About Atlantic Power Atlantic Power is a leading publicly traded, power generation and infrastructure company with a well-diversified portfolio of assets in the United States and Canada. The Company's power generation projects sell electricity to utilities and other large commercial customers under long-term power purchase agreements, which seek to minimize exposure to changes in commodity prices. The net generating capacity of the Company's projects is approximately 2,117 MW, consisting of interests in 30 operational power generation projects across 11 states and 2 provinces and also an 84-mile, 500 kilovolt electric transmission line located in California. In addition, the Company has a 53 MW biomass project under construction in Georgia and an approximately 300 MW wind project under construction in Oklahoma, both of which are expected to achieve commercial operation later this year. Atlantic Power also owns a majority interest in Rollcast Energy, a biomass power plant developer in Charlotte, NC. Atlantic Power is incorporated in British Columbia, headquartered in Boston and has offices in Chicago, Toronto, Vancouver and San Diego.
The Company's corporate strategy is to increase the value of the Company through accretive acquisitions in North American markets while generating stable, contracted cash flows from its existing assets to sustain its dividend payout to shareholders. The Company's dividend is currently paid monthly at an annual rate of Cdn$1.15 per share.
Atlantic Power has a market capitalization of approximately $1.4 billion and trades on the New York Stock Exchange under the symbol AT and on the Toronto Stock Exchange under the symbol ATP. For more information, please visit the Company's website at www.atlanticpower.com or contact:
Atlantic Power Corporation Amanda Wagemaker, Investor Relations (617) 977-2700 email@example.comCopies of financial data and other publicly filed documents get filed on SEDAR at www.sedar.com or on EDGAR at www.sec.gov/edgar.shtml under "Atlantic Power Corporation" or on the Company's website. Cautionary Note Regarding Forward-looking Statements To the extent any statements made in this news release contain information that is not historical, these statements are forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and forward-looking information as defined under Canadian securities law (collectively, "forward-looking statements"). Certain statements in this news release may constitute "forward-looking statements", which reflect the expectations of management regarding the acquisition of Ridgeline and the future growth, results of operations, performance and business prospects and opportunities of the Company and its projects and other matters. These statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, can generally be identified by the use of the words "may," "will," "project," "continue," "believe," "intend," "anticipate," "expect" or similar expressions that are predictions of or indicate future events or trends and which do not relate solely to present or historical matters. Examples of such statements in this press release include, but are not limited, to statements with respect to the following:
- The expectation that the Acquisition is significantly accretive after 2015;
- The expectation that expenditures on Ridgeline's pipeline will vary significantly based on ongoing progress with the pipeline projects;
- The expectation that the projects acquired with Ridgeline will generate $9 to $12 million a year in operating cash flow starting in 2013;
- The expectations regarding the COD for Meadow Creek;
- The expectations regarding planned expenditures on Ridgeline's pipeline as well as the viability of the solar and wind projects in the pipeline;
- The expectation that closing conditions of the Ridgeline acquisition will be met and the expectation that the Acquisition will close on or before December 31, 2012;
- The expectations for the commercial operation by year-end of the Company's Piedmont and Canadian Hills projects; and
- The expectation that total consideration paid for the Ridgeline acquisition will be approximately $88 million, subject to working capital adjustments, and will be financed by issuing convertible debt.