Annual General Meeting May 19, 2015 AGENDA 1. Formal meeting 2. Management presentation 3. Q&A period 0 NPI.TO
Formal Meeting Call to Order Notice of Meeting Quorum and Voting Procedure Presentation of Financial Statements and Auditor’s Report Nomination / Election of Directors Re-appointment of Auditors Termination of Formal Meeting 1
Board Members James C. Temerty The Right Honourable Linda L. Bertoldi Chairman John N. Turner, Q.C. Barry Gilmour Russell Goodman Marie Bountrogianni V. Peter Harder 2
Investor Presentation May 19, 2015 AGENDA 1. Formal meeting 2. Management presentation 3. Q&A period 3 NPI.TO
Forward-Looking Statements Disclaimer This written and accompanying oral presentation contains certain forward-looking statements which 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. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects”, “anticipates”, “plans”, “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, statements regarding future adjusted EBITDA or adjusted EBITDA, cash flows and dividend payments, the construction, completion, attainment of commercial operations, cost and output of development projects, plans for raising capital, and the future operations, business, financial condition, financial results, priorities, ongoing objectives, strategies and outlook of Northland and its subsidiaries. This information is based upon certain material factors or assumptions that were applied in developing the forward-looking statements, including the design specifications of development projects, the provisions of contracts to which Northland or a subsidiary is a party, management’s current plans, its perception of historical trends, current conditions and expected future developments, as well as other factors 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 include, but are not limited to, construction risks, counterparty risks, operational risks, the variability of revenues from generating facilities powered by intermittent renewable resources and the other factors described in the “Risks and Uncertainties” section of Northland’s 2014 Annual Report and 2014 Annual Information Form, which are both filed electronically at www.sedar.com and Northland’s website www.northlandpower.ca. 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. The forward-looking statements contained in this presentation are based on assumptions that were considered reasonable at time of delivery. 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. All figures are presented in Canadian dollars unless otherwise indicated. 4
Northland’s Growth Story 1987 - 2014 2015+ 2014 - 2015 CDN/US Germany EU - North Sea North America EU - North Sea Latin America 1,345 MW 2,000+ MW ~900 MW added ~$2.5B Capital Costs >$8B Total Capital Costs ~$5.5B Capital Costs ~$2.5B Market Cap 5
Northland’s Growth Story 2,000MW* Diversified our profile both by technology and geography Offshore Wind (Europe) Rebranded on an Operating Capacity Onshore Wind international scale Solar Executed on delivering our projects into operations Thermal 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015F 2016F 2017F Remain focused on creating Shareholder Value 6 * All projects are reported at Northland’s net economic interest
In the Last Two Y ears… Successful Debt Over $6 billion Financings: Construction Projects Over $1 billion - Completed: Over $6 billion - In Progress: Increased Produced Strong Results: EBITDA by 200% Secured over 900 Offshore Wind: MW of projects (Gemini & Nordsee One) 7
Completed Financings 2014 2015 Over $4 billion Over $1.5 billion Gemini Senior Debt Nordsee Senior Debt Ground-mounted Solar Cluster Grand Bend Senior debt DEBT IV Senior Debt Thorold Refinancing Ground-mounted Solar Phase I Corporate Credit Facility Bond Refinancing Corporate Credit Facility Corporate Term Loan EQUITY ~$300 million ~$400 million Common Shares Convertible Debentures Convertible Debentures Common Shares 8
Successful Project Execution 2014 2015 Completed 3 Ground Mounted Solar Completed Sale of Projects Frampton Development Assets Completed McLean’s Wind Farm 9
Ground Mounted Solar 10
Recent Awards Received by Northland “Wind Deal of the Year” for Europe and “Overall Winner” for Europe and Africa - Infrastructure Journal and Project Finance Magazine (IJ Global) 2014 Business of the Year - The Netherlands-Canadian Chamber of Commerce Best Investor Relations (Canada) by a Chief Financial Officer - Investor Relations Magazine “Power Deal of the Year” for Europe for Project Gemini - Project Finance International “Deal of the Year, Wind” for Project Gemini - Environmental Finance 11
Construction – Building in Canada and Abroad 12
Focus on Executing Construction Projects Nordsee One Gemini 332 MW offshore wind farm 600 MW offshore wind farm COD: 2017 COD: End of 2017 Offshore Wind Europe 60% interest 85% interest Project Costs: Over € 4 billion Onshore Canada Renewables Ground Mounted Solar Grand Bend Project Costs: Over $700 million 4 x 10 MW solar farms 100 MW onshore wind farm COD: 2016 COD: 2015 50% interest 100%* interest Management focused on executing 1,072 MW of projects currently under construction. 13 * Northland announced plans to sell a 37.5% interest in these projects to First Nations pending certain conditions being met
Offshore Wind Projects – Construction 60 kilometers apart Gemini Nordsee One ~85 kilometers ~40 kilometers from shore from shore Two wind parks 54 turbines 75 turbines each CHECKLIST Power contract obtained Turbine supply Construction contractor Receipt of final permits Financing Commence Construction COD (both expected in 2017) Over € 4 billion of projects totaling 932MW of construction in the North Sea progressing well 14
Gemini – Our First Build in the North Sea Size: 600MW Cost: € 2.8 billion NPI Interest: 60% 15 COD: 2017
Gemini – 2015 project milestones All foundations installed Export cables in place All 3 substations ready 16
Gemini – 2016 project milestones Infield cables completed Turbines installed & commissioned Grid connection First power Commercial Operation on Schedule for 2017 17
Gemini – Project Update Aeolus at Luchterduinen 18
Gemini – Project Update Monopiles 19
Gemini – Project Update 20
Gemini – Project Update Transition Pieces 21
Gemini – Project Update Nexus Cable Laying Vessel 22
Gemini – Project Update Nexus Cable Carousel 23
Gemini – Project Update Cable burial equipment Cable Laying Equipment 24
Gemini – Project Update Offshore Substation 25
Gemini – Project Update 26 Jacket
Gemini – Project Update Wave Walker 27
1 Gemini – Turbines ∅ 130m Turbine height including foundation (225m) Airbus 380 Length (73m) Wingspan (80m) Length of blade (63 m) Over twice as long as a new TTC streetcar Statue of Liberty (93 m) 28
Nordsee One – Early Days Size: 332MW Cost: € 1.2 billion NPI Interest: 85% 29 COD: 2017
Nordsee One – Project Update Milestones • Foundation/turbine/offshore 2015 substation fabrication • All foundations installed • Cables installed 2016 • Substation installed • Grid connection/ infield cables • Installation & commissioning of turbines 2017 • First power • Commercial operations Nordsee One construction has commenced 30
Development – Focus on high quality projects 31
Continuing to Seek Growth Opportunities Through Focused Development Evaluate larger opportunities outside of Canada Appropriate Target project growth return markets thresholds Stable high-quality projects with attractive returns • Canada • U.S. • Mexico • Natural gas • Latin America • Wind • Europe • Solar Long-term Implement power proven purchase technologies agreements 32
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