BOSTON, Mass. and EDMONTON, Alberta, Nov.
1, 2011 /PRNewswire/ -- Atlantic Power Corporation (TSX:
ATP) (NYSE: AT) ("Atlantic Power" or the "Company") and Capital
Power Income L.P. (TSX: CPA.UN) ("CPILP" or the "Partnership")
jointly announced today the results of their respective special
meetings held to approve certain matters related to the previously
announced plan of arrangement involving the proposed direct and
indirect acquisition of all of the limited partnership units of
CPILP by Atlantic Power (the "Arrangement"). The unitholders
of CPILP who voted today at CPILP's special meeting overwhelmingly
approved the Arrangement (approximately 98.5% in favour) and the
shareholders of Atlantic Power who voted at Atlantic Power's
special meeting overwhelmingly approved the issuance of
approximately 31.5 million shares of Atlantic Power as partial
consideration for the purchase price under the Arrangement
(approximately 96.75% in favour).
The application to the Court of Queen's Bench of Alberta to obtain the final court order
approving the Arrangement is scheduled for the afternoon of
November 1, 2011, as described in the
management proxy circular and joint proxy statement dated
September 28, 2011 and available on
www.sedar.com. Assuming court approval is obtained and all
other closing conditions have been satisfied or waived, it is
currently anticipated that the Arrangement will be completed on or
about November 5, 2011.
About Atlantic Power
Atlantic Power owns and operates a diverse fleet of power
generation and infrastructure assets in the United States. Atlantic Power's
generation projects sell electricity to utilities and other large
commercial customers 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
1,948 MW in which its ownership interest is approximately 871 MW.
Atlantic Power's corporate strategy is to generate stable
cash flows from its existing assets and to make accretive
acquisitions to sustain its dividend payout to shareholders, which
is currently paid monthly at an annual rate of Cdn$1.094 per share. Atlantic Power's
current portfolio consists of interests in 12 operational power
generation projects across nine states, one 53 MW biomass project
under construction in Georgia, and
an 84-mile, 500 kilovolt electric transmission line located in
California. Atlantic Power
also owns a majority interest in Rollcast Energy, a biomass power
plant developer with several projects under development.
Atlantic Power trades on the New York Stock Exchange under the
symbol AT, on the Toronto Stock Exchange under the symbol ATP and
has a market capitalization of approximately $1.0 billion. For more information, please
visit the Company's website at www.atlanticpower.com.
About CPILP
Established in 1997, CPILP's portfolio includes 19 wholly-owned
power generation assets located in Canada and the
United States and a 50.15 per cent interest in a power
generation asset in Washington
State. CPILP's assets have a total net generating capacity
of 1,400 MW and more than four million pounds per hour of thermal
energy. For more information, please visit CPILP's website at
www.capitalpowerincome.ca.
Contact
Information
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Atlantic Power
Corporation
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Amanda Wagemaker, Investor
Relations
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(617) 977-2700
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info@atlanticpower.com
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Capital Power Income
L.P.
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Media Relations:
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Investor Relations:
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Colleen Wilson
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Randy Mah
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(780) 392-5022
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(780) 392-5305 or (866) 896-4636
(toll-free)
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cwilson@capitalpower.com
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investor@capitalpower.com
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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").
These forward-looking statements relate to, among other things,
the completion of the Arrangement and the timing thereof. The
Arrangement is subject to a number of closing conditions which may
be outside of the control of Atlantic Power or CPILP.
Forward-looking statements can generally be identified by the
use of words such as "should", "intend", "may", "expect",
"believe", "anticipate", "estimate", "continue", "plan", "project",
"will", "could", "would", "target", "potential" and other similar
expressions. In addition, any statements that refer to
expectations, projections or other characterizations of future
events or circumstances are forward-looking statements. Although
Atlantic Power and CPILP believe that the expectations reflected in
such forward-looking statements are reasonable, such statements
involve risks and uncertainties, and undue reliance should not be
placed on such statements. Certain material factors or assumptions
are applied in making forward-looking statements, including, but
not limited to, factors and assumptions regarding the items
outlined above. Actual results may differ materially from those
expressed or implied in such statements. Important factors that
could cause actual results to differ materially from these
expectations include, among other things, the failure to receive,
on a timely basis or otherwise, the required approval of the
Arrangement from the Court of Queen's Bench of Alberta and the risk that a condition to
closing of the Arrangement may not be satisfied, including, without
limitation, the risk that the financing for the transactions
contemplated by the arrangement agreement entered into in
connection with the Arrangement becomes unavailable, and other risk
factors relating to the power industry, as detailed from time to
time in Atlantic Power's filings with the United States Securities
and Exchange Commission and the Canadian Securities Administrators
("CSA"), and CPILP's filings with the CSA. There can be no
assurance that the proposed transaction will in fact be
consummated. Neither Atlantic Power nor CPILP undertakes any
obligation to update or revise any forward-looking statement,
except as may be required by law.
SOURCE Atlantic Power Corporation; Capital Power Income L.P.