IDACORP, Inc. Announces Public Offering of $260 Million of Shares of Common Stock

IDACORP, Inc. (NYSE: IDA) announced today that it has commenced an underwritten public offering of $260 million of shares of its common stock. Subject to certain conditions, all shares are expected to be borrowed by the forward counterparty (as defined below) (or its affiliates) from third parties and sold to the underwriters in the offering in connection with the forward sale agreement described below. In conjunction with the offering, IDACORP intends to grant to the underwriters an option to purchase up to $39 million of additional shares of its common stock. If such option is exercised, IDACORP may, in its sole discretion, enter into an additional forward sale agreement with the forward counterparty with respect to such additional shares.

Wells Fargo Securities, LLC and Morgan Stanley are acting as the representatives of the underwriters for the offering and may offer the shares of common stock in transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.

In connection with the offering, IDACORP intends to enter into a forward sale agreement with Morgan Stanley, referred to in such capacity as the forward counterparty, pursuant to which IDACORP will agree to sell to the forward counterparty or its affiliates approximately $260 million of shares of common stock at an initial forward sale price per share equal to the price per share at which the underwriters purchase the shares in the offering, subject to certain adjustment, upon physical settlement of the forward sale agreement. Settlement of the forward sale agreement is expected to occur no later than 12 months following the completion of the offering. IDACORP may, subject to certain conditions, elect cash settlement or net share settlement for all or a portion of its rights or obligations under the forward sale agreement.

IDACORP will not initially receive any proceeds from the sale of shares of its common stock by the forward counterparty (or affiliates thereof) to the underwriters. If IDACORP elects physical settlement of the forward sale agreement, it expects to use any net proceeds for general corporate purposes, which may include capital expenditures.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make an offer, solicitation or sale in such jurisdiction. The public offering is being made pursuant to an effective shelf registration statement that has been filed with the Securities and Exchange Commission, or SEC. A preliminary prospectus supplement related to the offering will be filed with the SEC and will be available on the SEC’s website at http://www.sec.gov. In addition, copies of the prospectus and preliminary prospectus supplement relating to the shares of common stock offered in the offering may be obtained by contacting: Wells Fargo Securities, LLC, Attention: WFS Customer Service, 30 Hudson Yards, New York, New York 10001, by telephone at [phone], or by e-mail at [e-mail]; or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.