BOSTON, March 5, 2013 /CNW/ - Atlantic Power Corporation (Atlantic Power) and Atlantic Power Preferred Equity Ltd. (TSX: AZP.PR.A and AZP.PR.B) (the Corporation), a subsidiary of Atlantic Power, announced that the Corporation has declared quarterly dividends of Cdn$0.303125 per share on its Cumulative Redeemable Preferred Shares, Series 1 (the Series 1 Shares) and Cdn$0.437500 on its Cumulative Rate Reset Preferred Shares, Series 2 (the Series 2 Shares).
The dividends on the Series 1 Shares and the Series 2 Shares are to be paid on March 28, 2013 to shareholders of record at the close of business on March 18, 2013.
Tax Information for Shareholders
The Corporation designates the dividend on each of the Series 1 Shares and the Series 2 Shares to be an "eligible dividend" pursuant to subsection 89(14) of the Income Tax Act (Canada) and its equivalent in any of the provinces and territories of Canada.
U.S. individual or other non-corporate taxpayers should be eligible for the reduced rate of tax currently applicable to "qualified dividends" provided that the investor meets the holding period and any other requirements.
Taxpayers should always seek their own independent qualified professionals regarding the tax consequences of purchasing or owning preferred shares of the Corporation.
About Atlantic Power Preferred Equity Ltd.
The Corporation is a corporation incorporated under the laws of the Province of Alberta and is an indirect, wholly-owned subsidiary of Atlantic Power. The Corporation directly holds Atlantic Power's business and power generation and other assets in British Columbia, operates as a holding company and indirectly holds certain of Atlantic Power's business and power generation and other assets in the United States, including Atlantic Power's Curtis Palmer, Manchief, Frederickson, Naval Station, North Island, Naval Training Center, Oxnard, Greeley, Kenilworth, and Morris power generating facilities.
About Atlantic Power
Atlantic Power owns and operates a diverse fleet of power generation and infrastructure assets in the United States and Canada. Atlantic Power's power generation projects sell electricity to utilities and other large commercial customers largely under long-term PPAs, which seek to minimize exposure to changes in commodity prices. Its power generation projects in operation have an aggregate gross electric generation capacity of approximately 3,366 MW in which its aggregate ownership interest is approximately 2,117 MW. These totals exclude projects designated as held for sale at December 31, 2012 and its 40% interest in the Delta-Person generating station for which Atlantic Power entered into an agreement to sell in December 2012. On January 31, 2013, Atlantic Power and certain of its subsidiaries entered into an agreement to sell their interests in the Auburndale Power Partners, L.P., Lake CoGen, Ltd and Pasco CoGen, Ltd. projects. Atlantic Power expects to enter into a purchase and sale agreement in the remaining part of the first quarter to sell its 100% interest in its Path 15 transmission line. Its current portfolio of continuing operations consists of interests in 29 operational power generation projects across 11 states in the United States and two provinces in Canada. In addition, Atlantic Power has one 53 MW biomass project under construction in Georgia. Recently, Atlantic Power acquired a wind and solar development company, Ridgeline Energy, Inc., located in Seattle, Washington, which will enhance its ability to develop, construct, and operate wind and solar energy projects across the United States and Canada. Atlantic Power also owns a majority interest in Rollcast Energy, a biomass power plant developer in North Carolina.
Atlantic Power has a market capitalization of approximately $700 million and trades on the New York Stock Exchange under the symbol AT and on the Toronto Stock Exchange under the symbol ATP. For more information, please visit Atlantic Power's website at www.atlanticpower.com or contact:
Atlantic Power Corporation
Amanda Wagemaker, Investor Relations
Copies of financial data and other publicly filed documents are filed on SEDAR at www.sedar.com or on EDGAR at www.sec.gov/edgar.shtml under "Atlantic Power Corporation" or on Atlantic Power's website.
Cautionary Note Regarding Forward-looking Statements
To the extent any statements made in this news release contain information that is not historical, these statements are forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended and forward-looking information as defined under Canadian securities law (collectively, "forward-looking statements").
Certain statements in this news release may constitute "forward-looking statements", which reflect the expectations of management regarding the future growth, results of operations, performance and business prospects and opportunities of Atlantic Power and its projects and other matters. These statements, which are based on certain assumptions and describe Atlantic Power's future plans, strategies and expectations, can generally be identified by the use of the words "may," "will," "project," "continue," "believe," "intend," "anticipate," "expect" or similar expressions that are predictions of or indicate future events or trends and which do not relate solely to present or historical matters. Examples of such statements in this press release include, but are not limited, to statements with respect to the expectations for the entry into a purchase and sale agreement to sell Atlantic Power's Path 15 transmission line and the enhancement of Atlantic Power's ability to develop, construct and operate wind and solar energy projects due to the acquisition of Ridgeline Energy, Inc.
Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not or the times at or by which such performance or results will be achieved. Please refer to the factors discussed under "Risk Factors" in Atlantic Power's periodic reports as filed with the Securities and Exchange Commission and applicable securities regulatory authorities in Canada from time to time for a detailed discussion of the risks and uncertainties affecting Atlantic Power. Although the forward-looking statements contained in this news release are based upon what are believed to be reasonable assumptions, investors cannot be assured that actual results will be consistent with these forward-looking statements, and the differences may be material. These forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, Atlantic Power assumes no obligation to update or revise them to reflect new events or circumstances.
SOURCE: Atlantic Power Corporation
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