On April 16, 2025, Capital Power Corporation announced a public offering of 10,350,000 common shares at $43.45 per share, raising gross proceeds of $449,707,500. The proceeds, along with $150 million from a concurrent private placement with Alberta Investment Management Corporation, will fund the equity portion of Capital Power’s US$2.2 billion acquisition of the Hummel and Rolling Hills natural gas facilities in the U.S. PJM market. The acquisition is expected to close in Q3 2025.

The underwriters include TD Securities Inc. and CIBC World Markets Inc. as lead underwriters, alongside RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., Merrill Lynch Canada Inc., J.P. Morgan Securities Canada Inc., Mizuho Securities Canada Inc., ATB Securities Inc., and Desjardins Securities Inc. TD Securities also acted as sole agent for the private placement. Legal counsel was provided by Dentons Canada LLP for Capital Power and Osler, Hoskin & Harcourt LLP for the underwriters.