CPX Capital Power Corporation

Capital Power Corporation (TSX: CPX) ("Capital Power") and Axium Infrastructure (“Axium”) are pleased to announce that Axium, through one of its managed funds, has agreed to acquire a 49% interest in two operating Canadian wind facilities from Capital Power. The 246 MW portfolio includes the Quality Wind facility in British Columbia and the Port Dover and Nanticoke Wind facility in Ontario. Total pre-tax cash proceeds to Capital Power from the transaction are expected to be approximately $340 million, inclusive of working capital.

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.

“We are proud to announce this asset sell-down transaction which represents a concrete instance of us unlocking asset value in alignment with our strategy,” said Jason Comandante, SVP, Head of Canada of Capital Power. “Our partnership with Axium, a well-respected investor, speaks to the market’s recognition of Capital Power as a top-tier operator and developer.”

“We are very pleased to establish a partnership with Capital Power,” said Elio Gatto, Vice President & Senior Investment Director at Axium. “This transaction is consistent with Axium’s strategy of acquiring meaningful equity positions in high-quality renewable energy projects alongside top-tier partners.”

The transaction is expected to close by year-end 2024, subject to customary closing conditions.

CIBC Capital Markets acted as financial advisor to Capital Power and Dentons Canada LLP acted as legal advisor to Capital Power.

Facility	Technology	InstalledCapacity	CommercialOperation Date	Location
Quality	Wind	142 MW	2013	Northeast British Columbia
Port Dover & Nanticoke	Wind	104 MW	2012	Southern Ontario

Territorial AcknowledgementIn 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™.

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.

For more information, please contact:

Media Relations:        Katherine Perron(780) 392-5335        kperron@capitalpower.com

Investor Relations:Roy Arthur(403) 736-3315investor@capitalpower.com Anne-Sophie RoySenior Vice President, Investor RelationsAxium Infrastructure Inc.asroy@axiuminfra.comT: +1 514-954-3781