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Atlantic Power to Remain Independent; Sale of Renewable Assets Most Likely Scenario

Amanda Levin
9/17/14 1:42 PM EDT
Atlantic Power, the Boston-based independent power producer, announced on Tuesday, September 16, that it had completed its strategic review and a sale or merger was off the table. The announcement was a huge disappointment to investors and sent the stock tumbling by 33% yesterday. Its stock now trades at $2.36, close to its 52-week low of $2.11. According to sources, buy side companies were turned off by the company's $1.9 billion debt load, making asset sales a much more palatable option. The company's renewable assets, which represent 20% to 25% of its $280 million to $305 million Ebitda guidance for this year, are its most attractive assets and would definitely be of interest to many yieldcos. The yieldco, a corporate entity designed to mimic the economics of MLPs and REITs, are all actively looking to grow through renewable asset buys.
Stock quotes in this video: AT, NYLD, PEGI, BEP

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