ANNUAL GENERAL MEETINGANNUAL GENERAL MEETINGMay 21, 2014

AGENDA1. Formal meeting2. Management presentation3 Q ti d i d3. Question and answer period

0

Formal Meetingg

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

ANNUAL GENERAL MEETINGANNUAL GENERAL MEETINGMay 21, 2014

AGENDA1. Formal meeting2. Management presentation3 Q ti d i d3. Question and answer period

2

Forward‐Looking Statements Disclaimerg

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 EBITDA or adjusted EBITDA, cash flows and di idend pa ments the constr ction completion attainment of commercial operations cost and o tp t of de elopmentdividend payments, the construction, completion, attainment of commercial operations, cost and output of development projects, plans for raising capital, and the operations, business, financial condition, 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 factorsplans, 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 risksto 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 2013 Annual Report and 2013 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 willaccordingly, 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.

3

All figures are presented in Canadian dollars. 

Northland Overview

•Well diversified: developing thermal, wind, and solar projects in Canada, Europe,  U.S. and beyond

Stability

•Strategic and disciplined organic growth platformGrowth

•Seize opportunities that create attractive returns and sustainableLong term Focus attractive returns and sustainable growth over the long‐term

Long‐term Focus

•Management has a vested interest through a 39% ownership interestCommitment

4Generate long‐term stable cash flows, committed to dividend sustainability and long‐term value creation for our shareholders

Northland’s Year In Review ‐ 2013

In the past year, we…In the past year, we…Produced strong financial results

Executed on commitment to complete projects

i i d f hPositioned for growth

and remained focused on creating shareholder valuevalue

5

2013 Financial Highlightsg g

Strong and Growing Financial Resultsg g

Adjusted EBITDA:$263 million

Up 47%from 2012$263 million

Free Cash Flow:$130 illi

2012

Doubled$130 million Doubledfrom 2012Revenue:

C dit ti$557 million Up 54%

from Credit rating: 

Upgraded by S&P from BBB‐ to BBB Stable

2012

6

pg yDividends: 

Maintained $1.08 per share

2013 Financial Highlightsg g

Strong and Growing Financial Resultsg g

$600

RevenuesMillions

$300

EBITDAMillions

$400

$500

$600

$200

$250

$300

CAGR:29%

CAGR:28%

$200

$300

$400

$

$150

$200

$100

$200

$50

$100

$02009 2010 2011 2012 2013

$02009 2010 2011 2012 2013

7

Growth Initiatives Have Shown Results 

Year In Review – Other 2013 Successes

$900 millionConstruction projects completed:

$1Successful debt $1 billionSuccessful debt financings: 

Gemini offshore wind projectAdvanced 

development : p j(600 MW gross, 360 MW net)

development :

8

Year In Review – 2013 Highlightsg g

Executing on Delivering Projects: North Battlefordg g j

Reached commercial operations on June 5 2013

2013

on June 5, 2013 260 MW gas‐fired combined cycle plant in North Battleford, Saskatchewan 

Actual project cost: $641 million2010

Zero lost‐time incidents

Generates $90‐92 million* ll

2010

EBITDA annually

9

* Represents estimated EBITDA for facility for full year of operations given no unusual events/external factors.  

Year In Review – 2013 Highlightsg g

Executing on Delivering Projects: Ground Mounted Solar Phase Ig g j

Reached commercial operations throughout 2013

Rideau Lakes McCann

g

6 x 10MW ground mounted solar farms throughout Ontario

Crosby B ll ill N th Actual project cost: $282 million

43,000 solar panels per site

Crosby Belleville North

43,000 solar panels per site

Generates $32‐33 million* EBITDA annually

Burks Falls EastBelleville SouthEBITDA annually

10

* Represents estimated EBITDA for facility for full year of operations given no unusual events/external factors.  

Debt Financings – 2013/2014g /

Execution of Debt Financings

Four successful debt financings totalling over $1 billion in 2013

Facility AmountySpy Hill $156 million bond offeringNorth Battleford $667 million bond offeringMcLean’s Mountain $135 million financingMcLean s Mountain $135 million financingGround‐mounted Solar Phase II $84 million financing

In 2014, to date

– Increased our revolving corporate credit facility from $250 million $ illi l $ illi di fto $350 million plus a $100 million accordion feature

– $240 million  in project financing for last five solar projects 

11

– €2 billion in project financing for Gemini

Year In Review – 2014 Highlights to Dateg g

Positioning for Growthg

Appointed Sean Durfy as President and Chief Development Officer in Januaryy

Named North American Sponsor of the Year by the esteemed publication Project FinanceProject Finance

Entered into new growth area in burgeoning offshore wind sector with 600 MW Gemini offshore project in the North Sea

12

Year In Review – 2014 Highlights to Dateg g

Executing on Delivering Projects: Mclean’s Mountaing g j

Reached Commercial Operations on May 1, 2014y

60 MW (net interest 30 MW) wind farm on Manitoulin Island, Ontario

Estimated project cost: $185 million

50/50 partnership with United / p pChiefs and Councils of MnidooMnising

Generates $9‐11 million* EBITDA annually

13* Represents Northland’s ownership interest  (%50) of the estimated EBITDA for facility for full year of operations given no unusual events/external factors.  

Year In Review – 2014 Highlights to Dateg g

Executing on Delivering Projects: Ground Mount Solar

Two projects already reached commercial operations in 2014

g g j

8x10 MW solar farms now in operation

Final project cost: $379 million 8x10 MW generates               

$42‐48 million EBITDA annually

Completed $240million ofCompleted $240 million of non‐recourse project financing for remaining 5 of 13 projects

Operation expected in 2014/15 Expected project cost: ~$300M 5 x10MW generates              

14

g$30‐35 million EBITDA annually

* Represents the estimated EBITDA for the group of ground mounted solar sites for full year of operations given no unusual events/external factors.  

Year In Review – 2014 Highlights to Dateg g

Advancements on Contracted Projects: j

Grand Bend Frampton

100 MW wind farm  Project cost: $385MCOD: 2015‐201650/50 partnership

24 MW wind farm  Project cost:$75M

COD: 2015 66% partnership50/50 partnership 

with First Nations66% partnership with Municipality 

15

Project Gemini – Overviewj

16

Project Gemini – Overviewj

Off‐shore Wind Project, North Sea, Netherlands

600 MW (2 sites x 300 MW) offshore wind farm in the Netherlands (85 km off the northwest coast)

– To provide electricity needs of 1.5 million people

€2.8 billion total capital cost (approx. $4.2 billion)

Will be largest wind farm in the North Sea 

Strong 15 year revenue contract with the Dutch government that continues to support strongly ff h i doffshore wind

World class, world scale project

17

Project Geminij

Strong equity consortium:N hl d P I 60%– Northland Power Inc. 60%

– Siemens Financial Services 20%Van Oord Dredging and Marine 10%– Van Oord Dredging and Marine 10%

– NV HVC 10% Financial close reached on May 14 2014 Financial close reached on May 14, 2014

– 12 commercial creditors– 4 public financial institutions4 public financial institutions– 2 subordinated debt lenders– 4 sponsors4 sponsors Largest project financing to date for an offshore wind farm to date

18– Financing was oversubscribed– Achieved close in record time

Project Geminij

Strong  project  implementation contract structure– Siemens to supply, erect and commission the wind turbinesVan Oord to design procure construct and– Van Oord to design, procure, construct and commission the rest of wind farm

• Foundations• Transition pieces• Off‐shore high voltage platform• In‐field cables• Export cables• On shore substation• On‐shore substation

– Siemens to maintain turbines for first 15 years of operation

19

p Full commercial operations expected in 2017

Year In Review – 2014 Highlights to Date

Secured Gemini Investment

g g

Successfully raised proceeds through the capital and financial markets in 2014

Northland’sNorthland s Total Investment

$158M*Common Shares

$50M*Private 

Placement

$78M* Extendible Convertible Debentures

$250M term facility

Cash on hand

Lead role in raising the project financing at the project level

Shares Placement

20

Lead role in raising the project financing at the project level

Delivering on Our Commitmentsg

10 5

600%

700%

Northland PowerTSXPeer Group*

10‐year merger5‐year

NPI Annual Total Return300%

400%

500% Peer Group

5‐year 21%

10‐year 13%

Post merger 16%100%

200%

300%

Since inception 12%0%

April '97

'97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14

YEAR

Since its 1997 IPO, Northland has delivered a 12% compounded annual return to shareholders

21*  Peer Group includes TransAlta Corp., Capital Power Corp., Algonquin Power & Utilities Corp, Brookfield Renewable Energy Partners, Boralex Inc., Innergex Renewable Energy Inc.

compounded annual return to shareholders 

Looking Ahead in 2014g

Objectives

• Execute wellGemini

• Execute wellGround‐mounted    Solar Phase III

• Successful conclusionNUG Contract Renegotiations

• Complete development of existing projects and secure new projects

Focus on development pipeline

• Continue and improve excellent operating track recordOperations

22

operating track record

Measurable Growth

1,850 

Operating Capacity Growth Forecasted EBITDA Growth

$400

1,250 

1,450 

1,650 

$300

$400

W

CAGR:16%

CAGR:29%

650 

850 

1,050 

$100

$200MW

450 '08 '09 '10 '11 '12 '13 '14F '15F '16F 'F17

$0'12 '13 '14F '15F

Positioned for continued growth of assets and shareholder value

23

Summaryy

Stabilityy

The track record, commitment and ability to deliver shareholder value. Commitment to $1.08 annual dividend

Strong and Visible Growth Opportunities 

An exciting portfolio of attractive, strategic development projects

Experienced TeamExperienced Team 

Strong, seasoned people at every level

Management’s ownership of more than 39% ensures alignment with shareholder interests

24

g

ANNUAL GENERAL MEETINGANNUAL GENERAL MEETINGMay 21, 2014

AGENDA1. Formal meeting2. Management presentation3 Q ti d i d3. Question and answer period

25

Investors Relations Contacts

Adam BeaumontAdam BeaumontDirector of Finance

647.288.1929

investorrelations@northlandpower.ca

www.northlandpower.ca

Barb BoklaManager, Investor Relations 

647.288.1438

Sarah Charuk Director of Communications

647 288 110526

647.288.1105