---

​EDMONTON, Alberta – Capital Power Corporation (“Capital Power”) (TSX:CPX) announced today that it has priced a public offering in Canada of unsecured medium-term notes in the aggregate principal amount of C$450 million (the “Offering”).  The notes have a coupon rate of 4.284% and mature on September 18, 2024.

The Offering is expected to close on or about September 18, 2017. The net proceeds of the Offering will be used for repayment of amounts owing under Capital Power’s credit facilities and for general corporate purposes.

The notes have been rated BBB- by Standard & Poor’s Rating Services and BBB (low) by DBRS Limited.

The notes are being offered in Canada pursuant to a pricing supplement dated September 13, 2017 to Capital Power’s short form base shelf prospectus and prospectus supplement dated May 3, 2016. The pricing supplement will be filed with the securities regulatory authorities in the provinces and territories in Canada.

RBC Dominion Securities Inc. acted as co-lead and sole book runner with BMO Nesbitt Burns Inc. acting as additional co-lead for the syndicate of agents which includes TD Securities Inc., CIBC World Markets Inc., Scotia Capital Inc., National Bank Financial Inc., HSBC Securities (Canada) Inc., Merrill Lynch Canada Inc. and, Casgrain & Company Limited.

This news release 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 as provided in the U.S. Securities Act of 1933, as amended (the Securities Act), and the rules and regulations thereunder. The securities referred to herein have not been registered pursuant to the Securities Act and 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.

Forward-looking Information

Certain information in this news release relating to Capital Power is forward-looking information and related to anticipated events and strategies. When used in this context, words such as “will”, “anticipate”, “believe”, “plan”, “intend”, “target” and “expect” or similar words suggest future outcomes. Specific forward-looking information in this press release includes expectations regarding the timing of the closing of the offering and the anticipated use of the net proceeds from the offering. By their nature, such statements are subject to significant risks and uncertainties, which include, but are not limited to, regulatory and government decisions, economic conditions, and availability and cost of financing.

All forward-looking information or statements reflect Capital Power’s assumptions and analyses made by Capital Power in light of its experience and perception of historical trends, current conditions and expected future developments, and other factors it believes are appropriate. Readers are cautioned not to place undue reliance on this forward-looking information. Capital Power undertakes no obligation to update or revise any forward-looking information except as required by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to Capital Power’s Management’s Discussion and Analysis dated and filed February 17, 2017 under Capital Power’s profile on SEDAR and other reports filed by Capital Power with Canadian securities regulators.

About Capital Power

Capital Power (TSX: CPX) is a growth-oriented North American power producer headquartered in Edmonton, Alberta. The company develops, acquires, operates and optimizes power generation from a variety of energy sources. Capital Power owns approximately 4,500 megawatts of power generation capacity at 24 facilities and is pursuing contracted generation capacity throughout North America.