Northland Acquires Two Battery Storage Projects in Poland

Transaction Highlights 

• Acquired two late-stage pre-construction battery energy storage system (“BESS”) projects totaling 300 MW / 1.2 GWh in Poland;
• Builds on Northland’s strategy to deepen its presence in its core market of Poland; and
• Value-accretive opportunity to deploy Northland’s proven expertise in BESS.
  

TORONTO, Nov. 20, 2025 (GLOBE NEWSWIRE) -- Northland Power Inc. ("Northland") (TSX: NPI) is pleased to announce the acquisition of 100% equity interests in two BESS projects (together, the “Projects”) totaling 300 MW /1.2 GWh in Poland. The Projects were acquired from Greenvolt Power Group sp. z o. o., a global developer of renewable energy projects.  

This acquisition strengthens Northland’s growing presence in Poland and underscores its commitment to supporting the country’s energy requirements. Poland’s power system is evolving rapidly as it shifts from predominantly coal-based generation toward renewables, with solar PV and wind capacity projected to increase from approximately 31 GW today to 139 GW by 2050 according to Aurora research. As Poland's electricity markets evolve, there is a need for large-scale battery storage.

The Projects, Mieczysławów (200 MW / 800 MWh) and Kamionka (100 MW / 400 MWh), each have a four-hour duration and are located in western Poland. A portion of revenue is secured under 17-year capacity auction contracts indexed to inflation, and additional revenue is expected to be realized through energy arbitrage and participation in ancillary service markets. Financing and the start of construction are expected in 2026, with an estimated total cost of €200 million. Once operational, the Projects will be some of the first BESS facilities operating in Poland.

“This acquisition marks an important milestone in advancing Poland’s energy transformation and expanding Northland’s portfolio in a core market,” said Christine Healy, President and Chief Executive Officer of Northland. “Battery storage is essential to enabling a reliable, lower-carbon energy system, and these projects represent a strong strategic fit with our growth ambitions.”

ABOUT NORTHLAND POWER

Northland Power is a Canada-owned global power producer dedicated to accelerating the global energy transition. Founded in 1987, with almost four decades of experience, Northland has a long history of developing, owning and operating a diversified mix of energy infrastructure assets including offshore and onshore wind, solar, battery energy storage, and natural gas. Northland also supplies energy through a regulated utility.

Headquartered in Toronto, Canada, with global offices in seven countries, Northland owns or has an economic interest in 3.2 GW of gross operating generating capacity, 2.4 GW under construction and a significant inventory of early to mid-stage development opportunities encompassing approximately 9 GW of potential capacity.

Publicly traded since 1997, Northland's Common Shares, 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 STATEMENTS

This press 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 not historical facts and are predictive in nature depend upon or refer to future events or conditions, or include words such as “expects,” “anticipates,” “plans,” “predicts,” “believes,” “estimates,” “intends,” “targets,” “projects,” “forecasts” 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, Poland’s expected power generation needs and projections, the timing of financing and the start of construction of the Projects, and forecasts as to overall economics of the Projects, 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, management’s current plans and its perception of historical trends, current conditions and expected future developments, 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 that could cause results or events to differ from current expectations are described in the “Risks Factors” section of Northland’s Management’s Discussion and Analysis and Annual Information Form for the year ended December 31, 2024, 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:

Adam Beaumont, Senior Vice President, Capital Markets
+1-647-288-1019
investorrelations@northlandpower.com

Victor Gravili, Chief of Staff and Global Head of Brand & Communications
+1-647-288-1105
communications@northlandpower.com