Atlantic Power Corp. (AT)

[Easy1]

Atlantic Power EPS of -$0.61
http://www.seekingalpha.com/news/3165543

[TheProfit]

Good day for AT getting past $1.80 wasn't easy for heavy resistance holding this down next resistance $1.90 area imo...

[Easy1]

Atlantic Power Corporation and Atlantic Power Preferred Equity Ltd. Announce Quarterly Dividend Rate on the Cumulative Floati...

Source: PR Newswire (Canada)
DEDHAM, Mass., March 1, 2016 /CNW/ -- Atlantic Power Corporation ("Atlantic Power") and Atlantic Power Preferred Equity Ltd. (TSX: AZP.PR.A, AZP.PR.B and AZP.PR.C) (the "Corporation"), a subsidiary of Atlantic Power, announced the dividend rate on the Corporation's outstanding Cumulative Floating Rate Preferred Shares, Series 3 (AZP.PR.C) (the "Series 3 Shares") will be 4.64%, which will be payable June 30, 2016.

Atlantic Power Corporation Logo. (PRNewsFoto/Atlantic Power Corporation)
The Series 3 Shares dividend rate was calculated on February 29, 2016 to be 4.64%, representing the sum of the Canadian Government 90-day Treasury Bill yield (using the three-month average result of 0.46%) plus 4.18%.

Tax Information for Shareholders

The Corporation designates the dividend on each of the Series 1 Shares, the Series 2 Shares and the Series 3 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 for advice regarding the tax consequences of purchasing or owning preferred shares of the Corporation.

About Atlantic Power Preferred Equity Ltd.

The Corporation is 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, Kenilworth, and Morris power generating facilities.

About Atlantic Power

Atlantic Power owns and operates a diverse fleet of power generation 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 power purchase agreements, which seek to minimize exposure to changes in commodity prices. Atlantic Power's power generation projects in operation have an aggregate gross electric generation capacity of approximately 2,141 megawatts ("MW") in which its aggregate ownership interest is approximately 1,504 MW. The Company's current portfolio consists of interests in twenty-three operational power generation projects across nine states in the United States and two provinces in Canada.

Atlantic Power 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
Investor Relations
[phone]
[e-mail]

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.

Logo - http://photos.prnewswire.com/prnh/20110809/NE49346LOGO

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/atlantic-power-corporation-and-atlantic-power-preferred-equity-ltd-announce-quarterly-dividend-rate-on-the-cumulative-floating-rate-preferred-shares-series-3-of-atlantic-power-preferred-equity-ltd-300228962.html

SOURCE Atlantic Power Corporation


Copyright 2016 Canada NewsWire

[Easy1]

Current Report Filing (8-k)

Source: Edgar (US Regulatory)


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K


CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 25, 2016


ATLANTIC POWER CORPORATION
(Exact name of registrant as specified in its charter)

British Columbia, Canada

001-34691

55-0886410
(State or other jurisdiction of
incorporation or organization)

(Commission File Number)

(IRS Employer Identification No.)

3 Allied Drive, Suite 220
Dedham, MA

02026
(Address of principal executive offices)

(Zip Code)

[phone]
(Registrant’s telephone number, including area code)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





Item 2.02 Results of Operations and Financial Condition.

On February 25, 2016, Atlantic Power Corporation (the “Company”) issued a press release postponing its fourth quarter and year end 2015 earnings release and conference call and reporting its preliminary operating results and other information for the year ended December 31, 2015. A copy of the Company’s press release is attached as Exhibit 99.1 hereto and is incorporated herein by reference.

The information in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liability of that Section, nor shall such information be deemed to be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933 (the “Securities Act”) or the Exchange Act, except as otherwise stated in that filing.

Item 7.01 Regulation FD Disclosure.

The press release attached as Exhibit 99.1 hereto is incorporated herein by reference.

The information in this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that Section, nor shall such information be deemed to be incorporated by reference into any registration statement or other document filed under the Securities Act or the Exchange Act, except as otherwise stated in that filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit
Number

Description



99.1

Press Release of Atlantic Power Corporation, dated February 25, 2016.

2


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Atlantic Power Corporation




Dated: February 25, 2016
By:
/s/ Terrence Ronan

Name:
Terrence Ronan

Title:
Chief Financial Officer

3


EXHIBIT INDEX

Exhibit
Number

Description



99.1

Press Release of Atlantic Power Corporation, dated February 25, 2016.

4


Exhibit 99.1



Atlantic Power Corporation Postpones Fourth Quarter and Year End 2015 Earnings Release and Conference Call; Provides Preliminary 2015 Results and Initiates 2016 Guidance

DEDHAM, MASSACHUSETTS — February 25, 2016 — Atlantic Power Corporation (NYSE: AT) (TSX: ATP) (“Atlantic Power” or the “Company”) announced today that it has postponed the release of its financial results for the three months and year ended December 31, 2015. The Company expects the audit of its 2015 financial statements to be completed by March 15, 2016, and it intends to release its financial results and file its annual report on Form 10-K no later than the SEC filing deadline for accelerated filers of March 15, 2016. The Company will issue a subsequent update announcing a rescheduled date for the release and conference call.

The postponement is necessary because of the additional time required to complete the complex analysis that the Company is performing to finalize a non-cash write-down of Property, Plant and Equipment (PP&E) and goodwill for the year ended December 31, 2015. Upon completion of the analysis, the Company anticipates recording a non-cash impairment in the range of $100 to $140 million pretax for the year ended December 31, 2015, due to changes in market conditions (specifically, lower forward power price curves) and the resulting effect on PP&E, intangible assets and goodwill.

Impairment expense is non-cash and not included in Project Adjusted EBITDA. Therefore, the Company does not expect the impairment to have an impact on Project Adjusted EBITDA, Cash Flows provided by Operating Activities, Adjusted Cash Flows from Operating Activities or Adjusted Free Cash Flow for 2015 or prior periods. The Company is providing the following preliminary 2015 results:

· Total Company Project Adjusted EBITDA of approximately $209 million, in the top half of its guidance range of $200 to $215 million
· Atlantic Power Limited Partnership (APLP) Project Adjusted EBITDA of approximately $155 million, in the top half of the Company’s guidance range of $148 to $160 million
· Cash Flows provided by Operating Activities of approximately $87 million, above the top end of its guidance range of $65 to $80 million
· Adjusted Cash Flows from Operating Activities of approximately $105 million, at the top end of its guidance range of $95 to $105 million
· Adjusted Free Cash Flow of approximately $2 million, in the lower end of its guidance range of $0 to $10 million, due to delay in receipt of a $6 million capex reimbursement that was received in February 2016
· Liquidity of approximately $178 million, including approximately $72 million of unrestricted cash

The Company also does not expect the impairment to have an impact on its 2016 financial guidance, which it is providing as follows:

· Total Company Project Adjusted EBITDA of $200 to $220 million
· APLP Project Adjusted EBITDA of $145 to $155 million
· Adjusted Cash Flows from Operating Activities of $110 to $130 million
· Adjusted Free Cash Flow of $20 to $40 million

1


About Atlantic Power

Atlantic Power owns and operates a diverse fleet of power generation assets in the United States and Canada. The Company’s power generation projects sell electricity to utilities and other large commercial customers largely under long-term power purchase agreements, which seek to minimize exposure to changes in commodity prices. Atlantic Power’s power generation projects in operation have an aggregate gross electric generation capacity of approximately 2,141 megawatts (“MW”) in which its aggregate ownership interest is approximately 1,504 MW. The Company’s current portfolio consists of interests in twenty-three operational power generation projects across nine states in the United States and two provinces in Canada.

Atlantic Power 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
Investor Relations
[phone]
[e-mail]

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.

Forward-Looking Non-GAAP

All amounts are in U.S. dollars and are approximate unless otherwise indicated. Adjusted Cash Flows from Operating Activities, Adjusted Free Cash Flow, Project Adjusted EBITDA and APLP Project Adjusted EBITDA are not recognized measures under generally accepted accounting principles in the United States (“GAAP”) and do not have standardized meanings prescribed by GAAP; therefore, these measures may not be comparable to similar measures presented by other companies. Please see Annex A attached to this news release for the definitions of these non-GAAP measures and our purposes for using them. Please see Table 1 attached to this news release for the GAAP reconciliation of 2015 “Project Adjusted EBITDA,” “Adjusted Cash Flows from Operating Activities” and “Adjusted Free Cash Flow” as used in this news release. The Company has not provided a reconciliation of 2015 Project Adjusted EBITDA to Project Income (Loss) (the most directly comparable operating GAAP measure) because the information necessary for a quantitative reconciliation will not be available until completion of the audit of our financial statements for the year ended December 31, 2015 and pending the results of our impairment analysis relating to those financial statements as noted above. The Company has not reconciled non-GAAP financial measures relating to the APLP projects to the directly comparable GAAP measures due to the difficulty in making the relevant adjustments on an individual project basis. The Company also has not provided a reconciliation of 2016 forward-looking non-GAAP measures, due primarily to variability and difficulty in making accurate forecasts and projections, as not all of the information necessary for a quantitative reconciliation is available to the Company without unreasonable efforts.

************************************************************************************************************************

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:

2


· The Company anticipates a non-cash impairment charge in the range of $100 to $140 million pretax for the year ended December 31, 2015;

· the Company does not expect the impairment to have an impact on Project Adjusted EBITDA, Cash Flows provided by Operating Activities, Adjusted Cash Flows from Operating Activities or Adjusted Free Cash Flow for 2015 or prior periods;

· the Company does not expect an impact from the impairment on its 2016 financial guidance;

· the Company’s preliminary 2015 financial results, as follows: Total Company Project Adjusted EBITDA of approximately $209 million; APLP Project Adjusted EBITDA of approximately $155 million; Cash Flows provided by Operating Activities of approximately $87 million; Adjusted Cash Flows from Operating Activities of approximately $105 million; Adjusted Free Cash Flow of approximately $2 million, and Liquidity of approximately $178 million, including approximately $72 million of unrestricted cash;

· the Company’s 2016 guidance, as follows: Total Company Project Adjusted EBITDA of $200 to $220 million; APLP Project Adjusted EBITDA of $145 to $155 million; Adjusted Cash Flows from Operating Activities of $110 to $130 million, and Adjusted Free Cash Flow of $20 to $40 million;

· the Company expects the audit of its financial statements for the year ended December 31, 2015 to be completed no later than March 15, 2016; and

· the Company intends to release its financial results and file its annual report on Form 10-K no later than the SEC filing deadline for accelerated filers of March 15, 2016.

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 Securities and Exchange Commission 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.

3


Atlantic Power Corporation
Table 1 — Adjusted Cash Flows from Operating Activities and Adjusted Free Cash Flow (in millions of U.S. dollars)
Twelve months ended December 31, 2015 and 2014
Preliminary, unaudited



Twelve months ended

Twelve months ended



December 31, 2015

December 31, 2014



Continuing
Operations

Discontinued
Operations

Total

Continuing
Operations

Discontinued
Operations

Total

Project Adjusted EBITDA

$
208.9

$
28.1

$
237.0

$
229.4

$
69.8

$
299.2

Adjustment for equity method projects (1)

2.2

(2.7
)
(0.5
)
(0.8
)
(6.1
)
(6.9
)
Corporate G&A expense

(29.4
)
—

(29.4
)
(37.9
)
—

(37.9
)
Cash interest payments

(98.3
)
(1.5
)
(99.8
)
(154.9
)
(13.8
)
(168.7
)
Cash taxes

(3.9
)
(6.2
)
(10.1
)
(2.1
)
—

(2.1
)
Other, including changes in working capital

(7.8
)
(2.0
)
(9.8
)
(17.0
)
(1.6
)
(18.6
)
Cash flows from operating activities (GAAP)

$
71.7

$
15.7

$
87.4

$
16.7

$
48.3

$
65.0

Changes in other operating balances

7.8

2.0

9.8

17.0

1.6

18.6

Severance charges

3.9

—

3.9

6.1

—

6.1

Restructuring and other charges

0.6

—

0.6

1.7

—

1.7

Shareholder litigation expenses

0.6

—

0.6

1.4

—

1.4

Refinancing transaction costs (Q1 2014)

1.1

—

1.1

49.4

—

49.4

Debt redemption costs (9.0% Notes) (Q3 2015)

19.5

—

19.5

—

—

—

Adjusted Cash Flows from Operating Activities

$
105.3

$
17.7

$
123.0

$
92.4

$
49.9

$
142.3

Term loan facility repayments (2)

(68.3
)
—

(68.3
)
(58.4
)
—

(58.4
)
Project-level debt repayments

(15.1
)
—

(15.1
)
(11.7
)
(6.4
)
(18.1
)
Purchases of property, plant and equipment (3)

(11.3
)
—

(11.3
)
(11.1
)
(2.3
)
(13.4
)
Distributions to noncontrolling interests (4)

0.1

(3.8
)
(3.7
)
—

(11.0
)
(11.0
)
Dividends on preferred shares of a subsidiary company

(8.8
)
—

(8.8
)
(11.6
)
—

(11.6
)
Adjusted Free Cash Flow

$
1.9

$
13.9

$
15.8

$
(0.3
)
$
30.2

$
29.9

Additional GAAP cash flow measures:













Cash flows from investing activities

$
333.7

$
(12.8
)
$
320.9

$
73.5

$
(4.8
)
$
68.7

Cash flows from financing activities

$
(432.8
)
$
(13.0
)
$
(445.8
)
$
(131.6
)
$
(50.8
)
$
(182.4
)

(1) Represents difference between Project Adjusted EBITDA and cash distributions from equity method projects.
(2) Includes 1% mandatory annual amortization and 50% excess cash flow repayments by the Partnership.
(3) Excludes construction costs related to the Company’s Canadian Hills project in 2014.
(4) Distributions to noncontrolling interests primarily include distributions, if any, to the tax equity investors at Canadian Hills and to the other 50% owner of Rockland.

Note: This table presents Project Adjusted EBITDA, Adjusted Cash Flows from Operating Activities and Adjusted Free Cash Flow, which are not recognized measures under GAAP and do not have any standardized meanings prescribed by GAAP; therefore, these measures may not be comparable to similar measures presented by other companies.

Annex A

Project Adjusted EBITDA is defined as project income (loss) plus interest, taxes, depreciation and amortization (including non-cash impairment charges) and changes in the fair value of derivative instruments. Management uses Project Adjusted EBITDA at the project level to provide comparative information about project performance and believes such information is helpful to investors. Investors are cautioned that the Company may calculate this measure in a manner that is different from other companies.

Adjusted Cash Flows from Operating Activities is used to evaluate cash flows from operating activities without the effects of changes in working capital balances, acquisition and disposition expenses, litigation expenses, severance and restructuring charges, and cash provided by or used in discontinued operations. The intent is to reflect normal operations and remove items that are not reflective of the long-term operations of the business.

Free Cash Flow is defined as cash flows from operating activities less capex; project-level debt repayments, including amortization of the term loan; and distributions to noncontrolling interests, including preferred share dividends.

Adjusted Free Cash Flow is defined as Free Cash Flow excluding changes in working capital balances, acquisition and disposition expenses, litigation expense, severance and restructuring charges, and cash provided by or used in discontinued operations.

Management believes that these non-GAAP cash flow measures are relevant supplemental measures of the Company’s ability to earn and distribute cash returns to investors. Investors are cautioned that the Company may calculate these measures in a manner that is different from other companies.

4

[Easy1]

Atlantic Power postpones Q4 results, provides preliminary results
http://www.seekingalpha.com/news/3144516

[$Pistol Pete$]

$AT Daily and Weekly Charts For Review

[TheProfit]

Looks like a good area for Re entry..

[Easy1]

Atlantic Power eliminates dividend
http://www.seekingalpha.com/news/3095956

[TheProfit]

Yes! 2016 is looking good for AT..future is bright..huge vote of confidence when board members are buying common shares and continue to buy plus the new NCIB..
I didn't sell anything yet..this is my biggest portfolio holding right now

[Easy1]

Huge gain today!

[velcro]

A good investment. Schwab gives an A rating.

[Easy1]

Atlantic Power EVP, director disclose purchases
http://www.seekingalpha.com/news/3007076

[TheProfit]

Atlantic Power Corporation and Atlantic Power Preferred Equity Ltd. Announce Normal Course Issuer Bids for the Company's Convertible Unsecured Subordinated Debentures, Common Shares and Preferred Shares
8:29 PM ET 12/22/15 | PR Newswire
Atlantic Power Corporation (TSX: ATP) (NYSE: AT) (the "Company" or "Atlantic Power") and Atlantic Power Preferred Equity Ltd ("APPEL") announced today that Atlantic Power intends to make a normal course issuer bid ("NCIB") for each of the following series of the Company's convertible unsecured subordinated debentures and its common shares and that APPEL intends to make an NCIB for each of the following series of its preferred shares (collectively, the "Public Securities"):

a) the 6.25% Convertible Unsecured Subordinated Debentures due March 15, 2017 (the "6.25% Cdn$67.3 Million Debentures") (TSX: ATP.DB.A);

b) the 5.6% Series B Convertible Unsecured Subordinated Debentures due June 30, 2017 (the "5.6% Cdn$75.8 Million Debentures") (TSX: ATP.DB.B);

c) the 5.75% Series C Convertible Unsecured Subordinated Debentures due June 30, 2019 (the "5.75% US$117.0 Million Debentures") (TSX: ATP.DB.U);

d) the 6.0% Series D Extendible Convertible Unsecured Subordinated Debentures due December 31, 2019 (the "6.0% Cdn$90.0 Million Debentures") (TSX: ATP.DB.D);

e) the common shares (the "Common Shares") (TSX:ATP);

f) the 4.85% Cumulative Redeemable Preferred Shares, Series 1 (the "Series 1 Preferred Shares") (TSX: AZP.PR.A);

g) the Cumulative Rate Reset Preferred Shares, Series 2 (the "Series 2 Preferred Shares") (TSX: AZP.PR.B); and

h) the Cumulative Floating Rate Preferred Shares, Series 3 (the "Series 3 Preferred Shares") (TSX: AZP.PR.C).

Under its previous NCIB, Atlantic Power purchased Cdn$150,000 of its 6.25% debentures at an average price of Cdn$87.12; Cdn$4,661,000 of its 5.6% debentures at an average price of Cdn$91.71; US$13,000,000 of its 5.75% debentures at an average price of US$80.80; and Cdn$10,000,000 of its 6.0% debentures at an average price of Cdn$82.19.

Atlantic Power and APPEL believe that their Public Securities may trade in ranges that may not fully reflect the value of the Public Securities. As a result, Atlantic Power and APPEL believe that the purchase of their Public Securities from time to time can be undertaken at prices that make the acquisition of such securities an appropriate use of Atlantic Power's available funds. In addition, purchases under the NCIBs may increase the liquidity of the Public Securities.

Atlantic Power and APPEL will enter into a pre-defined automatic securities purchase plan ("ASPP") with their broker in order to facilitate repurchases of their Public Securities under their NCIBs. Under the ASPP, commencing December 29, 2015, the broker for Atlantic Power and APPEL may repurchase their Public Securities under the NCIBs at any time, including without limitation when the Company and APPEL ordinarily would not be permitted to due to regulatory restrictions or self-imposed blackout periods. Purchases will be made by the broker based upon the parameters prescribed by the TSX and the terms of the parties' written agreement. The ASPP will be in place for the one-year period of the NCIBs. RBC Capital Markets has been appointed as the broker of record for the Company's and APPEL's NCIBs. All Public Securities purchased under the NCIBs will be cancelled.

As of December 17, 2015, Atlantic Power had outstanding:

a) Cdn$67,283,000 principal amount of the 6.25% Cdn$67.3 Million Debentures;

b) Cdn$75,839,000 principal amount of the 5.6% Cdn$75.8 Million Debentures;

c) US$117,000,000 principal amount of the 5.75% US$117.0 Million Debentures;

d) Cdn$90,000,000 principal amount of the 6.0% Cdn$90.0 Million Debentures; and

e) 122,150,444 outstanding Common Shares.

As of December 17, 2015, APPEL had outstanding:

f) 5,000,000 outstanding Series 1 Preferred Shares;

g) 2,338,094 outstanding Series 2 Preferred Shares; and

h) 1,661,906 outstanding Series 3 Preferred Shares.

Under the NCIBs, the broker for Atlantic Power and APPEL may purchase up to 10% of the public float of Atlantic Power's convertible debentures and common shares and up to 5% of the amount issued and outstanding of APPEL's preferred shares, determined as of December 17, 2015, up to the following limits:

View data
Limit on Purchases (Principal Amount) Total Limit (1) Daily Limit (2) a) 6.25% Cdn$67.3 Million Debentures Cdn$6,717,300 Cdn$8,004 b) 5.6% Cdn$75.8 Million Debentures Cdn$7,583,900 Cdn$18,378 c) 5.75% $117.0 Million Debentures US$11,700,000 US$25,373 d) 6.0% Cdn$90.0 Million Debentures Cdn$8,995,000 Cdn$11,570 Limit on Purchases (Number of Shares) Total Limit (3) Daily Limit (4) e) Common Shares 12,139,215 22,600 f) Series 1 Preferred Shares 250,000 1,000 g) Series 2 Preferred Shares 116,904 1,000 h) Series 3 Preferred Shares 83,095 1,000

View data
Notes: 1. Represents 10% of the public float. As of December 17, 2015, the public float of the 6.25% Cdn$67.3 Million Debentures was $67,173,000; the public float of the 5.6% Cdn$75.9 Million Debentures was $75,839,000; the public float of the 5.75% US$117.0 Million Debentures was US$117,000,000; and the public float of the 6.0% Cdn$90.0 Million Debentures was $89,950,000. 2. Represents 25% of the 6-month Average Daily Trading Value ("ADTVA") on the TSX. The ADTVA for the 6.25% Cdn$67.3 Million Debentures is $32,020; the ADTVA for the 5.6% Cdn$75.8 Million Debentures is $73,512; the ADTVA for the 5.75% US$117.0 Million Debentures is US$101,493; and the ADTVA for the 6.0% Cdn$90.0 Million Debentures is $46,283. 3. For the Common Shares, represents 10% of the public float. For the Series 1 Preferred Shares, the Series 2 Preferred Shares and the Series 3 Preferred Shares, represents 5% of the amount issued and outstanding. As of December 17, 2015, the public float of the Common Shares was 121,392,151; the public float of the Series 1 Preferred Shares was 4,000,000; the public float of the Series 2 Preferred Shares was 2,338,094; and the public float of the Series 3 Preferred Shares was 1,661,906. 4. Represents the greater of 25% of the 6-month Average Daily Trading Volume ("ADTVO") on the TSX or 1,000 shares. The ADTVO for the Common Shares is 90,400; the ADTVO for the Series 1 Preferred Shares is 1,539; the ADTVO for the Series 2 Preferred Shares is 1,230; and the ADTVO for the Series 3 Preferred Shares is 787.

Atlantic Power and APPEL intend to commence their NCIBs on December 29, 2015. The NCIBs will expire on December 28, 2016 or such earlier date as the Company and/or APPEL complete their respective purchases pursuant to the NCIBs. All purchases made under the NCIBs will be made through the facilities of the TSX or other Canadian designated exchanges and published marketplaces and in accordance with the rules of the TSX at market prices prevailing at the time of purchase. Common share purchases under the NCIB may also be made on the New York Stock Exchange ("NYSE") in compliance with rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended, or other designated exchanges and published marketplaces in the U.S. in accordance with applicable regulatory requirements. The ability to make certain purchases through the facilities of the NYSE is subject to regulatory approval. The actual amount of Public Securities that may be purchased under the NCIBs is subject to, and cannot exceed, the limits referred to above.

About Atlantic Power

Atlantic Power owns and operates a diverse fleet of power generation assets in the United States and Canada. The Company's power generation projects sell electricity to utilities and other large commercial customers largely under long-term power purchase agreements, which seek to minimize exposure to changes in commodity prices. Atlantic Power's power generation projects in operation have an aggregate gross electric generation capacity of approximately 2,141 megawatts ("MW"), in which its aggregate ownership interest is approximately 1,504 MW. The Company's current portfolio consists of interests in twenty-three operational power generation projects across nine states in the United States and two provinces in Canada. APPEL is an indirect wholly-owned subsidiary of Atlantic Power.

Atlantic Power 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 Investor Relations [phone] [e-mail]

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.

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 and APPEL believe that their Public Securities may trade in a range that may not fully reflect the value of the Public Securities;

-- the Company and APPEL each believe that the purchase of its Public Securities from time to time can be undertaken at prices that make the acquisition of such securities an appropriate use of Atlantic Power's available funds;

-- that purchases under the NCIBs may increase the liquidity of the Public Securities;

-- the Company and APPEL will enter into one or more pre-defined automatic securities purchase plans with their broker from time to time during the course of the NCIBs to enable purchases of their Public Securities under the NCIBs to be made at times when Atlantic Power and APPEL ordinarily would not be permitted to, due to self-imposed internal blackout periods, insider trading rules, or otherwise, subject to certain parameters;

-- the Company may purchase up to 10% of the public float of its outstanding Public Securities and APPEL may purchase up to 5% of the public float of its outstanding Public Securities;

-- the Company and APPEL intend to commence the NCIBs on December 29, 2015; and

-- the NCIBs will expire on December 28, 2016 or such earlier date as the Company and/or APPEL complete their respective purchases pursuant to the NCIBs.

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 Securities and Exchange Commission 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.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/atlantic-power-corporation-and-atlantic-power-preferred-equity-ltd-announce-normal-course-issuer-bids-for-the-companys-convertible-unsecured-subordinated-debentures-common-shares-and-preferred-shares-300196699.html

SOURCE Atlantic Power Corporation

[TheProfit]

Company to implement a new NCIB plan for common shares and preferreds according to last Q conference call

"In addition, our common stock is trading at a significant discount through our internal estimates of intrinsic value per share. Consistent with this view, we plan to include the common shares in a new NCIB. Lastly, we want to thank our shareholders, who stayed with the company through the turmoil in the energy and power markets in recent months. We remained focused on increasing intrinsic value per share and by that measure we’re having a very good year."

[TheProfit]

Im in end of day today AT had a rough one..lets see if this is bottom? Lot of short sales or no?

[Easy1]

Atlantic Power declares C$0.03 dividend
http://www.seekingalpha.com/news/2929266

[Easy1]

Atlantic Power's (AT) CEO Jim Moore on Q3 2015 Results - Earnings Call Transcript $AT
http://www.seekingalpha.com/article/3657536

[Easy1]

Atlantic Power beats by $0.10, misses on revenue
http://www.seekingalpha.com/news/2905476

[velcro]

This stock is an excellent buy. Good dividend and good prospect for growth.

[radar72]

Nice move up!

[radar72]

Looking good today. Some nice buying going on.

[radar72]

Got interested in this one because it was the cheapest stock on Schwab's current "A" rated stocks list!

[radar72]

Bought a pile yesterday. Already up nicely here. Looks ready for a turnaround.

[Easy1]

Atlantic Power Corporation Announces Timing Of Third Quarter 2015 Results & Conference Call

Source: PR Newswire (Canada)
DEDHAM, Mass., Oct. 5, 2015 /CNW/ -- Atlantic Power Corporation (NYSE: AT) (TSX: ATP) ("Atlantic Power" or the "Company") will release its financial results for the three and nine months ended September 30, 2015 after the market closes on the afternoon of Thursday, November 5, 2015. A telephone conference call hosted by Atlantic Power's management team will be held:

Friday, November 6, 2015 at 8:30 AM ET

The telephone numbers for the conference call are: US Dial In (Toll Free): 1-888-317-6003; Canada Dial In (Toll Free): 1-866-284-3684; International Dial In (Toll): [phone]. Participants will need to provide access code 2718429 to enter the conference call.

The conference call will also be broadcast over Atlantic Power's website at www.atlanticpower.com. Please call or log in 10 minutes prior to the call.

Replay/Archive

To listen to the conference call after it is completed, access conference call number 10073982 at the following telephone numbers: US Toll Free: 1-877-344-7529; Canada Toll Free: 1-855-669-9658; International Toll: [phone].

The replay will be available 1 hour after the end of the conference call through February 11, 2016 at 9:00 AM ET. The conference call will also be archived on Atlantic Power's web site at www.atlanticpower.com.

About Atlantic Power

Atlantic Power owns and operates a diverse fleet of power generation assets in the United States and Canada. The Company's power generation projects sell electricity to utilities and other large commercial customers largely under long-term power purchase agreements, which seek to minimize exposure to changes in commodity prices. Atlantic Power's power generation projects in operation have an aggregate gross electric generation capacity of approximately 2,137 megawatts ("MW") in which its aggregate ownership interest is approximately 1,502 MW. The Company's current portfolio consists of interests in twenty-three operational power generation projects across nine states in the United States and two provinces in Canada.

Atlantic Power 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
[phone]
[e-mail]

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.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/atlantic-power-corporation-announces-timing-of-third-quarter-2015-results--conference-call-300154267.html

SOURCE Atlantic Power Corporation


Copyright 2015 Canada NewsWire

[Easy1]

Atlantic Power Corporation and Atlantic Power Preferred Equity Ltd. Announce Quarterly Dividend Rate on the Cumulative Floati...

Source: PR Newswire (Canada)
DEDHAM, Mass., Sept. 1, 2015 /CNW/ -- Atlantic Power Corporation ("Atlantic Power") and Atlantic Power Preferred Equity Ltd. (TSX: AZP.PR.A, AZP.PR.B and AZP.PR.C) (the "Corporation"), a subsidiary of Atlantic Power, announced the dividend rate on the Corporation's outstanding Cumulative Floating Rate Preferred Shares, Series 3 (AZP.PR.C) (the "Series 3 Shares") will be 4.68%, which will be payable December 31, 2015.

The Series 3 Shares dividend rate was calculated on August 31, 2015 to be 4.68%, representing the sum of the Canadian Government 90-day Treasury Bill yield (using the three-month average result of 0.50%) plus 4.18%.

Tax Information for Shareholders

The Corporation designates the dividend on each of the Series 1 Shares, the Series 2 Shares and the Series 3 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, Kenilworth, and Morris power generating facilities.

About Atlantic Power

Atlantic Power owns and operates a diverse fleet of power generation assets in the United States and Canada. The Company's power generation projects sell electricity to utilities and other large commercial customers largely under long-term power purchase agreements, which seek to minimize exposure to changes in commodity prices. Atlantic Power's power generation projects in operation have an aggregate gross electric generation capacity of approximately 2,137 megawatts ("MW") in which its aggregate ownership interest is approximately 1,502 MW. The Company's current portfolio consists of interests in twenty-three operational power generation projects across nine states in the United States and two provinces in Canada.

Atlantic Power 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
[phone]
[e-mail]

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.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/atlantic-power-corporation-and-atlantic-power-preferred-equity-ltd-announce-quarterly-dividend-rate-on-the-cumulative-floating-rate-preferred-shares-series-3-of-atlantic-power-preferred-equity-ltd-300136065.html

SOURCE Atlantic Power Corporation


Copyright 2015 Canada NewsWire

[Easy1]

That's what I am thinking!

[Timothy Smith]

Lots of reasons executives sell stock but only one reason they buy!

[Timothy Smith]

Atlantic Power (NYSE:AT) director Gilbert Palter discloses he bought 25K shares last Thursday at $2.26, and another 15.7K on Friday at $2.28. His total stake is now at 210.7K

The purchases followed a July selloff, and came shortly after Atlantic posted Q2 results.

[Easy1]

• Atlantic Power (NYSE:AT) director Gilbert Palter discloses he bought 25K shares last Thursday at $2.26, and another 15.7K on Friday at $2.28. His total stake is now at 210.7K.
• The purchases followed a July selloff, and came shortly after Atlantic posted Q2 results.

[Easy1]

Atlantic Power Corporation Announces Quarterly September 2015 Common Share Dividend

Source: PR Newswire (Canada)
BOSTON, Aug. 14, 2015 /CNW/ -- Atlantic Power Corporation (TSX: ATP) (NYSE: AT) (the "Company" or "Atlantic Power") today announced its distribution for the quarter ending September 30, 2015. A dividend of Cdn$0.03 per common share will be payable on September 30, 2015 to holders of record at the close of business on August 31, 2015.

Tax Information for Shareholders

Atlantic Power Corporation designates its entire dividend to be an "eligible dividend" pursuant to subsection 89(14) of the Income Tax Act (Canada) and its equivalent in any provinces of Canada.

U.S. individual or other non-corporate taxpayers may 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.

The Company's common share dividend is subject to a 25% withholding tax rate for holders that are not residents of Canada, which may be reduced pursuant to an applicable tax treaty. The withholding tax rate is 15% for U.S.-resident holders that qualify for the benefits of the Canada – U.S. Income Tax Convention.

Non-Canadian holders may be required by their brokers to complete a Form NR301 (or an equivalent form) in order to demonstrate their entitlement to a treaty-reduced rate of withholding tax. U.S. and other non-Canadian holders should consult their brokers about the requirement to provide such forms.

U.S. individuals holding shares in taxable accounts may be eligible to receive a credit on their U.S. income tax return for this withholding tax. U.S. individuals holding the Company's common shares in Individual Retirement Accounts ("IRAs") may be exempt from withholding tax pursuant to the Canada – U.S. Income Tax Convention.

Taxpayers should always seek their own independent qualified professionals regarding the tax consequences of purchasing or owning common shares of the Company. Individuals who believe the withholding tax exemption applies to their IRA should contact their broker to determine how to claim the exemption.

About Atlantic Power

Atlantic Power owns and operates a diverse fleet of power generation assets in the United States and Canada. The Company's power generation projects sell electricity to utilities and other large commercial customers largely under long-term power purchase agreements, which seek to minimize exposure to changes in commodity prices. Atlantic Power's power generation projects in operation have an aggregate gross electric generation capacity of approximately 2,137 megawatts ("MW") in which its aggregate ownership interest is approximately 1,502 MW. The Company's current portfolio consists of interests in twenty-three operational power generation projects across nine states in the United States and two provinces in Canada.

Atlantic Power 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
[phone]
[e-mail]

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.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/atlantic-power-corporation-announces-quarterly-september-2015-common-share-dividend-300124836.html

SOURCE Atlantic Power Corporation


Copyright 2015 Canada NewsWire

[Easy1]

Atlantic Power (NYSE:AT): Q2 EPS of -$0.18 beats by $0.01.
• Revenue of $103.1M (-16.2% Y/Y) misses by $23.8M.
• Press Release

[Easy1]

Atlantic Power Corporation Completes the Sale of Its Wind Portfolio and Announces Call of Its Senior Unsecured Notes

Source: PR Newswire (Canada)
DEDHAM, Mass., June 26, 2015 /CNW/ -- Atlantic Power Corporation (NYSE: AT) (TSX: ATP) ("Atlantic Power" or the "Company") announced today that it has completed the previously disclosed sale of its wind portfolio to an affiliate of SunEdison, Inc. (NYSE: SUNE) for cash proceeds of approximately $347 million, net of closing adjustments. The wind portfolio consisted of five operating wind projects in Idaho and Oklahoma with a net ownership by Atlantic Power of 521 megawatts.

At closing, the Company also deconsolidated approximately $249 million of project debt and $229 million of noncontrolling interest related to tax equity interests at Canadian Hills and the minority ownership interests at Rockland and Canadian Hills.

Atlantic Power also announced today that it has called for redemption all of its outstanding 9.0 percent Senior Unsecured Notes due November 2018. The outstanding principal amount to be redeemed is approximately $310.9 million. The Notes will be redeemed in approximately thirty days at a redemption price equal to 104.50 percent of the principal amount thereof, plus accrued interest.

"The sale of our wind projects and the redemption of our Senior Unsecured Notes achieve two major components of our plan – cost reduction, including interest expense, and debt reduction. The combined impact is cash flow positive on an annualized basis," said James J. Moore, Jr., President and Chief Executive Officer of Atlantic Power. "These actions also strengthen our balance sheet by reducing our leverage and improve our medium-term debt maturity profile. We are continuing to explore other opportunities to reshape our remaining corporate debt with a goal of further improving our creditworthiness," Mr. Moore added.

Net proceeds to Atlantic Power from the wind sale are expected to be approximately $333 million after estimated transaction fees and transaction-related taxes. Proceeds will be used to fund the redemption of the Senior Unsecured Notes, consistent with the assumptions contained in the Company's 2015 guidance provided on May 7, 2015.

About Atlantic Power

Atlantic Power owns and operates a diverse fleet of power generation assets in the United States and Canada. The Company's power generation projects sell electricity to utilities and other large commercial customers largely under long-term power purchase agreements, which seek to minimize exposure to changes in commodity prices. Atlantic Power's power generation projects in operation have an aggregate gross electric generation capacity of approximately 2,137 megawatts ("MW") in which its aggregate ownership interest is approximately 1,502 MW. The Company's current portfolio consists of interests in twenty-three operational power generation projects across nine states in the United States and two provinces in Canada.

Atlantic Power 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
[phone]
[e-mail]

Copies of certain 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.

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 sale of the wind projects and redemption of the Senior Unsecured Notes being cash flow positive on an annualized basis;
the strengthening of the Company's balance sheet by reducing its leverage and improving its medium-term debt maturity profile; and
the Company's ability to reshape its remaining corporate debt and improve its creditworthiness.
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 Securities and Exchange Commission from time to time for a detailed discussion of the risks and uncertainties affecting the Company, including, without limitation, the Company's ability to evaluate and/or implement potential options, including asset sales or joint ventures, if the valuation of a particular asset or assets is compelling, to raise additional capital for growth and/or potential debt reduction. 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. The financial outlook information contained in this news release is presented to provide readers with guidance on the cash distributions expected to be received by the Company and to give readers a better understanding of the Company's ability to pay its current level of distributions into the future. The Company's ability to achieve its longer-term goals, including those described in this news release, is based on significant assumptions relating to and including, among other things, the general conditions of the markets in which it operates, revenues, internal and external growth opportunities, its ability to sell assets at favorable prices or at all and general financial market and interest rate conditions. The Company's actual results may differ, possibly materially and adversely, from these goals. Readers are cautioned that such information may not be appropriate for other purposes.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/atlantic-power-corporation-completes-the-sale-of-its-wind-portfolio-and-announces-call-of-its-senior-unsecured-notes-300105563.html

SOURCE Atlantic Power Corporation


Copyright 2015 Canada NewsWire

[Easy1]

Atlantic Power Corporation Announces Election of Directors

Source: PR Newswire (Canada)
DEDHAM, Mass., June 23, 2015 /CNW/ -- Atlantic Power Corporation (NYSE: AT) (TSX: ATP) ("Atlantic Power" or the "Company") announced that the nominees listed in the management information circular and proxy statement for the 2015 annual and special meeting of shareholders were elected as directors of the Company. Detailed results of the votes by proxy for the election of directors held at the annual and special meeting of shareholders today in Toronto, Ontario are set out below.

Nominee

Votes For

% For

Votes Withheld

% Withheld

Irving R. Gerstein

53,254,759

95.08%

2,758,113

4.92%

Kenneth M. Hartwick

53,423,956

95.38%

2,588,916

4.62%

John A. McNeil

53,526,616

95.56%

2,486,256

4.44%

R. Foster Duncan

53,424,300

95.38%

2,588,572

4.62%

Holli C. Ladhani

53,423,504

95.38%

2,589,369

4.62%

Teresa M. Ressel

53,756,592

95.97%

2,256,281

4.03%

Kevin T. Howell

53,862,021

96.16%

2,150,851

3.84%

James J. Moore, Jr.

53,906,166

96.24%

2,106,706

3.76%

About Atlantic Power

Atlantic Power owns and operates a diverse fleet of power generation assets in the United States and Canada. The Company's power generation projects sell electricity to utilities and other large commercial customers largely under long-term power purchase agreements ("PPAs"), which seek to minimize exposure to changes in commodity prices. Pro forma for the expected sale of the Wind Projects, Atlantic Power's power generation projects in operation have an aggregate gross electric generation capacity of approximately 2,137 megawatts ("MW") in which its aggregate ownership interest is approximately 1,502 MW. The Company's current portfolio consists of interests in twenty-three operational power generation projects across nine states in the United States and two provinces in Canada.

Atlantic Power 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
[phone]
[e-mail]

Copies of certain 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.



To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/atlantic-power-corporation-announces-election-of-directors-300103388.html

SOURCE Atlantic Power Corporation


Copyright 2015 Canada NewsWire

[Easy1]

Atlantic Power Corporation Announces Quarterly June 2015 Common Share Dividend

Source: PR Newswire (Canada)
BOSTON, May 15, 2015 /CNW/ -- Atlantic Power Corporation (TSX: ATP) (NYSE: AT) (the "Company" or "Atlantic Power") today announced its distribution for the quarter ending June 30, 2015. A dividend of Cdn$0.03 per common share will be payable on June 30, 2015 to holders of record at the close of business on May 29, 2015.

Tax Information for Shareholders

Atlantic Power Corporation designates its entire dividend to be an "eligible dividend" pursuant to subsection 89(14) of the Income Tax Act (Canada) and its equivalent in any provinces of Canada.

U.S. individual or other non-corporate taxpayers may 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.

The Company's common share dividend is subject to a 25% withholding tax rate for holders that are not residents of Canada, which may be reduced pursuant to an applicable tax treaty. The withholding tax rate is 15% for U.S.-resident holders that qualify for the benefits of the Canada – U.S. Income Tax Convention.

Non-Canadian holders may be required by their brokers to complete a Form NR301 (or an equivalent form) in order to demonstrate their entitlement to a treaty-reduced rate of withholding tax. U.S. and other non-Canadian holders should consult their brokers about the requirement to provide such forms.

U.S. individuals holding shares in taxable accounts may be eligible to receive a credit on their U.S. income tax return for this withholding tax. U.S. individuals holding the Company's common shares in Individual Retirement Accounts ("IRAs") may be exempt from withholding tax pursuant to the Canada – U.S. Income Tax Convention.

Taxpayers should always seek their own independent qualified professionals regarding the tax consequences of purchasing or owning common shares of the Company. Individuals who believe the withholding tax exemption applies to their IRA should contact their broker to determine how to claim the exemption.

About Atlantic Power

Atlantic Power owns and operates a diverse fleet of power generation 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 power purchase agreements, which seek to minimize exposure to changes in commodity prices. Its power generation projects have an aggregate gross electric generation capacity of approximately 2,945 MW in which its aggregate ownership interest is approximately 2,024 MW. Its current portfolio consists of interests in twenty-eight operational power generation projects across eleven states in the United States and two provinces in Canada.

Atlantic Power 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
[phone]
[e-mail]

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.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/atlantic-power-corporation-announces-quarterly-june-2015-common-share-dividend-300081869.html

SOURCE Atlantic Power Corporation


Copyright 2015 Canada NewsWire

[Easy1]

Absolutely;)

[trglaa]

You think she's going to go back up

[Easy1]

Power Generation company Atlantic Power (NYSE:AT) was already facing calls to sell itself from the Clinton Group when private equity firm Mangrove Partners announced an active stake earlier this month. Mangrove is pushing the company to commit to a large buyback program, and may also push for seats on the board, as well as a sale.
Its power business: Atlantic Power generated roughly 2,000 MW of power last year from power plants and wind farms throughout the U.S. and Canada. 53% of its production capability came from natural gas and 26% from wind, with biomass, coal, and hydro making up the rest.
Rising fuel input costs have hamstrung AT, as its operating cash flows have decreased from $167 million to $65 million between 2012 and 2014. This in turn led to a significant dividend cut in early 2013 that sent the stock spiraling down from around $15/share down to its current level between $3 and $4/share.

As part of an attempt to deleverage somewhat-AT has $1.4 billion in long-term debt vs. a market cap of $400 million-the company sold its portfolio of wind assets for $350 million in April. This means its portfolio is now heavily tilted towards natural gas.
The hedge fund pressure: AT conducted a strategic review last fall and the board decided that a sale was not in the best interest of the company. Shortly after the announcement, the Clinton Group, owning up around 2% o the company, penned a public letter to the board pushing for a sale.
Even though the Board denied receiving any offers above its market price, Clinton Group stated their belief that the company could complete a deal at above $4/share, which would be a roughly 25% premium to the current valuation. Clinton Group also expressed doubt that the company could be profitable as an independent entity:
"The "leaders" of this company cannot seem to understand that the concept of public independent, non-regulated power companies does not work. Time and time again, debt-laden companies that attempt to sell power on the wholesale market or to regulated utilities have imploded."
More recently, Tampa-based private equity firm Mangrove Partners announced an active stake with 7.5% ownership. Mangrove wants most of the proceeds from the sale of AT's wind projects to be returned to shareholders in the form of a $300 million special dividend. Mangrove has been discussing board representation, with the ultimate goal being to convince the company to either break up or sell itself.
Where we stand: Contrarian investors jumped aboard AT when it dropped from $15 to $5/share in 2013, only to watch the company continue to slide. With analysts projecting declining revenues and continued losses over the coming years, it's hard to see a great deal of upside for the stock going forward.
With a negative tangible book value and over $1.4 billion in long-term debt, the company is not exactly an enticing prospect for acquirers either. The Board's denial that it received any offers above the market price last fall stands in stark contrast to the optimism expressed by Mangrove Partners and Clinton Group.
Even if offers do materialize at the levels anticipated by these investors, the upside is not that high, only ~25%. Meanwhile, there's a big potential downside if cash flows continue to decline at the same level. Right now, AT looks like a high risk, low reward proposition for investors.
Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
The author wrote this article themselves, and it expresses their own opinions. The author is not receiving compensation for it (other than from Seeking Alpha). The author has no business relationship with any company whose stock is mentioned in this article.

[Timothy Smith]

Atlantic Power (NYSE:AT): Q1 EPS of $0.17 may not be comparable to consensus of -$0.12.

Revenue of $111.3M (-11.2% Y/Y) misses by $35.1M.

[Easy1]

Atlantic Power Corporation Releases First Quarter 2015 Results

Source: PR Newswire (Canada)
DEDHAM, Mass., May 7, 2015 /CNW/ -- Atlantic Power Corporation (NYSE: AT) (TSX: ATP) ("Atlantic Power" or the "Company") today released its results for the three months ended March 31, 2015.

"We continue to execute on our long-term strategic plan with an overall objective of increasing intrinsic value per share for our shareholders. During the quarter, we achieved a key milestone in our goal of reshaping our balance sheet by reaching an agreement to divest our wind assets at an attractive valuation. We plan to deploy the cash proceeds to optimize our capital structure to the benefit of shareholders," said James J. Moore, Jr., President and Chief Executive Officer of Atlantic Power. "We also made significant progress on other key initiatives. In April, we announced a further planned reduction in our corporate overhead from $38 million in 2015 to $28 million in 2016 and completed the relocation of our headquarters to Dedham, Massachusetts. We are also on track to make $10 million of discretionary investments in our fleet this year that we expect will generate compelling cash returns."

"Project Adjusted EBITDA from our continuing businesses this quarter increased modestly compared to the first quarter of 2014 despite significant reductions from our Tunis and Selkirk projects. These reductions were more than offset by increases at a few other projects in the East as well as lower maintenance expenses for several projects that had outages in the first quarter of last year," Mr. Moore continued. "Our Adjusted Free Cash Flow declined relative to last year, but mostly because of the amortization of $24 million of term loan and project debt this quarter. For the year we expect to amortize $65 to $70 million of debt using project-level cash flows. In addition, we made discretionary debt repurchases totaling approximately $26 million year to date through April."

First Quarter 2015 Highlights

Reached agreement for sale of wind portfolio for cash proceeds of approximately $350 million (subject to certain adjustments), representing a valuation of approximately 13 times expected 2015 cash distributions
Announced planned $10 million reduction in 2016 corporate general and administrative (G&A) expense to $28 million; cumulative reduction of approximately 48% from the 2013 level of $54 million
U.S. District Court granted Company's motion to dismiss U.S. securities class action lawsuit; plaintiffs have filed a notice of appeal; Company will oppose that appeal
Project Adjusted EBITDA of $58.6 million excluding the wind businesses increased $2.2 million from year-ago period, despite significantly lower contributions from Tunis and Selkirk
Project income of $21.5 million excluding the wind businesses decreased $4.2 million from a year ago, but excluding non-cash mark-to-market impacts would have increased $19.5 million from a year ago
Cash flows from operating activities of $35.1 million increased $63.8 million from year-ago period, which included $46.8 million of costs associated with refinancing transactions; wind businesses contributed $10.8 million to cash flows from operating activities versus $8.8 million in the year-ago period
Repaid $24 million of term loan and project debt and made $16 million of discretionary debt repurchases in the first quarter (total $26 million of discretionary debt repurchases year to date through April)
Liquidity at March 31, 2015 totaled $202 million, including $102 million of revolver availability and $100 million of unrestricted cash; next debt maturity is not until March 2017
Revised 2015 guidance for the wind sale and planned use of cash proceeds
All amounts are in U.S. dollars and are approximate unless otherwise indicated. Adjusted Cash Flows from Operating Activities, Free Cash Flow, Adjusted Free Cash Flow, Cash Distributions from Projects, Project Adjusted EBITDA and APLP Project Adjusted EBITDA are not recognized measures under generally accepted accounting principles in the United States ("GAAP") and do not have standardized meanings prescribed by GAAP; therefore, these measures may not be comparable to similar measures presented by other companies. Please see "Regulation G Disclosures" attached to this news release for an explanation and the GAAP reconciliation of "Adjusted Cash Flows from Operating Activities", "Free Cash Flow", "Adjusted Free Cash Flow", "Cash Distributions from Projects" and "Project Adjusted EBITDA" as used in this news release. The Company has not reconciled non-GAAP financial measures relating to individual projects or the projects in discontinued operations or the APLP projects to the directly comparable GAAP measures due to the difficulty in making the relevant adjustments on an individual project basis. The Company has not provided a reconciliation of forward-looking non-GAAP measures, due primarily to variability and difficulty in making accurate forecasts and projections, as not all of the information necessary for a quantitative reconciliation is available to the Company without unreasonable efforts.

Atlantic Power Corporation

Table 1 – Selected Results

(in millions of U.S. dollars, except as otherwise stated)


Three months ended March 31,

Unaudited

2015

2014

Excluding results from discontinued operations (1)



Project revenue

$111.3

$125.3

Project income

21.5

25.7

Project Adjusted EBITDA

58.6

56.4

Cash Distributions from Projects

56.9

44.0

Adjusted Cash Flows from Operating Activities

34.4

35.3

Adjusted Free Cash Flow

7.0

27.9

Aggregate power generation (thousands of Net MWh)

1,485.1

1,648.7

Weighted average availability

97.6%

92.7%

Including results from discontinued operations (1)



Cash flows from operating activities

$35.1

$(28.7)

Free Cash Flow

5.0

(46.3)

Results of discontinued operations



Project Adjusted EBITDA

13.3

17.8

Cash Distributions from Projects

7.3

6.2

Cash flows from operating activities

10.8

8.8

(1) Canadian Hills, Meadow Creek, Goshen North, Idaho Wind and Rockland (the "Wind Projects") are designated as assets held for sale and a component of discontinued operations for the three months ended March 31, 2015 and 2014. Thermo Power & Electric, LLC ("Greeley") was sold in March 2014 and is included as a component of discontinued operations for the three months ended March 31, 2014. The results of discontinued operations are excluded from Project revenue, Project income, Project Adjusted EBITDA, Cash Distributions from Projects, Adjusted Cash Flows from Operating Activities and Adjusted Free Cash Flow as presented in Table 1. The results for discontinued operations have also been excluded from the aggregate power generation and weighted average availability statistics shown in Table 1. Under GAAP, the cash flows attributable to the Wind Projects and Greeley are included in cash flows from operating activities as shown on the Company's Consolidated Statement of Cash Flows; therefore, the Company's calculation of Free Cash Flow shown on Table 1 also includes cash flows from the Wind Projects and Greeley. However, the inclusion of Greeley in 2014 had no impact on cash flows from operating activities or Free Cash Flow. Results of discontinued operations shown above are for the Wind Projects, as Greeley had no impact on Project Adjusted EBITDA, Cash Distributions from Projects or cash flows from operating activities for the 2014 period in which it was included in discontinued operations.





2015 Guidance Revised for Wind Sale and Planned Use of Proceeds

Company plans to use proceeds of the wind sale (approximately $338 million net of transaction and other costs) to redeem its $310.9 million of 9% senior unsecured notes following closing of the transaction
Total Company Project Adjusted EBITDA of $200 to $220 million (previously $265 to $285 million)
APLP Project Adjusted EBITDA of $148 to $160 million (unchanged)
Adjusted Cash Flows from Operating Activities of $90 to $110 million (previously $120 to $140 million)
Adjusted Free Cash Flow of $0 to $20 million (previously $10 to $30 million)
Strategy

The Company continues to focus on executing its long-term business plan with an overall objective of increasing intrinsic value per share for the benefit of shareholders. In the near term the key elements of this plan include reducing overhead costs, optimizing the Company's capital structure and reducing leverage in order to improve its cost of capital and lower its interest expense, and enhancing the value of its existing assets through discretionary capital investments designed to generate attractive returns and to be accretive to free cash flow. The Company will also look to pursue opportunities for early extensions or renewals of its Power Purchase Agreements (PPAs) where such agreements would be economically advantageous for the Company and the customer. As the Company continues to make progress on its balance sheet objectives, management expects to consider additional internal as well as external growth investments, subject to a strong cost discipline and focus on opportunities to create value. Going forward, as the Company executes its business strategy, and consistent with its objectives, the Board of Directors together with management will regularly evaluate the optimal dividend policy for the Company.

Operating Results for the First Quarter of 2015

The discussion of operating results excludes the Wind Projects, which are classified as discontinued operations.

Project availability increased to 97.6% in the first quarter of 2015 from 92.7% for the same period in 2014. The increase was attributable to improved availability at Chambers, Kapuskasing and North Island, all of which had scheduled maintenance outages during the first quarter of 2014; Piedmont, which had a lower amount of forced outage hours relative to the comparable year-ago period, and Moresby Lake and Williams Lake, both of which had forced maintenance outages during the first quarter of 2014.

Generation decreased 9.9% year over year due primarily to reductions at Frederickson, which experienced lower dispatch resulting from warmer weather relative to the comparable 2014 period; Tunis, which was mothballed in the first quarter of 2015 following the expiration of its PPA, and Selkirk, which is now a fully merchant facility following its PPA expiration in August 2014 and experienced reduced dispatch due to unfavorable market conditions. These decreases were partially offset by increased generation at Mamquam and North Island, which underwent turbine maintenance in the 2014 period.

Financial Results for the First Quarter of 2015

Table 2 provides a breakdown of project income and Project Adjusted EBITDA by segment for the three months ended March 31, 2015 as compared to the same period in 2014. The Company's Wind Projects were designated as assets held for sale effective March 31, 2015 and included in results of discontinued operations for the three-month periods ended March 31, 2015 and March 31, 2014. Results for project income and Project Adjusted EBITDA exclude discontinued operations. Accordingly, results of the Wind Projects and Greeley are not included in Project income or Project Adjusted EBITDA for either the 2015 or 2014 period shown in Table 2.

Atlantic Power Corporation

Table 2 – Segment Results

(in millions of U.S. dollars, except as otherwise stated)

Unaudited



Three months ended March 31,



2015

2014

Project income (loss)




East


$22.2

$31.6

West


2.0

(5.1)

Un-allocated Corporate


(2.7)

(0.8)

Total


21.5

25.7

Project Adjusted EBITDA




East


$43.2

$45.6

West


17.2

11.3

Un-allocated Corporate


(1.8)

(0.5)

Total


58.6

56.4

The results of the Wind Projects and Greeley, which are components of discontinued operations, are excluded from Project income and Project Adjusted EBITDA as presented in Table 2.

Note: Project Adjusted EBITDA is not a recognized measure under GAAP and does not have any standardized meaning prescribed by GAAP; therefore, this measure may not be comparable to similar measures presented by other companies. Please refer to Tables 8 through 11 for a reconciliation of this non-GAAP measure to a GAAP measure. The Company has not reconciled this non-GAAP financial measure relating to individual project segments to the directly comparable GAAP measure due to the difficulty in making the relevant adjustments on a segment basis.

Project income can fluctuate significantly due to non-cash adjustments to "mark-to-market" the fair value of derivatives. Non-cash goodwill impairment charges and gains or losses on the sale of assets are included in project income and can also affect year-over-year comparisons. None of these items are included in Project Adjusted EBITDA.

Project income decreased $4.2 million to $21.5 million in the first quarter of 2015 from $25.7 million for the comparable period in 2014. Results included a year-over-year change of $(23.7) million in the fair value of derivatives. Excluding this non-cash item, project income was $23.2 million versus $3.7 million in 2014, with the $19.5 million improvement primarily attributable to a $9.0 million reduction in project interest expense (partly due to the repayment of Curtis Palmer debt in the first quarter of 2014), $13.6 million of lower fuel costs and lower maintenance expense at several projects that had outages in the year-ago period, partially offset by a reduction in project income at Tunis, which was mothballed during the first quarter of 2015 following the expiration of its PPA at year end 2014.

Project Adjusted EBITDA includes proportional EBITDA from the Company's equity method projects.

Project Adjusted EBITDA increased by $2.2 million to $58.6 million for the three months ended March 31, 2015 from $56.4 million for the same period in 2014. For the quarter, the most significant contributors to the improvement in Project Adjusted EBITDA were Orlando, which had lower fuel expenses related to a lower cost of gas and the absence of a fuel swap termination cost incurred in the first quarter of 2014; Piedmont, primarily due to the absence of legal expenses incurred in the first quarter of 2014; Morris, due to lower fuel expenses as a result of a lower cost of gas, partially offset by the impact of lower gas prices on revenue; and North Island, Mamquam and Williams Lake, which had outages in the year-ago period. Mamquam also benefited from increased water flows, although this is not expected to continue due to low snowpack in the West. These increases were partially offset by reductions at Tunis and Selkirk, for reasons described above. Currency had an approximate $(3) million impact on Project Adjusted EBITDA, with an average U.S. dollar to Canadian dollar exchange rate for the first quarter of 2015 of 1.26 versus 1.11 for the year-ago period. However, from an overall cash standpoint, that impact was mostly offset by the benefit of the weaker Canadian dollar on the Company's Canadian-denominated interest and dividend payments.

Corporate-level General & Administrative expense (shown as "Administration" on the Consolidated Statements of Operations) increased $2.3 million to $9.4 million in the first quarter of 2015 from $7.1 million in the first quarter of 2014. The increase was primarily attributable to $2.9 million of severance charges in the first quarter of 2015 associated with recent management changes and staffing reductions, which are expected to result in lower expenses going forward. This and other increases were partially offset by a decrease in legal expenses.

Cash Flow Metrics

Cash flows from operating activities (GAAP) and Free Cash Flow include the cash flows from projects classified as discontinued operations.

Cash flows from operating activities of $35.1 million for the first quarter of 2015 increased $63.8 million from $(28.7) million for the same period in 2014. The increase was primarily due to (i) $46.8 million of costs associated with the debt repayment and repurchase transactions incurred in the first quarter of 2014, and (ii) an $18.9 million increase in cash inflows for working capital. Results included $10.8 million from discontinued operations in 2015 versus $8.8 million in 2014.

Free Cash Flow increased by $51.3 million to $5.0 million for the first quarter of 2015 compared to $(46.3) million for the same period in 2014. The increase is primarily due to the $63.8 million increase in operating cash flows, partially offset by the $21.3 million amortization of the Atlantic Power Limited Partnership ("APLP") term loan.

Cash Distributions from Projects and adjusted cash flow metrics (all non-GAAP) exclude cash flows from projects classified as discontinued operations.

Cash Distributions from Projects increased by $12.9 million to $56.9 million for the first quarter of 2015 compared to $44.0 million for the same period in 2014.

Significant increases for the first quarter of 2015 occurred at the following projects: Morris, which benefited from significantly lower market prices for gas; the Navy projects in California, which had a major gas turbine overhaul at North Island in the first quarter of 2014, and which experienced lower working capital requirements in 2015 associated with a new gas supply agreement in 2014; Chambers, which experienced a change in the distribution date under the project's new debt agreement in 2014, with a distribution made by the project in December and released to the Company in January 2015; Mamquam, due to higher revenues from increased water flows and lower major maintenance projects relative to the year-ago period, and Kapuskasing, which experienced a forced outage in the first quarter of 2014 but had no outages in the first quarter of 2015.

These increases were partially offset by decreases at the following projects: Tunis, for which the PPA expired at year end 2014 and which is currently mothballed; Selkirk, for which the PPA expired in August 2014, is currently operating on a merchant basis although dispatch was significantly reduced in the first quarter of 2015 due to unfavorable market conditions; Nipigon, which benefited in the first quarter of 2014 from the timing of revenue receipts; and Orlando, which benefited from working capital changes in the first quarter of 2014, which were adverse in the first quarter of 2015.

Adjusted Cash Flows from Operating Activities, which excludes discontinued operations, changes in working capital, severance, acquisition and disposition expenses and restructuring charges, declined slightly to $34.4 million from $35.3 million for the same period in 2014.

Adjusted Free Cash Flow, which excludes the same variables listed above, declined $20.9 million to $7.0 million from $27.9 million for the same period in 2014, due primarily to the initial amortization of the APLP term loan, which commenced in the second quarter of 2014.

Tables 10 and 11 of this press release provide a reconciliation of the Company's non-GAAP cash flow metrics to cash flows from operating activities.

Results of Discontinued Operations

Canadian Hills, Meadow Creek, Goshen North, Idaho Wind and Rockland (the "Wind Projects") are designated as assets held for sale and a component of discontinued operations for the three months ended March 31, 2015 and 2014. Thermo Power & Electric, LLC ("Greeley") was sold in March 2014 and is included as a component of discontinued operations for the 2014 period. The results for Greeley were immaterial in the first quarter of 2014. Project Adjusted EBITDA of the Wind Projects was $13.3 million for the first quarter of 2015 versus $17.8 million for the comparable year-ago period. The $4.5 million decrease is primarily attributable to decreases of $2.9 million and $0.8 million at Meadow Creek and Rockland, respectively, resulting from unfavorable winds as compared to 2014. Generation of the Wind Projects declined 10.7% in the first quarter of 2015 from the year-ago period. Cash flows from operating activities of the Wind Projects were $10.8 million for the first quarter of 2015 versus $8.8 million for the first quarter of 2014. Cash Distributions from the Wind Projects were $7.3 million for the first quarter of 2015 versus $6.2 million for the first quarter of 2014.

Liquidity

Table 3 presents the Company's liquidity excluding the Wind Projects, which are included in discontinued operations. As can be seen from Table 3, the Company's liquidity decreased slightly from approximately $210 million as of December 31, 2014 to $202 million at March 31, 2015, including $102 million of revolver availability and $100 million of unrestricted cash. During the first quarter, the Company generated Adjusted Free Cash Flow of $7.0 million, using that in combination with cash on hand to make $16 million of discretionary debt repurchases and to pay $2.9 million of dividends on its common shares.

Atlantic Power Corporation

Table 3 – Liquidity (in millions of U.S. dollars)

Unaudited


December 31, 2014

March 31, 2015

Revolver capacity


$210.0

$210.0

Letters of credit outstanding


(105.7)

(108.1)

Unused borrowing capacity


104.3

101.9

Unrestricted cash (1)


106.0

100.1

Total Liquidity


$210.3

$202.0

(1) Includes project-level cash for working capital needs of $10.2 million at December 31, 2014 and $12.5 million at March 31, 2015.

Other Financial Updates

Senior Unsecured Notes – Fixed Charge Coverage Ratio

As of March 31, 2015, the Company was again in compliance with the Fixed Charge Coverage Ratio test under the restricted payments covenant of its 9% senior unsecured note indenture. During the period that it was not in compliance, from the first quarter of 2014 through the end of the first quarter of 2015, the Company was subject to a Restricted Payments basket which limited the payment of common dividends to the greater of $50 million and 2% of consolidated net assets (approximately $46.7 million at March 31, 2015). Through March 31, 2015, the Company had paid dividends totaling $35.4 million that were subject to this basket provision. As long as the Company remains in compliance with the ratio, dividend payments are not subject to the basket limitation. However, the basket does not reset if the Company were to fall out of compliance at any point in the future. Dividends to shareholders are paid, if and when declared by, and subject to the discretion of, the Board of Directors.

G&A Expense Targets

As previously announced, the Company continues to take significant steps to achieve meaningful reductions in its corporate G&A expense. In April the Company completed the relocation of its headquarters from Boston to Dedham, Massachusetts, with a 30% reduction in space and more than a 40% reduction in annual rental expense for the headquarters beginning in 2016. In addition, the Company is in the process of closing its offices in Seattle, Portland and outside of Chicago, and will be reducing the size of its Toronto office. The Company has also made significant reductions in its corporate staff. Including staff associated with the wind assets that are being divested, the corporate staff will be reduced by an expected 25% this year and by more than 50% from 2013.

As a result of these and other cost reduction efforts, the Company now expects corporate G&A expense of $28 million in 2016, a $10 million reduction from $38 million in 2015 (which includes approximately $4 million of severance expense) and a cumulative reduction of approximately 48% from the 2013 level of $53.8 million.

Debt Reduction

In the first quarter of 2015, the Company amortized $21.3 million of the APLP term loan and $2.5 million of project-level debt. Excluding debt associated with its wind assets, the Company expects to amortize approximately $14 to $15 million of project-level debt in 2015. It also expects to repay $50 to $60 million of the APLP term loan through the 50% cash sweep and 1% mandatory amortization, for a total debt reduction through amortization in 2015 of approximately $65 to $70 million. Amortization of project-level debt and the APLP term loan is expected to average approximately $70 to $75 million annually over the next several years.

In addition, the Company made discretionary debt repurchases totaling $16 million during the quarter, including $9.0 million of senior unsecured notes in January and $7.0 million of convertible debentures under the Normal Course Issuer Bid (NCIB). In April, the Company repurchased another $10.3 million of convertible debentures under the NCIB. Thus, discretionary debt repurchases this year to date through April total $26.3 million. The Company had also repurchased $3.1 million of convertible debentures under the NCIB in December 2014.

Maintenance and Capex

For 2015, the Company projects that capital expenditures will total approximately $11.5 million, of which approximately $10 million relates to discretionary optimization projects described subsequently. In addition to amounts capitalized, the Company incurs maintenance expense to maintain its projects. Previously the Company had provided an outlook for major maintenance expense, which included only the more significant maintenance expenditures, but going forward believes that total maintenance expense is a more standard definition within the industry. Excluding the Company's wind assets, total maintenance expense is expected to be approximately $44 million for 2015, representing an increase of approximately $3 million from 2014, which is primarily attributable to the scheduled gas turbine outage at Manchief in 2015 and the absence of insurance recoveries and other proceeds that were credited at Piedmont in 2014, partially offset by reductions at several other projects that had maintenance outages in 2014.

During the first quarter of 2015, the Company incurred $5.2 million of maintenance expense and $1.3 million of capital expenditures. Capex during the quarter were primarily associated with one of the Company's optimization initiatives at Morris.

Optimization Investments

Consistent with its strategy, the Company continues to make discretionary investments in its existing projects designed to increase their output or improve their efficiency in order to enhance the margins of these facilities. The Company considers these investments to be an attractive use of its cash considering the relatively modest capital requirements and potential for strong risk-adjusted returns. As previously disclosed, the Company invested approximately $7 million in 2013 and $11 million in 2014 in these discretionary initiatives. It expects to realize a cash flow benefit of $4 to $8 million from these investments in 2015. The Company expects to revisit this cash flow expectation as it gains operating experience this summer with the completed upgrades at Morris and Nipigon.

Excluding its Wind Projects, the Company expects to invest $10 million in such initiatives in 2015 across a number of projects, with the most significant at Curtis Palmer, Mamquam, Nipigon, and several at Morris. This expected investment is included in the Company's 2015 capex budget of approximately $11.5 million. For the three-year period 2013 through 2015, these discretionary optimization investments are expected to total $28 million. The Company expects to realize a cash flow benefit from these investments of at least $10 million in 2016. The Company is optimistic that it can identify and execute on another $5 to $10 million of such discretionary investments in 2016.

In addition to these production-based investments, the Company continues to pursue commercial and asset management opportunities around its existing projects, some of which require only a modest level of capital expenditures or expense.

Business Updates

Wind Sale

On April 1, the Company announced that its subsidiary, Atlantic Power Transmission, Inc., had reached an agreement with a subsidiary of TerraForm Power for the sale of its five operating Wind Projects in Idaho and Oklahoma, representing 521 MW of net ownership, for approximately $350 million in cash proceeds (subject to certain adjustments). The implied valuation is approximately 13 times estimated 2015 cash distributions from the projects. In addition, upon closing of the transaction the Company expects to deconsolidate from its balance sheet approximately $249 million of project debt and $229 million of noncontrolling interests related to Canadian Hills and Rockland. The expected net proceeds to the Company after transaction fees and transaction-related taxes are estimated to be approximately $338 million. Closing is subject to regulatory approvals and is expected by the end of the second quarter. On April 14, the transaction received early termination of the waiting period under the Hart-Scott-Rodino Act. Also on April 14, the parties to the agreement filed for approval of the transaction with the Federal Energy Regulatory Commission. Pro forma for the sale of the wind assets, the Company's weighted average remaining PPA life is approximately eight years.

Frontier Sale

In April, the Company closed a transaction for the sale of Ridgeline's equity interests in Frontier Solar, LLC for net cash proceeds of $4.3 million. Frontier has been developing an approximately 20 MW solar electric generating facility in California. The Company expects to record a $3.5 million gain on the sale in the second quarter of 2015.

2015 Guidance

Project Adjusted EBITDA of $200 to $220 million (previously $265 to $285 million)
APLP Project Adjusted EBITDA of $148 to $160 million (unchanged)
Adjusted Cash Flows from Operating Activities of $90 to $110 million (previously $120 to $140 million)
Adjusted Free Cash Flow of $0 to $20 million (previously $10 to $30 million)
The Company has revised its 2015 guidance to account for the expected sale of its wind portfolio based on an expected closing date of June 2015. The Wind Projects were included in discontinued operations in the first quarter and thus are excluded from Project Adjusted EBITDA for the full year beginning January 1, 2015. The impact on Project Adjusted EBITDA guidance is a reduction of approximately $65 million.

The planned use of approximately $338 million of proceeds net of transaction and other costs is the redemption of the Company's $310.9 million of 9% senior unsecured notes following the closing of the transaction. The Company's adjusted cash flow metrics exclude the cash flows of the wind assets for the entire year, but the benefit to interest expense is included in cash flow only after the notes have been redeemed (i.e., partial year). Adjusted cash flow metrics exclude redemption premiums and accrued interest. On a full year basis and excluding the premiums and accrued interest, the reduction in interest expense would more than offset the loss of cash flows from the wind assets. There can be no assurance that the sale of the Wind Projects will close on the expected or assumed timeline or that the Company will use proceeds from such sale as planned.

See Table 4 for full-year initial 2015 guidance, full-year revised 2015 guidance and Q1 2015 actual results.

Atlantic Power Corporation

Table 4 – 2015 Annual Guidance (Initial and Revised) vs. Q1 2015 Actual Results

(in millions of U.S. dollars, except as otherwise stated)


Unaudited


2015 Annual

(Initial 2/26/15)

2015 Annual

(Revised 5/7/15)

Q1 2015

Actual

Project Adjusted EBITDA


$265 - $285

$200 - $220

$58.6

Adjusted Cash Flows from Operating Activities (1)


$120 - $140

$90 - $110

$34.4

Adjusted Free Cash Flow (2)


$10 - $30

$0 - $20

$7.0

APLP Project Adjusted EBITDA (3)


$148 - $160

$148 - $160

$45.7

(1) Adjusted Cash Flows from Operating Activities is used to evaluate cash flows from operating activities without the effects of changes in working capital balances, acquisition and disposition expenses, litigation expenses, severance and restructuring charges, and cash provided by or used in discontinued operations. The intent is to reflect normal operations and remove items that are not reflective of the long-term operations of the business.

(2) Adjusted Free Cash Flow is defined as Free Cash Flow excluding changes in working capital balances, acquisition and disposition expenses, litigation expense, severance and restructuring charges, and cash provided by or used in discontinued operations. Free Cash Flow is defined as cash flows from operating activities less capex; project-level debt repayments, including amortization of the new term loan; and distributions to noncontrolling interests, including preferred share dividends.

(3) APLP is a wholly owned subsidiary of the Company. APLP Project Adjusted EBITDA is a summation of Project Adjusted EBITDA at each APLP project, and is calculated in a manner which is consistent with the Company's Project Adjusted EBITDA calculation.



Note: Project Adjusted EBITDA, Adjusted Cash Flows from Operating Activities, Adjusted Free Cash Flow and APLP Project Adjusted EBITDA are not recognized measures under GAAP and do not have any standardized meaning prescribed by GAAP; therefore, these measures may not be comparable to similar measures presented by other companies.








Supplementary Financial Information

For further information, attached to this news release is a summary of Project Adjusted EBITDA by segment for the three months ended March 31, 2015 and 2014 (Table 8) with a reconciliation to project income (loss); a bridge from Project Adjusted EBITDA to Cash Distributions from Projects by segment for the three months ended March 31, 2015 (Table 9A) and the three months ended March 31, 2014 (Table 9B); a reconciliation of Cash Distributions from Projects and Project Adjusted EBITDA to net income (loss) and of various non-GAAP cash flow metrics to cash flows from operating activities for the three months ended March 31, 2015 and 2014 (Table 10); a reconciliation of Adjusted Cash Flows from Operating Activities and Adjusted Free Cash Flow to cash flows from operating activities (Table 11); and a summary of Project Adjusted EBITDA for selected projects (top contributors based on the Company's 2015 budget, representing approximately 90% of total Project Adjusted EBITDA) for the three months ended March 31, 2015 and 2014 (Table 12).

Investor Conference Call and Webcast

A telephone conference call hosted by Atlantic Power's management team will be held on Friday, May 8, 2015 at 8:30 AM ET. An accompanying slide presentation will be available on the Company's website prior to the call. The telephone numbers for the conference call are: U.S. Toll Free: 1-888-317-6003; Canada Toll Free: 1-866-284-3684; International Toll: [phone]. Participants will need to provide access code 8551325 to enter the conference call. The conference call will also be broadcast over Atlantic Power's website, with an accompanying slide presentation. Please call or log in 10 minutes prior to the call. The telephone numbers to listen to the conference call after it is completed (Instant Replay) are U.S. Toll Free: 1-877-344-7529; Canada Toll Free 1-855-669-9658; International Toll: [phone]. Please enter conference call number 10063343. The replay will be available 1 hour after the end of the conference call through August 6, 2015 at 9:00 AM ET. The conference call will also be archived on Atlantic Power's website.

About Atlantic Power

Atlantic Power owns and operates a diverse fleet of power generation assets in the United States and Canada. The Company's power generation projects sell electricity to utilities and other large commercial customers largely under long-term power purchase agreements ("PPAs"), which seek to minimize exposure to changes in commodity prices. Pro forma for the expected sale of the Wind Projects, Atlantic Power's power generation projects in operation have an aggregate gross electric generation capacity of approximately 2,137 megawatts ("MW") in which its aggregate ownership interest is approximately 1,502 MW. The Company's current portfolio consists of interests in twenty-three operational power generation projects across nine states in the United States and two provinces in Canada.

Atlantic Power 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
[phone]
[e-mail]

Copies of certain 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.

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 expectations regarding the sale of the Wind Projects, including the timing of the closing of such sale, the amount of expected net proceeds from such sale, the expected use of those proceeds for the redemption of the Company's $310.9 million of 9% senior unsecured notes and the revised guidance provided by the Company to reflect the closing of the sale and receipt and use of proceeds therefrom;
the Company's plans for 2015, including further significant reductions in overhead run rates from 2015 to 2016 and additional investments in its fleet that the Company expects will generate compelling cash returns, both of which the Company expects to result in improved cash flow;
the Company's expectation that successful execution of its business plan will provide a stable platform for it to begin growing its business again in 2016 on an absolute basis, in addition to the organic growth in cash flows provided by returns on discretionary investments in its fleet and cost reductions;
the outcome or impact of the Company's business plan, including the objectives of reducing its overhead and improving its cost structure, enhancing the value of its existing assets through attractive discretionary investment and commercial activities, and optimizing its capital structure and reducing its leverage to improve its cost of capital and ability to compete for new investments;
the Company's expectations regarding the pursuit of commercial and asset management opportunities around its existing projects and any cash contributions from such opportunities;
2015 Project Adjusted EBITDA will be in the range of $200 to $220 million;
2015 APLP Project Adjusted EBITDA will be in the range of $148 to $160 million;
2015 Adjusted Cash Flows from Operating Activities will be in the range of $90 to $110 million;
2015 Adjusted Free Cash Flow will be in the range of $0 to $20 million;
the Company expects to amortize $50 to $60 million of the APLP term loan and $14 to $15 million of project-level debt in 2015, for a total debt reduction through amortization of approximately $65 to $70 million; and the expectation that amortization of project-level debt and the APLP term loan will average approximately $70 to $75 million annually over the next several years;
the Company's expectations regarding compliance with the fixed charge coverage ratio test included in the restricted payments covenant in its senior unsecured note indenture;
the expectation that recent management changes and personnel reduction will result in cost savings going forward;
the Company expects to have G&A costs of no more than $38 million in 2015, for a total reduction of at least $16 million relative to 2013, with another $10 million improvement expected in 2016;
the Company expects to incur approximately $4 million of severance expense in 2015;
the optimization investments in 2013 and 2014 of approximately $18 million will produce approximately $4 to $8 million of cash flow benefit in 2015;
the level of optimization investments will be approximately $10 million in 2015, and cumulative investments for 2013 through 2015 will produce a cash flow contribution of at least $10 million annually in 2016;
the Company's dividend level;
for 2015, the Company projects that capital expenditures will total approximately $11.5 million, including approximately $10 million relating to discretionary optimization investments, and total maintenance expense is expected to be approximately $44 million;
the Company will look to pursue opportunities for early extensions or renewals of its PPAs;
the Company expects to record a $3.5 million gain on the Frontier sale in the second quarter of 2015; and
the results of operations and performance of the Company's projects, business prospects, opportunities and future growth of the Company will be as described herein.
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 Securities and Exchange Commission from time to time for a detailed discussion of the risks and uncertainties affecting the Company, including, without limitation, the Company's ability to evaluate and/or implement potential options, including asset sales or joint ventures, if the valuation of a particular asset or assets is compelling, to raise additional capital for growth and/or potential debt reduction. 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. The financial outlook information contained in this news release is presented to provide readers with guidance on the cash distributions expected to be received by the Company and to give readers a better understanding of the Company's ability to pay its current level of distributions into the future. The Company's ability to achieve its longer-term goals, including those described in this news release, is based on significant assumptions relating to and including, among other things, the general conditions of the markets in which it operates, revenues, internal and external growth opportunities, its ability to sell assets at favorable prices or at all and general financial market and interest rate conditions. The Company's actual results may differ, possibly materially and adversely, from these goals. Readers are cautioned that such information may not be appropriate for other purposes.



Atlantic Power Corporation

Table 5 – Consolidated Balance Sheet (in millions of U.S. dollars)



March 31,

December 31,


2015

2014

Assets

(Unaudited)


Current assets:



Cash and cash equivalents

$100.1

$106.0

Restricted cash

14.1

22.5

Accounts receivable

40.2

46.2

Inventory

15.7

19.3

Prepayments and other current assets

13.1

13.9

Assets held for sale

780.8

792.1

Refundable income taxes

-

0.2

Total current assets

964.0

1,000.2




Property, plant and equipment, net

914.9

962.9

Equity investments in unconsolidated affiliates

310.1

305.2

Other intangible assets, net

356.0

377.1

Goodwill

197.2

197.2

Derivative instruments asset

0.3

1.1

Deferred financing costs

59.2

62.8

Other assets

10.4

10.1

Total assets

$2,812.1

$2,916.6




Liabilities



Current liabilities:



Accounts payable

$6.7

$9.4

Income taxes payable

0.6

-

Accrued interest

17.8

5.3

Other accrued liabilities

25.8

30.7

Current portion of long-term debt

19.4

20.0

Current portion of derivative instruments liability

34.7

36.1

Liabilities held for sale

281.1

271.8

Other current liabilities

5.7

6.8

Total current liabilities

391.8

380.1




Long-term debt

1,098.4

1,145.9

Convertible debentures

315.7

340.6

Derivative instruments liability

44.6

47.5

Deferred income taxes

86.3

92.4

Power purchase and fuel supply agreement liabilities, net

31.0

33.4

Other non-current liabilities

58.4

60.2

Commitments and contingencies

-

-

Total liabilities

2,026.2

2,100.1




Equity



Common shares, no par value, unlimited authorized shares; 121,747,980 and 121,323,614

issued and outstanding at March 31, 2015 and December 31, 2014, respectively

1,288.9

1,288.4

Accumulated other comprehensive loss

(103.7)

(68.3)

Retained deficit

(849.4)

(863.9)

Total Atlantic Power Corporation shareholders' equity

335.8

356.2

Preferred shares issued by a subsidiary company

221.3

221.3

Noncontrolling interests held for sale

228.8

239.0

Total equity

785.9

816.5

Total liabilities and equity

$2,812.1

$2,916.6







Atlantic Power Corporation

Table 6 – Consolidated Statements of Operations

(in millions of U.S. dollars, except per share amounts)

Unaudited




Three months ended March 31,



2015

2014

Project revenue:



Energy sales


$54.0

$64.3

Energy capacity revenue


33.5

33.5

Other


23.8

27.5



111.3

125.3





Project expenses:




Fuel


46.2

59.8

Operations and maintenance


21.5

27.8

Development


1.1

0.7

Depreciation and amortization


28.0

30.5



96.8

118.8

Project other income (expense):




Change in fair value of derivative instruments


(1.7)

22.0

Equity in earnings of unconsolidated affiliates


10.8

8.4

Interest expense, net


(2.1)

(11.1)

Other expense


-

(0.1)



7.0

19.2

Project income


21.5

25.7





Administrative and other expenses (income):




Administration


9.4

7.1

Interest, net


25.7

66.5

Foreign exchange gain


(32.2)

(16.8)

Other income


(1.4)

-



1.5

56.8

Income (loss) from continuing operations before income taxes


20.0

(31.1)

Income tax benefit


(4.6)

(16.9)

Income (loss) from continuing operations


24.6

(14.2)

Net loss from discontinued operations, net of tax (1)


(12.3)

(8.3)

Net income (loss)


12.3

(22.5)

Net loss attributable to noncontrolling interests designated as discontinued operations


(7.5)

(6.4)

Net income attributable to preferred shares of a subsidiary company


2.3

2.8

Net income (loss) attributable to Atlantic Power Corporation


$17.5

$(18.9)





Basic earnings (loss) per share:




Income (loss) from continuing operations attributable to Atlantic Power Corporation


$0.17

$(0.15)

Loss from discontinued operations, net of tax


(0.03)

(0.01)

Net income (loss) attributable to Atlantic Power Corporation


$0.14

$(0.16)



Diluted earnings (loss) per share:




Income (loss) from continuing operations attributable to Atlantic Power Corporation


$0.17

$(0.15)

Loss from discontinued operations, net of tax


(0.03)

(0.01)

Net income (loss) attributable to Atlantic Power Corporation


$0.14

$(0.16)

(1) Includes contributions from the Wind Projects and Greeley, which are components of discontinued operations.





Atlantic Power Corporation

Table 7 – Consolidated Statements of Cash Flows (in millions of U.S. dollars)

Unaudited



Three months ended March 31,



2015

2014

Cash flows from operating activities:




Net income (loss)


$12.3

$(22.5)

Adjustments to reconcile to net cash provided by (used in) operating activities




Depreciation and amortization


38.1

40.5

Gain on sale of asset


-

(2.1)

Gain on repurchase of convertible debentures and other


(1.4)

-

Long-term incentive plan expense


0.5

(0.1)

Equity in earnings from unconsolidated affiliates


(9.9)

(8.6)

Distributions from unconsolidated affiliates


7.2

11.8

Unrealized foreign exchange gain


(32.8)

(16.7)

Change in fair value of derivative instruments


9.0

(14.7)

Change in deferred income taxes


(3.9)

(13.5)

Change in other operating balances




Accounts receivable


6.0

7.1

Inventory


3.6

(0.1)

Prepayments, refundable income taxes and other assets


4.3

7.4

Accounts payable


(5.6)

(2.9)

Accruals and other liabilities


7.7

(14.3)

Cash provided by (used in) operating activities


35.1

(28.7)





Cash flows provided by investing activities




Change in restricted cash


9.7

73.6

Proceeds from sale of asset, net


-

1.0

Construction in progress


-

(0.4)

Capitalized development costs


(0.8)

-

Purchase of property, plant and equipment


(1.3)

(2.6)

Cash provided by investing activities


7.6

71.6





Cash flows used in financing activities




Proceeds from senior secured term loan facility


-

600.0

Repayment of corporate and project-level debt


(32.8)

(565.0)

Repayment of convertible debentures


(5.7)

-

Deferred financing costs


-

(38.3)

Dividends paid to common shareholders


(2.9)

(10.2)

Dividends paid to noncontrolling interests


(5.0)

(8.0)

Cash used in financing activities


(46.4)

(21.5)





Net (decrease) increase in cash and cash equivalents


(3.7)

21.4

Less cash at discontinued operations


(6.2)

(9.4)

Cash and cash equivalents at beginning of period at discontinued operations


3.9

-

Cash and cash equivalents at beginning of period


106.1

158.6

Cash and cash equivalents at end of period


$100.1

$170.6





Supplemental cash flow information




Interest paid


$11.7

$66.8

Income taxes paid, net


$0.4

$0.2

Accruals for construction in progress


$-

$9.4





Regulation G Disclosures

Project Adjusted EBITDA is not a measure recognized under GAAP and does not have a standardized meaning prescribed by GAAP, and is therefore unlikely to be comparable to similar measures presented by other companies. Project Adjusted EBITDA is defined as project income (loss) plus interest, taxes, depreciation and amortization (including non-cash impairment charges) and changes in the fair value of derivative instruments. Management uses Project Adjusted EBITDA at the project level to provide comparative information about project performance and believes such information is helpful to investors. A reconciliation of Project Adjusted EBITDA to project income (loss) is provided in Table 8 below. Investors are cautioned that the Company may calculate this measure in a manner that is different from other companies.

Cash Distributions from Projects, Adjusted Cash Flows from Operating Activities, Free Cash Flow and Adjusted Free Cash Flow are not measures recognized under GAAP and do not have standardized meanings prescribed by GAAP, and are therefore unlikely to be comparable to similar measures presented by other companies. Adjusted Cash Flows from Operating Activities is used to evaluate cash flows from operating activities without the effects of changes in working capital balances, acquisition and disposition expenses, litigation expenses, severance and restructuring charges, and cash provided by or used in discontinued operations. The intent is to reflect normal operations and remove items that are not reflective of the long-term operations of the business. Free Cash Flow is defined as cash flows from operating activities less capex; project-level debt repayments, including amortization of the new term loan; and distributions to noncontrolling interests, including preferred share dividends.

Adjusted Free Cash Flow is defined as Free Cash Flow excluding changes in working capital balances, acquisition and disposition expenses, litigation expense, severance and restructuring charges, and cash provided by or used in discontinued operations. Management believes that these non-GAAP cash flow measures are relevant supplemental measures of the Company's ability to earn and distribute cash returns to investors. A bridge of Project Adjusted EBITDA to Cash Distributions from Projects is provided in Tables 9A and 9B on page 15. A reconciliation of Free Cash Flow to cash flows from operating activities is provided in Table 10 on page 16 of this release. Reconciliations of Adjusted Free Cash Flow and Adjusted Cash Flows from Operating Activities to cash flows from operating activities are provided in Table 11 on page 17 of this release. Investors are cautioned that the Company may calculate these measures in a manner that is different from other companies.


Atlantic Power Corporation

Table 8 – Project Adjusted EBITDA by Segment (in millions of U.S. dollars)

Unaudited







Three months ended March 31,



2015

2014

Project Adjusted EBITDA by segment




East


$43.2

$45.6

West (1)


17.2

11.3

Un-allocated corporate


(1.8)

(0.5)

Total


$58.6

$56.4





Reconciliation to project income




Depreciation and amortization


32.9

40.8

Interest expense, net


2.5

11.5

Change in the fair value of derivative instruments


1.7

(21.9)

Other expense


-

0.3

Project income


$21.5

$25.7

(1) Excludes Greeley, which is a component of discontinued operations.



Notes:

Table 8 excludes the Wind Projects, which comprise the entirety of the Wind segment. The Wind Projects are designated as assets held for sale and a component of discontinued operations for the three months ended March 31, 2015 and 2014.



Table 8 presents Project Adjusted EBITDA, which is not a recognized measure under GAAP and does not have any standardized meaning prescribed by GAAP; therefore, this measure may not be comparable to a similar measure presented by other companies.





Atlantic Power Corporation

Table 9A – Cash Distributions from Projects (by Segment, in millions of U.S. dollars)

Three months ended March 31, 2015 (Unaudited)

Unaudited

Project
Adjusted
EBITDA

Repayment of
long-term debt

Interest
expense,
net

Capital
expenditures

Other, including
changes in working
capital

Cash
Distributions
from Projects


Segment








East








Consolidated

$31.7

$(1.0)

$(1.9)

$(1.3)

$6.7

$34.2


Equity method

11.5

(1.5)

(0.6)

(0.3)

(0.6)

8.5


Total

43.2

(2.5)

(2.5)

(1.6)

6.1

42.7


West








Consolidated

13.7

-

-

-

(3.6)

10.1


Equity method

3.5

-

-

-

0.6

4.1


Total

17.2

-

-

-

(3.0)

14.2


Total consolidated

45.4

(1.0)

(1.9)

(1.3)

3.1

44.3


Total equity method

15.0

(1.5)

(0.6)

(0.3)

-

12.6


Un-allocated corporate

(1.8)

-

-

-

1.8

-


Total

$58.6

$(2.5)

$(2.5)

$(1.6)

$4.9

$56.9


Note: Table 9A presents Cash Distributions from Projects and Project Adjusted EBITDA, which are not recognized measures under GAAP and do not have any standardized meanings prescribed by GAAP; therefore, these measures may not be comparable to similar measures presented by other companies.



Atlantic Power Corporation

Table 9B – Cash Distributions from Projects (by Segment, in millions of U.S. dollars)

Three months ended March 31, 2014 (Unaudited)


Project
Adjusted
EBITDA

Repayment of
long-term debt

Interest
expense,
net

Capital
expenditures

Other, including
changes in working
capital

Cash
Distributions
from Projects


Segment








East








Consolidated

$33.8

$(8.6)

$(7.9)

$(0.1)

$16.6

$33.8


Equity method

11.8

(2.1)

(3.7)

(0.6)

3.3

8.7


Total

45.6

(10.7)

(11.6)

(0.7)

19.9

42.5


West








Consolidated

7.6

-

-

-

(10.3)

(2.7)


Equity method

3.7

(0.3)

-

-

0.8

4.2


Total

11.3

(0.3)

-

-

(9.5)

1.5


Total consolidated

41.4

(8.6)

(7.9)

(0.1)

6.3

31.1


Total equity method

15.5

(2.4)

(3.7)

(0.6)

4.1

12.9


Un-allocated corporate

(0.5)

-

-

(0.3)

0.8

-


Total

$56.4

$(11.0)

$(11.6)

$(1.0)

$11.2

$44.0


Note: Table 9B presents Cash Distributions from Projects and Project Adjusted EBITDA, which are not recognized measures under GAAP and do not have any standardized meanings prescribed by GAAP; therefore, these measures may not be comparable to similar measures presented by other companies.





Atlantic Power Corporation

Table 10 – Free Cash Flow (in millions of U.S. dollars)

Unaudited









Three months ended March 31,



2015

2014

Cash Distributions from Projects


$56.9

$44.0

Repayment of long-term debt


(2.5)

(11.0)

Interest expense, net


(2.5)

(11.6)

Capital expenditures


(1.6)

(1.0)

Other, including changes in working capital


4.9

11.2

Project Adjusted EBITDA


$58.6

$56.4

Depreciation and amortization


32.9

40.8

Interest expense, net


2.5

11.5

Change in the fair value of derivative instruments


1.7

(21.9)

Other income


-

0.3

Project income


$21.5

$25.7

Administrative and other expenses


1.5

56.8

Income tax benefit


(4.6)

(16.9)

Net (loss) income from discontinued operations, net of tax


(12.3)

(8.3)

Net income (loss)


$12.3

$(22.5)

Adjustments to reconcile to net cash provided by operating activities


6.8

(3.4)

Change in other operating balances


16.0

(2.8)

Cash flows from operating activities


$35.1

$(28.7)

Term loan facility repayments (1)


(21.3)

-

Project-level debt repayments


(2.5)

(9.9)

Purchases of property, plant and equipment (2)


(1.3)

(2.6)

Distributions to noncontrolling interests (3)


(2.7)

(2.1)

Dividends on preferred shares of a subsidiary company


(2.3)

(3.0)

Free Cash Flow


$5.0

$(46.3)

Additional GAAP cash flow measures:




Cash flows from investing activities


7.6

71.6

Cash flows from financing activities


(46.4)

(21.5)

(1) Includes mandatory 1% annual amortization and 50% excess cash flow repayments by the Partnership.

(2) Excludes construction costs related to the Company's Canadian Hills project in 2014.

(3) Distributions to noncontrolling interests include distributions to the tax equity investors at Canadian Hills and to the other 50% owner of Rockland.



Note: Table 10 presents Cash Distributions from Projects, Project Adjusted EBITDA and Free Cash Flow, which are not recognized measures under GAAP and do not have any standardized meanings prescribed by GAAP; therefore, these measures may not be comparable to similar measures presented by other companies.







Atlantic Power Corporation

Table 11 – Adjusted Cash Flows from Operating Activities and Adjusted Free Cash Flow (in millions of U.S. dollars)

Unaudited



Three months ended March 31,



2015

2014

Cash flows from operating activities


$35.1

$(28.7)

Changes in other operating balances


6.0

22.7

Cash flows from discontinued operations


(10.8)

(8.8)

Severance charges


2.9

0.5

Restructuring charges, asset dispositions and other


1.2

0.0

Shareholder litigation expenses


0.0

0.2

Refinancing transaction costs


0.0

49.4

Adjusted Cash Flows from Operating Activities


$34.4

$35.3

Term loan facility repayments (1)


(21.3)

0.0

Project-level debt repayments


(2.5)

(9.9)

Amount associated with discontinued operations (included in line above)


0.0

0.0

Principal repayment of Piedmont debt at term conversion (included above)


0.0

8.1

Purchases of property, plant and equipment (2)


(1.3)

(2.6)

Amount associated with discontinued operations (included in line above)


0.0

0.0

Distributions to noncontrolling interests (3)


(2.7)

(2.1)

Amount associated with discontinued operations (included in line above)


2.7

2.1

Dividends on preferred shares of a subsidiary company


(2.3)

(3.0)

Adjusted Free Cash Flow


$7.0

$27.9

Additional GAAP cash flow measures:




Cash flows from investing activities


$7.6

$71.6

Cash flows from financing activities


$(46.4)

$(21.5)

(1) Includes mandatory 1% annual amortization and 50% excess cash flow repayments by the Partnership.

(2) Excludes construction costs related to the Company's Canadian Hills project in 2014 and 2013 and its Piedmont and Meadow Creek projects in 2013.

(3) Distributions to noncontrolling interests primarily include distributions, if any, to the tax equity investors at Canadian Hills and to the other 50% owner of Rockland.



Note: Table 11 presents Adjusted Cash Flows from Operating Activities and Adjusted Free Cash Flow, which are not recognized measures under GAAP and do not have any standardized meanings prescribed by GAAP; therefore, these measures may not be comparable to similar measures presented by other companies.





Atlantic Power Corporation

Table 12 – Project Adjusted EBITDA by Project (for Selected Projects)

(in millions of U.S. dollars)

Unaudited



Three months ended March 31,



2015


2014

East

Accounting




Cadillac

Consolidated

$2.1


$2.0

Calstock

Consolidated

2.7


2.1

Curtis Palmer

Consolidated

5.8


6.7

Kapuskasing

Consolidated

4.0


3.3

Morris

Consolidated

4.8


3.8

Nipigon

Consolidated

5.9


6.0

North Bay

Consolidated

4.1


5.0

Piedmont

Consolidated

0.8


(1.4)

Other (1)

Consolidated

1.5


6.3

Chambers

Equity method

6.2


5.8

Orlando

Equity method

5.1


1.1

Other (2)

Equity method

0.2


4.9

Total


43.2


45.6

West





Manchief

Consolidated

3.7


3.6

Naval Station

Consolidated

1.4


1.3

North Island

Consolidated

1.2


(1.4)

Williams Lake

Consolidated

5.0


3.9

Other (3)

Consolidated

2.4


0.2

Frederickson

Equity method

3.1


3.2

Other (4)

Equity method

0.4


0.5

Total


17.2


11.3

Totals





Consolidated projects


45.4


41.4

Equity method projects


15.0


15.5

Un-allocated corporate


(1.8)


(0.5)

Total Project Adjusted EBITDA


$58.6


$56.4






Depreciation and amortization


32.9


40.8

Interest expense, net


2.5


11.5

Change in the fair value of derivative instruments


1.7


(21.9)

Other (income) expense


-


0.3

Project income


$21.5


$25.7

(1) Kenilworth, Tunis

(2) Selkirk

(3) Moresby Lake, Mamquam, Naval Training Station, and Oxnard

(4) Q1 2014: Koma Kulshan and Delta-Person; Q1 2015: Koma Kulshan



Notes: Table 12 presents Project Adjusted EBITDA, which is not a recognized measure under GAAP and does not have any standardized meaning prescribed by GAAP; therefore, this measure may not be comparable to a similar measure presented by other companies. The Company has not reconciled non-GAAP financial measures relating to individual projects to the directly comparable GAAP measures due to the difficulty in making the relevant adjustments on an individual project basis.





To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/atlantic-power-corporation-releases-first-quarter-2015-results-300080018.html

SOURCE Atlantic Power Corporation


Copyright 2015 Canada NewsWire

[Easy1]

• Atlantic Power (NYSE:AT): Q1 EPS of $0.17 may not be comparable to consensus of -$0.12.
• Revenue of $111.3M (-11.2% Y/Y) misses by $35.1M.
• Press Release

[Easy1]

Alltel Co. logoAlltel Co. (NYSE:AT)‘s stock had its “buy” rating reissued by Zacks in a research report issued on Thursday. They currently have a $3.75 price target on the stock. Zacks‘s price objective indicates a potential upside of 15.38% from the stock’s previous close.

[Easy1]

• Mangrove Partners is urging Atlantic Power (NYSE:AT) to return cash to shareholders and could push for a possible sale or break-up of the company, Reuters reports.
• The hedge fund, which owns ~7.5% of AT shares, is said to be looking for AT to pay a special dividend of $300M, or ~$2.50/share, or a possible share repurchase.
• Breaking up or selling AT could require Mangrove to work to replace some directors in order to gain control of the eight-person board, but the report suggests the hedge fund has not decided whether to take that step

[Easy1]

Good volume today!

[Easy1]

Atlantic Power Announces Headquarters Relocation and Provides Update on Cost Reduction Efforts

Source: PR Newswire (Canada)
BOSTON, April 9, 2015 /CNW/ -- Atlantic Power Corporation (NYSE: AT) (TSX: ATP) ("Atlantic Power" or "the Company") today announced the relocation of its headquarters from the Financial District in Boston to Dedham, Massachusetts as part of its ongoing efforts to reduce corporate and other overhead costs. The relocation will occur later this month. The Company also provided the following update on its cost reduction efforts:

The relocation to Dedham will result in a reduction in annual rental expense for its headquarters of nearly 50%.
The Company is in the process of closing its offices in Seattle, Portland and outside of Chicago. In addition, the Company will be reducing the size of its Toronto office.
Including staff associated with its wind assets, which are being sold, the corporate staff will be reduced by 25% this year and by more than 50% from 2013.
The Company now expects that total corporate general and administrative expense of $38 million in 2015 will be reduced to $28 million in 2016 as a result of these and other cost reduction efforts. This represents an expected cumulative reduction of approximately 48% from 2013.
"These cost-cutting efforts have been painful but necessary elements of our plan to increase the value of the Company," said James J. Moore, Jr., President and Chief Executive Officer of Atlantic Power. "A $10 million reduction in corporate costs will result in a meaningful improvement to our free cash flow generation. In addition, we remain focused on reducing leverage and associated interest expense as well as growing cash flow by investing in our own fleet at returns well in excess of those available in the external markets," Mr. Moore noted.

About Atlantic Power

Atlantic Power owns and operates a diverse fleet of power generation 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 power purchase agreements, which seek to minimize exposure to changes in commodity prices. Its power generation projects have an aggregate gross electric generation capacity of approximately 2,945 MW in which its aggregate ownership interest is approximately 2,024 MW. Its current portfolio consists of interests in twenty-eight operational power generation projects across eleven states in the United States and two provinces in Canada.

Atlantic Power 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
[phone]
[e-mail]

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.

Forward-Looking Statements

Certain statements in this press release may include "forward-looking statements" within the meaning of the U.S. federal securities laws and "forward-looking information," as such term is used in Canadian securities laws (referred to as "forward-looking statements"). These forward-looking statements can generally be identified by the use of the words "outlook," "objective," "may," "will," "should," "could," "would," "plan," "potential," "estimate," "project," "continue," "believe," "intend," "anticipate," "expect," "target" or the negatives of these words and phrases 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:

relocation to Dedham resulting in a 50% reduction in annual rental expense for the Company's headquarters;
total corporate general and administrative expense of $38 million in 2015 being reduced to $28 million in 2016;
the Company remaining focused on reducing leverage and associated interest expense; and
the Company growing cash flow by investing in its fleet at returns well in excess of those available in the external markets.
Forward-looking statements reflect the Company's current expectations regarding future events and speak only as of the date of this press release. These forward-looking statements are based on a number of assumptions which may prove to be incorrect. 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. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under "Risk Factors" in the filings the Company makes from time to time with the U.S. Securities and Exchange Commission and Canadian securities regulators. The Company's business is both competitive and subject to various risks. Although the forward-looking statements contained in this press release are based upon what the Company believes 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. Therefore, investors are urged not to place undue reliance on the Company's forward-looking statements. These forward-looking statements are made as of the date of this press 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.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/atlantic-power-announces-headquarters-relocation-and-provides-update-on-cost-reduction-efforts-300063266.html

SOURCE Atlantic Power Corporation


Copyright 2015 Canada NewsWire

[Easy1]

Atlantic Power to sell wind portfolio to TerraForm Power for $350M
Apr 1 2015, 08:25 • SA Editor Carl Surran
Atlantic Power (NYSE:AT) agrees to sell its wind generation projects, consisting of five projects located in Idaho and Oklahoma, to TerraForm Power (NASDAQ:TERP) for $350M in cash.
AT also will deconsolidate $249M of project debt and $239M of non-controlling interest related to tax equity interests at the Canadian Hills project and the minority ownership interests at Rockland and Canadian Hills; on that basis, the total enterprise value of the deal is ~$837M.

[Easy1]

TerraForm Power and SunEdison Announce Acquisition of 521 MW of Wind Power Plants From Atlantic Power

Source: GlobeNewswire Inc.
Operating wind fleet with expected annual Cash Available for Distribution ("CAFD") of $44 million
Remaining average contract duration of 18 years, with average counterparty credit rating of A3
Expected unlevered cash-on-cash return of 9%2
Anticipate funding the acquisition with a warehouse facility, creating an operating project portfolio to be dropped into TerraForm Power at a future date

TerraForm Power, Inc. (Nasdaq:TERP), an owner and operator of clean energy power plants, today announced the acquisition of 521 MW (net) of operating wind power plants from Atlantic Power (TSX:ATP) (NYSE:AT), an independent power producer with a well-diversified fleet of power generation assets throughout the United States and Canada.

SunEdison logo


These five wind farms are located in high wind areas of Oklahoma and Idaho. The assets are contracted under long term power purchase agreements (PPAs) with investment grade utilities with a weighted-average credit rating of A3. The PPAs have a weighted-average remaining life of 18 years.

The portfolio is expected to generate average annual adjusted EBITDA of $56 million and average annual CAFD of $44 million over the next 10 years. This represents a 9%1 unlevered cash-on-cash return.

Equity consideration for the portfolio will be $350 million, subject to working capital and other customary adjustments. The power plants have $165 million of project debt that the company intends to retire, and approximately $110 million proportional share of project debt that will remain outstanding.

TerraForm has secured fully committed bridge financing of up to $515 million to support the transaction. The company intends to fund the acquisition with a drop down warehouse facility in partnership with third party equity investors and its sponsor SunEdison. This transaction would provide TerraForm with increased visibility to long-term dividend growth from contracted operating assets. Concurrent with the acquisition closing, these 521 MW of projects would be added to the TerraForm Call Right Projects list, increasing the total from 3.4 GW to 4 GW, and increasing the contracted call right projects from 2.5 GW to 3 GW.

"We are grateful for the opportunity to work with Atlantic Power. This landmark transaction illustrates the strength and agility of the combined TerraForm-SunEdison platform as well as the robustness of our proprietary deal pipeline," said Carlos Domenech, Chief Executive Officer of TerraForm Power. "We expect the warehouse facility to be an innovative financing structure that provides repeatable and scalable funding to secure future growth; we expect the drop down returns to be at parity with the acquisition yields."

The transaction is expected to close in the second quarter of 2015, subject to regulatory approvals and customary closing conditions.

Morgan Stanley acted as the exclusive financial advisor to TerraForm Power.

Acquisition Highlights:

$56 million of expected adjusted EBITDA (10 year average)
$44 million of expected CAFD (10 year average)
$350 million in initial cash consideration
$165 million in project debt that the company intends to retire
9%1 expected cash-on-cash unlevered return
About TerraForm Power

TerraForm Power is a renewable energy leader that is changing how energy is generated, distributed and owned. TerraForm Power creates value for its investors by owning and operating clean energy power plants. For more information about TerraForm Power, please visit: http://www.terraform.com.

Safe Harbor Disclosure

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including with respect to expected Adjusted EBITDA, cash available for distribution, earnings, future growth and financial performance, and typically can be identified by the use of words such as "expect," "estimate," "anticipate," "forecast," "intend," "project," "target," "plan," "believe" and similar terms and expressions. Forward-looking statements are based on current expectations and assumptions. Although TerraForm Power believes that its expectations and assumptions are reasonable, it can give no assurance that these expectations and assumptions will prove to have been correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those set forth in the forward-looking statements include, among others: the failure of counterparties to fulfill their obligations under offtake agreements; price fluctuations, termination provisions and buyout provisions in offtake agreements; delays or unexpected costs during the completion of projects under construction; TerraForm Power's ability to successfully identify, evaluate and consummate acquisitions from SunEdison or third parties or changes in expected timing of any acquisitions; government regulation; operating and financial restrictions under agreements governing indebtedness; TerraForm Power's ability to borrow additional funds and access capital markets; TerraForm Power's ability to compete against traditional and renewable energy companies; TerraForm Power's ability to integrate acquired power plants, including the First Wind assets; and hazards customary to the power production industry and power generation operations, such as unusual weather conditions and outages. Furthermore, any dividends are subject to available capital, market conditions and compliance with associated laws and regulations.

TerraForm Power undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Adjusted EBITDA and cash available for distribution are estimates as of today's date, April 1, 2015, and are based on assumptions believed to be reasonable as of this date. TerraForm Power expressly disclaims any current intention to update such guidance. The foregoing review of factors that could cause TerraForm Power's actual results to differ materially from those contemplated in the forward-looking statements included in this news release should be considered in connection with information regarding risks and uncertainties that may affect TerraForm Power's future results included in TerraForm Power's filings with the Securities and Exchange Commission ("SEC") at www.sec.gov. In addition, TerraForm Power makes available free of charge at www.terraform.com copies of materials it files with, or furnishes to, the SEC.

Cash Available for Distribution (CAFD)

CAFD is a supplemental non-GAAP measure of TerraForm Power's ability to earn and distribute cash to investors. This measurement is not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance, including net income, net cash provided by (used in) operating activities or any other liquidity measure determined in accordance with GAAP, nor is it indicative of funds available to fund our cash needs.

Adjusted EBITDA

Adjusted EBITDA is a supplemental non-GAAP financial measure which eliminates the impact on net income of certain unusual or non-recurring items and other factors that we do not consider indicative of future operating performance. This measurement is not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance, including net income. The presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

1 9% return is based on CAFD of $44M and aggregate consideration of $515M. The CAFD of $44M is after debt payments on the ~$110M of project debt attributable to acquired minority interests

CONTACT: Media:
Bruce Dunbar
Finsbury for TerraForm Power
[e-mail]
[phone]

Investors/Analysts:
Brett Prior
[e-mail]
[phone]
TerraForm Power, Inc. logo

[Easy1]

Atlantic Power Corporation Announces Timing Of First Quarter 2015 Results & Conference Call

Source: PR Newswire (Canada)
BOSTON, April 1, 2015 /CNW/ -- Atlantic Power Corporation (NYSE: AT) (TSX: ATP) ("Atlantic Power" or the "Company") will release its financial results for the three months ended March 31, 2015 after the market closes on the afternoon of Thursday, May 7, 2015. A telephone conference call hosted by Atlantic Power's management team will be held:

Friday, May 8, 2015 at 8:30 AM ET

The telephone numbers for the conference call are: US Dial In (Toll Free): 1-888-317-6003; Canada Dial In (Toll Free): 1-866-284-3684; International Dial In (Toll): [phone]. Participants will need to provide access code 8551325 to enter the conference call.

The conference call will also be broadcast over Atlantic Power's website at www.atlanticpower.com. Please call or log in 10 minutes prior to the call.

Replay/Archive
To listen to the conference call after it is completed, access conference call number 10063343 at the following telephone numbers: US Toll Free: 1-877-344-7529; Canada Toll Free: 1-855-669-9658; International Toll: [phone].

The replay will be available 1 hour after the end of the conference call through August 6, 2015 at 9:00 AM ET. The conference call will also be archived on Atlantic Power's web site at www.atlanticpower.com.

About Atlantic Power

Atlantic Power owns and operates a diverse fleet of power generation 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 power purchase agreements, 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 2,945 MW in which its aggregate ownership interest is approximately 2,024 MW. Its current portfolio consists of interests in twenty-eight operational power generation projects across eleven states in the United States and two provinces in Canada.

Atlantic Power 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
[phone]
[e-mail]

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.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/atlantic-power-corporation-announces-timing-of-first-quarter-2015-results--conference-call-300059190.html

SOURCE Atlantic Power Corporation


Copyright 2015 Canada NewsWire

[Easy1]

Atlantic Power Announces Agreement for the Sale of its Wind Portfolio

Source: PR Newswire (US)
- Captures Premium Asset Values Available for Renewable Energy Projects

- Divestiture Results in Improved Financial Strength and Flexibility

- Continued Focus on Executing the Remaining Key Objectives for 2015

BOSTON, April 1, 2015 /PRNewswire/ -- Atlantic Power Corporation (NYSE: AT) (TSX: ATP) ("Atlantic Power" or the "Company") today announced an agreement (the "Purchase Agreement") to sell its wind generation projects to TerraForm Power, Inc. ("TerraForm") (NASDAQ: TERP) for cash proceeds of approximately $350 million, subject to certain adjustments.

These operating wind projects, representing 521 MW net ownership, are indirectly owned by Atlantic Power Transmission, Inc., a wholly-owned direct subsidiary of the Company, and will be acquired by TerraForm AP Acquisition Holdings, LLC, an indirect subsidiary of TerraForm. The following five projects located in Idaho and Oklahoma will be transferred to TerraForm subject to the Purchase Agreement: Goshen North (12.5% economic interest), Idaho Wind (27.6% economic interest), Meadow Creek (100% economic interest); Rockland Wind Farm ("Rockland") (50% economic interest, but consolidated on a 100% basis); and Canadian Hills (99% economic interest).

In addition to the receipt of approximately $350 million in cash proceeds, the Company will deconsolidate approximately $249 million of project debt (or approximately $275 million as adjusted for the Company's proportional ownership of Rockland, Goshen North and Idaho Wind) and approximately $239 million of non-controlling interest related to tax equity interests at Canadian Hills and the minority ownership interests at Rockland and Canadian Hills. On that basis, the total enterprise value ("EV") of the transaction is expected to be approximately $837 million, net of estimated reserves and other cash at the projects at closing.

"Together with our board, we considered a wide range of options for asset divestitures over the last six months as well as options for refinancing the balance sheet without asset sales," said James J. Moore, Jr., President and Chief Executive Officer of Atlantic Power. "This transaction represents a compelling valuation for our assets and will enhance our financial strength and flexibility."

Based on the Company's 2015 guidance and adjusting for the Company's proportional ownership of Rockland and Canadian Hills, the EV/Project Adjusted EBITDA multiple implied by the transaction is approximately 14 times. The equity valuation of $350 million represents a multiple of approximately 13 times expected 2015 cash distributions from the projects.

Mr. Moore continued, "In addition to completing the wind transaction, we are focused on executing the other elements of our business plan, including evaluating the best use of proceeds to optimize our capital structure for the benefit of shareholders, continuing to implement significant reductions in our corporate general and administrative expenses beyond the level already targeted for 2015, and making ongoing investments in our fleet at attractive cash-on-cash returns."

Net proceeds to the Company from the transaction are expected to be approximately $338 million after estimated transaction fees and transaction-related taxes. The Company's 2015 guidance provided on February 26, 2015 did not assume any potential asset sales. The Company expects to update this guidance for the sale of its wind assets when it reports results for the first quarter of 2015 after the market closes on May 7, 2015.

The Purchase Agreement contains customary representations, warranties, covenants, and indemnification provisions. The sale is subject to various closing conditions and approvals, including the receipt of regulatory approval by the Federal Energy Regulatory Commission, antitrust approvals under the Hart-Scott-Rodino Act, and other required governmental, third party and lender consents and approvals. The Purchase Agreement contains certain termination rights for both parties, including if the closing does not occur within ninety (90) days following the date of the Purchase Agreement (subject to extension to one hundred eighty (180) days following the date of the Purchase Agreement, if necessary to obtain applicable governmental approvals). Closing of the transaction is expected by the end of the second quarter.

In connection with the Purchase Agreement, the Company also entered into a Guaranty Agreement (the "Guaranty Agreement"), under which it has agreed to guarantee the full and prompt payment of all payment obligations of the Company under the Purchase Agreement. The parties have agreed to utilize representation and warranty insurance for coverage of certain indemnification obligations, subject to a cap and certain exclusions.

Goldman, Sachs & Co. served as financial advisor to the Company. Morgan, Lewis & Bockius LLP served as legal counsel.

About Atlantic Power

Atlantic Power owns and operates a diverse fleet of power generation 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 power purchase agreements, which seek to minimize exposure to changes in commodity prices. Its power generation projects have an aggregate gross electric generation capacity of approximately 2,945 MW in which its aggregate ownership interest is approximately 2,024 MW. Its current portfolio consists of interests in twenty-eight operational power generation projects across eleven states in the United States and two provinces in Canada.

Atlantic Power 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 [phone], [e-mail]. 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" or on Atlantic Power's website.

Project Adjusted EBITDA

Project Adjusted EBITDA is a non-GAAP measure. The Company has not provided a reconciliation of forward-looking non-GAAP measures, due primarily to variability and difficulty in making accurate forecasts and projections, as not all of the information necessary for a quantitative reconciliation is available to the Company without unreasonable efforts.

Forward-Looking Statements

Certain statements in this press release may include "forward-looking statements" within the meaning of the U.S. federal securities laws and "forward-looking information," as such term is used in Canadian securities laws (referred to as "forward-looking statements"). These forward-looking statements can generally be identified by the use of the words "outlook," "objective," "may," "will," "should," "could," "would," "plan," "potential," "estimate," "project," "continue," "believe," "intend," "anticipate," "expect," "target" or the negatives of these words and phrases or similar expressions that are predictions of or indicate future events or trends and which do not relate solely to present or historical matters. In particular, the expectations that the Company will successfully sell the projects currently proposed for sale and that the closing conditions will be satisfied, that the transaction will enhance the Company's financial strength and flexibility, that the equity valuation will represent a multiple of approximately 13 times expected 2015 cash distributions from the projects, and the future growth, results of operations, performance and business prospects and opportunities of the Company and its projects as described above constitute forward-looking statements. Forward-looking statements reflect the Company's current expectations regarding future events and speak only as of the date of this press release. These forward-looking statements are based on a number of assumptions which may prove to be incorrect. 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. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under "Risk Factors" in the filings the Company makes from time to time with the U.S. Securities and Exchange Commission and Canadian securities regulators. The Company's business is both competitive and subject to various risks. Although the forward-looking statements contained in this press release are based upon what the Company believes 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. Therefore, investors are urged not to place undue reliance on the Company's forward-looking statements. These forward-looking statements are made as of the date of this press 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.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/atlantic-power-announces-agreement-for-the-sale-of-its-wind-portfolio-300059219.html

SOURCE Atlantic Power Corporation


Copyright 2015 PR Newswire

[Sheep]

I know, hating it.

[Easy1]

There goes yesterday's gains..