DEDHAM, Mass., Sept. 23, 2019 /CNW/ -- Atlantic Power
Corporation (NYSE: AT) (TSX: ATP) ("Atlantic Power" or the
"Company") disclosed today that its Cadillac biomass plant, located in
Cadillac, Michigan, is currently
offline following a fire at the plant on September 22, 2019. The plant's sprinkler system
activated and the fire was extinguished by the local fire
department. The fire did not result in any injuries or known
environmental violations.
The cause of the fire, extent of the damage, and time required
to repair the facility are unknown at this time. The Company is
assessing the extent of the damage to the facility and will be
reviewing the incident with its insurance carriers.
Atlantic Power would like to thank all area first responders for
their support during this incident.
The Company expects to provide a further update with its third
quarter 2019 financial results when it has determined the extent of
the damage, the schedule for the plant's expected return to service
and the financial impact.
The Company would note that Cadillac contributed $3.4 million to Project Adjusted EBITDA in the
first six months of 2019, or 3% of total Project Adjusted
EBITDA.
Background on Cadillac:
Cadillac is a 40 megawatt
biomass-fired plant that has been in operation since 1993. Atlantic
Power acquired a 100% interest in the plant in December 2010. The plant sells power to Consumers
Energy under a long-term Power Purchase Agreement (PPA) that
expires in June 2028.
About Atlantic Power
Atlantic Power is an independent power producer that owns power
generation assets in eleven states in the
United States and two provinces in Canada. The generation projects sell
electricity and steam to investment-grade utilities and other
creditworthy large customers predominantly under long‑term PPAs
that have expiration dates ranging from 2019 to 2043. The Company
seeks to minimize its exposure to commodity prices through
provisions in the contracts, fuel supply agreements and hedging
arrangements. The projects are diversified by geography, fuel type,
technology, dispatch profile and offtaker (customer). The majority
of the projects in operation are 100% owned and directly operated
and maintained by the Company. The Company has expertise in
operating most fuel types, including gas, hydro, and biomass, and
it owns a 40% interest in one coal project.
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
forward-looking information 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," "should," "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 expectation that it will provide a further update
with its third quarter 2019 financial results when it has
determined the extent of the damage, the schedule for the plant's
expected return to service and the financial impact.
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