering of securities in the United States. Such securities may be offered in the United States only to “qualified institutional buyers” (as defined in and in reliance on Rule 144A under the U.S. Securities Act).

Access to the Base Shelf Prospectus, the Prospectus Supplement, and any amendments to the documents will be provided in accordance with securities legislation relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment. The Base Shelf Prospectus is, and the Prospectus Supplement will be (within two business days of the date hereof), accessible on the System for Electronic Data Analysis and Retrieval + (“SEDAR+”) at www.sedarplus.ca. The Common Shares are offered under the Prospectus Supplement. An electronic or paper copy of the Base Shelf Prospectus, the Prospectus Supplement (when filed), and any amendment to the documents may be obtained without charge, from TD Securities at 1625 Tech Avenue, Mississauga, Ontario L4W 5P5 Attention: Symcor, NPM, or by telephone at (289) 360-2009 or by email at sdcconfirms@td.com by providing the contact with an email address or address, as applicable. The Base Shelf Prospectus and Prospectus Supplement contain important, detailed information about the Company and the proposed Offering. Prospective investors should read the Base Shelf Prospectus and Prospectus Supplement (when filed) before making an investment decision.

Forward-looking Information

Forward-looking information or statements included in this press release are provided to inform the Company’s shareholders and potential investors about management’s assessment of Capital Power’s future plans and operations. This information may not be appropriate for other purposes. The forward-looking information in this press release is generally identified by words such as will, anticipate, believe, plan, intend, target, and expect or similar words that suggest future outcomes. This press release includes forward-looking information and statements pertaining to the expected amount and intended use of the net proceeds of the Offering, any exercise of the Over-Allotment Option, the expected closing date of the Offering, North American power demand, the renewable sell-down transaction, and opportunities available to the Company.

These statements are based on certain assumptions and analyses made by Capital Power considering its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate including its review of purchased businesses and assets. The material factors and assumptions used to develop these forward-looking statements relate to: (i) electricity natural gas, other energy and carbon prices, (ii) performance, (iii) business prospects and opportunities, (iv) the status of and impact of policy, legislation and regulations and (v) effective tax rates.

Whether actual results, performance or achievements will conform to Capital Power’s expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results and experience to differ materially from Capital Power’s expectations. Such material risks and uncertainties include: (i) changes in electricity, natural gas and carbon prices in markets in which Capital Power operates and Capital Power’s use of derivatives, (ii) regulatory and political environments, including changes to environmental, climate, financial reporting, market structure and tax legislation, (iii) disruptions or price volatility within Capital Power’s supply chains, (iv) generation facility availability, wind capacity factor and performance, including maintenance expenditures, (v) ability to fund current and future capital and working capital needs, (vi) acquisitions, dispositions and developments, including timing and costs of regulatory approvals and construction, (vii) changes in the availability of fuel, (viii) the ability to realize the anticipated benefits of acquisitions and dispositions, (ix) limitations inherent in Capital Power’s review of acquired assets, (x) changes in general economic and competitive conditions, including inflation and the potential for a recession and (xi) changes in the performance and cost of technologies and the development of new technologies, and new energy efficient products, services and programs. See Risks and Risk Management in Capital Power’s Integrated Annual Report for the year ended December 31, 2023, prepared as of February 27, 2024, and Capital Power’s interim Management’s Discussion and Analysis for the three and nine months ended September 30, 2024, under Capital Power’s profile on SEDAR+ (www.sedarplus.ca), and other reports filed by Capital Power with Canadian securities regulators.

Readers are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the specified approval date. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by applicable securities laws.

Territorial Acknowledgement

In the spirit of reconciliation, Capital Power respectfully acknowledges that we operate within the ancestral homelands, traditional and treaty territories of the Indigenous Peoples of Turtle Island, or North America. Capital Power’s head office is located within the traditional and contemporary home of many Indigenous Peoples of the Treaty 6 region and Métis Nation of Alberta Region 4. We acknowledge the diverse Indigenous communities that are located in these areas and whose presence continues to enrich the community.

About Capital Power

Capital Power (TSX: CPX) is a growth-oriented power producer with approximately 9,300 MW of power generation at 32 facilities across North America. We prioritize safely delivering reliable and affordable power communities can depend on, building clean power systems, and creating balanced solutions for our energy future. We are Powering Change by Changing Power.

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The Underwriters have also been granted an option (the “Over-Allotment Option”) to purchase up to an additional 894,000 Common Shares at the Offering Price. The Over-Allotment Option is exercisable, in whole or in part, at any time for a period of 30 days following the closing of the Offering. If the Over-Allotment Option is exercised in full, total gross proceeds to the Company from the Offering will be approximately $403 million.

The Company intends to use the net proceeds from the Offering to fund future potential acquisitions and growth opportunities and for general corporate purposes. “North American power demand is undergoing unprecedented and multi-faceted growth, highlighting the need for reliable generation. Amid this backdrop, we are focused on opportunities to enhance our strategically positioned asset base but remain disciplined and focused on achieving our stated investment return thresholds. This financing, together with our recent renewable sell-down transaction, augments our strong balance sheet and positions us well to fund future growth opportunities,” said Avik Dey, President and Chief Executive Officer of Capital Power.

The Common Shares will be offered in all provinces and territories of Canada by way of a prospectus supplement (the “Prospectus Supplement”) to Capital Power’s base shelf prospectus dated June 12, 2024 (the “Base Shelf Prospectus”). The Prospectus Supplement will be filed with the securities commissions or securities regulatory authorities in all the provinces and territories of Canada on or before December 12, 2024. The Common Shares will also be offered on a private placement basis to “qualified institutional buyers” pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended (the “U.S. Securities Act”).

Completion of the Offering is subject to customary conditions, including requirements of the TSX. Closing of the Offering is anticipated to occur on December 17, 2024.

All references to dollar amounts contained herein are to Canadian dollars.

The distribution of this announcement may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

No securities regulatory authority has either approved or disapproved of the contents of this press release. This announcement does not constitute an offer of securities for sale in the United States, nor may any securities referred to herein be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act, and the rules and regulations thereunder. The securities referred to herein have not and will not be registered under the U.S. Securities Act or any state securities laws, and except pursuant to exemptions from registration requirements of the U.S. Securities Act or any state securities laws, there is no intention to register any of the securities in the United States or to conduct a public offering of securities in the United States. Such securities may be offered in the United States only to “qualified institutional buyers” (as defined in and in reliance on Rule 144A under the U.S. Securities Act).

Access to the Base Shelf Prospectus, the Prospectus Supplement, and any amendments to the documents will be provided in accordance with securities legislation relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment. The Base Shelf Prospectus is, and the Prospectus Supplement will be (within two business days of the date hereof), accessible on the System for Electronic Data Analysis and Retrieval + (“SEDAR+”) at www.sedarplus.ca.The Common Shares are offered under the Prospectus Supplement. An electronic or paper copy of the Base Shelf Prospectus, the Prospectus Supplement (when filed), and any amendment to the documents may be obtained without charge, from TD Securities at 1625 Tech Avenue, Mississauga, Ontario L4W 5P5 Attention: Symcor, NPM, or by telephone at (289) 360-2009 or by email at sdcconfirms@td.com by providing the contact with an email address or address, as applicable. The Base Shelf Prospectus and Prospectus Supplement contain important, detailed information about the Company and the proposed Offering. Prospective investors should read the Base Shelf Prospectus and Prospectus Supplement (when filed) before making an investment decision.

Forward-looking Information

Forward-looking information or statements included in this press release are provided to inform the Company’s shareholders and potential investors about management’s assessment of Capital Power’s future plans and operations. This information may not be appropriate for other purposes. The forward-looking information in this press release is generally identified by words such as will, anticipate, believe, plan, intend, target, and expect or similar words that suggest future outcomes. This press release includes forward-looking information and statements pertaining to the expected amount and intended use of the net proceeds of the Offering, any exercise of the Over-Allotment Option, the expected closing date of the Offering, North American power demand, the renewable sell-down transaction, and opportunities available to the Company.

These statements are based on certain assumptions and analyses made by Capital Power considering its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate including its review of purchased businesses and assets. The material factors and assumptions used to develop these forward-looking statements relate to: (i) electricity natural gas, other energy and carbon prices, (ii) performance, (iii) business prospects and opportunities, (iv) the status of and impact of policy, legislation and regulations and (v) effective tax rates.

Whether actual results, performance or achievements will conform to Capital Power’s expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results and experience to differ materially from Capital Power’s expectations. Such material risks and uncertainties include: (i) changes in electricity, natural gas and carbon prices in markets in which Capital Power operates and Capital Power’s use of derivatives, (ii) regulatory and political environments, including changes to environmental, climate, financial reporting, market structure and tax legislation, (iii) disruptions or price volatility within Capital Power’s supply chains, (iv) generation facility availability, wind capacity factor and performance, including maintenance expenditures, (v) ability to fund current and future capital and working capital needs, (vi) acquisitions, dispositions and developments, including timing and costs of regulatory approvals and construction, (vii) changes in the availability of fuel, (viii) the ability to realize the anticipated benefits of acquisitions and dispositions, (ix) limitations inherent in Capital Power’s review of acquired assets, (x) changes in general economic and competitive conditions, including inflation and the potential for a recession and (xi)changes in the performance and cost of technologies and the development of new technologies, and new energy efficient products, services and programs. See Risks and Risk Management in Capital Power’s Integrated Annual Report for the year ended December 31, 2023, prepared as of February 27, 2024, and Capital Power’s interim Management’s Discussion and Analysis for the three and nine months ended September 30, 2024, under Capital Power’s profile on SEDAR+ (www.sedarplus.ca), and other reports filed by Capital Power with Canadian securities regulators.

Readers are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the specified approval date. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by applicable securities laws.

Territorial Acknowledgement

In the spirit of reconciliation, Capital Power respectfully acknowledges that we operate within the ancestral homelands, traditional and treaty territories of the Indigenous Peoples of Turtle Island, or North America. Capital Power’s head office is located within the traditional and contemporary home of many Indigenous Peoples of the Treaty 6 region and Métis Nation of Alberta Region 4. We acknowledge the diverse Indigenous communities that are located in these areas and whose presence continues to enrich the community.

About Capital Power

Capital Power (TSX: CPX) is a growth-oriented power producer with approximately 9,300 MW of power generation at 32 facilities across North America. We prioritize safely delivering reliable and affordable power communities can depend on, building clean power systems, and creating balanced solutions for our energy future. We are Powering Change by Changing Power.

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