BOSTON, Feb. 1, 2012
/PRNewswire/ -- Atlantic Power Corporation (NYSE: AT)
(TSX: ATP) (the "Company") today announced that on January 31, 2012 it invested approximately
$23 million of late-stage development
capital to own 51% of Canadian Hills Wind, LLC ("Canadian
Hills"). Canadian Hills is the 100% owner of the Canadian
Hills Project (the "Project"), which is a 298.45 MW wind power
project in the late stages of development, located approximately 20
miles west of Oklahoma City,
Oklahoma.
Apex Wind Energy Holdings, LLC ("Apex"), a leading wind power
developer based in Charlottesville,
Virginia, is the project developer. The Project has
executed long-term power purchase agreements with investment grade
offtakers for 250.45 MW and is currently negotiating a similar PPA
for the remaining 48 MW. Construction is expected to begin by
April 2012 with commercial operations
expected in November 2012. The Project will deploy REpower
2.05 MW MM92 and Mitsubishi 2.4 MW MWT102 wind turbines, both
proven technologies that take advantage of the project's strong
wind regime. The Company would be the Project's operator and
asset manager.
Total project costs are expected to be approximately
$460 million. Subject to final
due diligence, Board approval and other conditions, the Company
will have the right to invest 100% of the project equity or
approximately $170 million.
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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. Our 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
2,140 MW, consisting of interests in 31 operational power
generation projects across 11 states and 2 provinces, one 53 MW
biomass project under construction in Georgia, and an 84-mile, 500 kilovolt electric
transmission line located in California. Atlantic Power also owns a
majority interest in Rollcast Energy, a biomass power plant
developer with several projects under development. Atlantic
Power is incorporated in British
Columbia, headquartered in Boston and has offices in Chicago, Toronto, and Richmond, B.C.
Our corporate strategy is to generate stable, contracted cash
flows from our existing assets to sustain our dividend payout to
shareholders while increasing the value of the company through
accretive acquisitions in North American markets. Our
dividend is currently paid monthly at an annual rate of
Cdn$1.15 per share.
Atlantic Power has a market capitalization of approximately
$1.6 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
info@atlanticpower.com
Copies of financial data and other publicly filed documents are
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.
- Certain statements in this news release may constitute
"forward-looking statements", which reflect the expectations of the
Company regarding the Company's expectations about its investment
in Canadian Hills. Such forward-looking statements reflect
current expectations regarding future events and operating
performance and speak only as of the date of this news
release. Such forward-looking statements are based on a
number of assumptions which may prove to be incorrect, including,
but not limited to the assumption that the Project's construction
will be complete in 2012.
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, events
will occur. In addition to the assumptions described above,
reference should also be made to the factors discussed under "Risk
Factors" in the Company's proxy dated October 3, 2011. 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.
SOURCE Atlantic Power Corporation