Atlantic Power Corporation Announces the Completed Sale of Three Florida Facilities and Provides an Update on Other Asset Sales

Atlantic Power Corporation Announces the Completed Sale of Three Florida 
Facilities and Provides an Update on Other Asset Sales 
BOSTON, April 15, 2013 /CNW/ - Atlantic Power Corporation (NYSE: AT) (TSX: 
ATP) ("Atlantic Power" or the "Company") today announced the closing of its 
previously announced sale of the Company's interests in three Florida projects 
(the "Florida Project Sale"), Auburndale Power Partners Limited Partners 
("Auburndale"), Lake Cogen, Ltd. ("Lake"), and Pasco Cogen, Ltd. for a 
purchase price, including working capital adjustments, of approximately $140 
million.  After repayment of project-level debt at Auburndale and settlement 
of all outstanding natural gas swap agreements at Lake and Auburndale, net 
cash proceeds to Atlantic Power from the Florida Project Sale were 
approximately $117 million.  This includes $92 million received at closing and 
cash distributions from the projects of approximately $25 million received 
since January 1, 2013.  The Company expects to use the net proceeds from the 
Florida Project Sale to fully repay the Company's senior credit facility, 
which has an outstanding balance of approximately $64 million, and the 
remainder will be held for general corporate purposes, including future 
accretive growth opportunities.  All figures are in US$ unless stated 
otherwise. 
Update on Other Asset Sales 
In April, the Company, along with its partners, entered into a purchase and 
sale agreement to sell its 17% interest in the Gregory project in Texas 
("Gregory") for gross proceeds of approximately $244 million (the "Gregory 
Sale").  The Company's share of the Gregory Sale proceeds, net of project debt 
repayment, working capital adjustments and transaction expenses, is expected 
to be approximately $33 million.  Closing of the Gregory Sale is subject to 
customary closing conditions and regulatory and other approvals and is 
expected to occur in the third quarter of 2013.  Project Adjusted EBITDA 
attributable to Gregory and included in the Company's 2013 guidance provided 
in the Company's February 28th earnings release and on the March 1st 
conference call is less than $2 million.  The Company has not provided a 
reconciliation of forward-looking non-GAAP measures, due primarily to 
variability and difficulty in making accurate forecasts and projects, as not 
all of the information necessary for a quantitative reconciliation is 
available to the Company without unreasonable efforts. 
Separately, as previously announced, in March 2013, the Company entered into a 
purchase and sale agreement to sell its 100% interest in the Path 15 
transmission line in California ("Path 15"). The Company has received 
regulatory approvals for and expects to close the sale of Path 15 (the "Path 
15 Sale") at the end of April 2013.  Net cash proceeds from the Path 15 Sale, 
including working capital adjustments, are expected to be approximately $55 
million.  All project level debt issued by Path 15, totaling $137 million as 
of December 31, 2012, will transfer to the purchaser with the Path 15 Sale.  
The Path 15 Sale is subject to customary closing conditions. Project Adjusted 
EBITDA attributable to Path 15 was excluded from the Company's 2013 EBITDA 
guidance as it is an asset held for sale. 
The Company intends to use the net proceeds from the Gregory Sale and the Path 
15 Sale for general corporate purposes and to invest in future accretive 
growth opportunities. 
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 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 2,966 MW in which its aggregate ownership interest is 
approximately 2,049 MW. Its current portfolio of continuing operations 
consists of interests in twenty-eight operational power generation projects 
across ten states in the United States and two provinces in Canada.  Atlantic 
Power also has a 53 MW biomass project under construction in Georgia, and 
recently acquired Ridgeline Energy, Inc., a wind and solar development company 
located in Seattle, Washington, which enhances its ability to develop, acquire 
and operate wind and solar energy projects in 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 $600 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 the 
Company's website at www.atlanticpower.com or contact: 
Atlantic Power Corporation  Amanda Wagemaker, Investor Relations  (617) 
977-2700  info@atlanticpower.com 
Copies of financial data and other publicly filed documents get 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 
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 future 
growth, results of operations, performance and business prospects and 
opportunities of the Company and its projects and other matters.  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 expectation that the Company will use net proceeds from the
        Florida Project Sale to fully repay the Company's senior credit
        facility and to invest in future accretive growth
        opportunities;
    --  the expectation that the Company will successfully sell Gregory
        and Path 15, for which purchase and sale agreements have been
        executed, including the receipt of all customary regulatory and
        other approvals required in connection with such transactions,
        the anticipated closing dates and the expected net proceeds to
        the Company; and
    --  the expectation that the Company will use net proceeds from the
        Gregory Sale and the Path 15 Sale to invest in future accretive
        growth opportunities.

Forward-looking statements involve significant risks and uncertainties and 
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 Company's periodic reports as filed with 
the U.S. Securities and Exchange Commission and applicable securities 
regulatory authorities in Canada from time to time.  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.

http://www.atlanticpower.com

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SOURCE: Atlantic Power Corporation

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CO: Atlantic Power Corporation
ST: Texas
NI: OIL UTI MNA 

-0- Apr/15/2013 12:01 GMT


 
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