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.
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
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.
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SOURCE Atlantic Power Corporation