DEDHAM, Mass., Jan. 12, 2018 /PRNewswire/ -- Atlantic Power
Corporation (NYSE: AT) (TSX: ATP) ("Atlantic Power" or the
"Company") today released the following statement in response to
news inquiries about an amended Schedule 13D filed earlier today by
the Company's largest shareholder, Mangrove Partners and certain
affiliated entities (collectively, "Mangrove"):
On January 10, 2018, management of
Atlantic Power had a conference call with Mangrove, at Mangrove's
request. During the call, Mangrove recommended that the
Company explore commercial opportunities for those power plants
that are currently not operational, those that have Power Purchase
Agreements ("PPAs") scheduled to expire in the next few years, and
those that may have excess power available for sale. The
Company has had an active commercial effort with respect to these
plants for some time, including pursuing potential alternative uses
for existing sites and commercial arrangements with existing or new
customers. The Company welcomed Mangrove's input and their
interest in potential co-investment with the Company. During
the call, Mangrove mentioned several types of businesses as
potential areas of new customer demand. One area mentioned
was cryptocurrency mining and related businesses.
Although the Company may evaluate that sector, as it would other
potential businesses, there are no ongoing discussions with
cryptocurrency miners or related businesses or with Mangrove
related to that sector. The Company would take a cautious
view of counterparty credit risk for any such
businesses.
About Atlantic Power
Atlantic Power owns and operates a diverse fleet of twenty-two
power generation assets across nine states in the United States and two provinces in
Canada. The Company's power generation projects sell
electricity to utilities and other large commercial customers
largely under long-term PPAs, which seek to minimize exposure to
changes in commodity prices. The aggregate electric
generating capacity of this portfolio on a gross ownership basis is
approximately 1,793 megawatts ("MW"), and on a net ownership basis
is approximately 1,440 MW. Eighteen of the projects are
currently operational, totaling 1,633 MW on a gross ownership basis
and 1,280 MW on a net ownership basis. The remaining four
projects, all in Ontario, are not
operational, three due to revised contractual arrangements with the
offtaker and the other, Tunis, has
a forward-starting 15-year PPA that will commence with the
commercial operation of the plant before June 2019. Eighteen
of the power generation projects are majority-owned and directly
operated and maintained by the Company.
Atlantic Power's shares trade 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
Investor Relations
(617) 977-2700
info@atlanticpower.com
Copies of the Company's financial data and other publicly filed
documents are available 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 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 future growth, results of operations,
performance and business prospects and opportunities of the Company
and its projects. 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 Company's views of commercial opportunities for its
existing plants.
Forward-looking statements involve significant risks and
uncertainties, should not be read as guarantees of future
performance or results, and will not necessarily be accurate
indications of whether or not or the times at or by which such
performance or results will be achieved. Please refer to the
factors discussed under "Risk Factors" and "Forward-Looking
Information" in the Company's periodic reports as filed with the
U.S. Securities and Exchange Commission (the "SEC") from time to
time for a detailed discussion of the risks and uncertainties
affecting the Company. Although the forward-looking
statements contained in this news release are based upon what are
believed to be reasonable assumptions, investors cannot be assured
that actual results will be consistent with these forward-looking
statements, and the differences may be material. These
forward-looking statements are made as of the date of this news
release and, except as expressly required by applicable law, the
Company assumes no obligation to update or revise them to reflect
new events or circumstances.
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SOURCE Atlantic Power Corporation