BOSTON, March 5, 2013 /CNW/ - Atlantic Power Corporation
(Atlantic Power) and Atlantic Power Preferred Equity Ltd. (TSX:
AZP.PR.A and AZP.PR.B) (the Corporation), a subsidiary of Atlantic
Power, announced that the Corporation has declared quarterly
dividends of Cdn$0.303125 per share
on its Cumulative Redeemable Preferred Shares, Series 1 (the Series
1 Shares) and Cdn$0.437500 on its
Cumulative Rate Reset Preferred Shares, Series 2 (the Series 2
Shares).
The dividends on the Series 1 Shares and the Series 2 Shares are
to be paid on March 28, 2013 to
shareholders of record at the close of business on March 18, 2013.
Tax Information for Shareholders
The Corporation designates the dividend on each of the Series 1
Shares and the Series 2 Shares to be an "eligible dividend"
pursuant to subsection 89(14) of the Income Tax Act (Canada) and its equivalent in any of the
provinces and territories of Canada.
U.S. individual or other non-corporate taxpayers should be
eligible for the reduced rate of tax currently applicable to
"qualified dividends" provided that the investor meets the holding
period and any other requirements.
Taxpayers should always seek their own independent qualified
professionals regarding the tax consequences of purchasing or
owning preferred shares of the Corporation.
About Atlantic Power Preferred Equity Ltd.
The Corporation is a corporation incorporated under the laws of
the Province of Alberta and is an
indirect, wholly-owned subsidiary of Atlantic Power. The
Corporation directly holds Atlantic Power's business and power
generation and other assets in British
Columbia, operates as a holding company and indirectly holds
certain of Atlantic Power's business and power generation and other
assets in the United States,
including Atlantic Power's Curtis
Palmer, Manchief, Frederickson, Naval Station, North Island,
Naval Training Center, Oxnard, Greeley, Kenilworth, and Morris power generating
facilities.
About Atlantic Power
Atlantic Power owns and operates a diverse fleet of power
generation and infrastructure assets in the United States and Canada. Atlantic Power'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. Its power generation
projects in operation have an aggregate gross electric generation
capacity of approximately 3,366 MW in which its aggregate ownership
interest is approximately 2,117 MW. These totals exclude projects
designated as held for sale at December 31,
2012 and its 40% interest in the Delta-Person generating
station for which Atlantic Power entered into an agreement to sell
in December 2012. On January 31, 2013, Atlantic Power and certain of
its subsidiaries entered into an agreement to sell their interests
in the Auburndale Power Partners, L.P., Lake CoGen, Ltd and
Pasco CoGen, Ltd. projects. Atlantic
Power expects to enter into a purchase and sale agreement in the
remaining part of the first quarter to sell its 100% interest in
its Path 15 transmission line. Its current portfolio of continuing
operations consists of interests in 29 operational power generation
projects across 11 states in the United
States and two provinces in Canada. In addition, Atlantic Power has one 53
MW biomass project under construction in Georgia. Recently, Atlantic Power acquired a
wind and solar development company, Ridgeline Energy, Inc., located
in Seattle, Washington, which will
enhance its ability to develop, construct, and operate wind and
solar energy projects across the United
States and Canada. Atlantic
Power also owns a majority interest in Rollcast Energy, a biomass
power plant developer in North
Carolina.
Atlantic Power has a market capitalization of approximately
$700 million 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
Atlantic Power'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
Atlantic Power'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 future growth, results of operations,
performance and business prospects and opportunities of Atlantic
Power and its projects and other matters. These statements, which
are based on certain assumptions and describe Atlantic Power'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 expectations
for the entry into a purchase and sale agreement to sell Atlantic
Power's Path 15 transmission line and the enhancement of Atlantic
Power's ability to develop, construct and operate wind and solar
energy projects due to the acquisition of Ridgeline Energy,
Inc.
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" in Atlantic Power's periodic
reports as filed with the Securities and Exchange Commission and
applicable securities regulatory authorities in Canada from time to time for a detailed
discussion of the risks and uncertainties affecting Atlantic Power.
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, Atlantic Power assumes no obligation to
update or revise them to reflect new events or circumstances.
SOURCE Atlantic Power Corporation