Atlantic Power Corporation and Atlantic Power Preferred Equity Ltd.
Announce Quarterly Dividends on the Cumulative Redeemable Preferred
Shares, Series 1 and Cumulative Rate Reset Preferred Shares, Series
2 of Atlantic Power Preferred Equity Ltd.
BOSTON, Dec. 5, 2012 /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 December 31, 2012 to
shareholders of record at the close of business on December 17, 2012.
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 Corporation
Atlantic Power
is a leading publicly traded, power generation and infrastructure
company with a well-diversified portfolio of assets in the United States and Canada. The Company's power 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. The net
generating capacity of the Company's projects is approximately
2,117 MW, consisting of interests in 30 operational power
generation projects across 11 states and 2 provinces and also an
84-mile, 500 kilovolt electric transmission line located in
California. In addition, the
Company has an approximately 300 MW wind project under construction
in Oklahoma, which is expected to
achieve commercial operation later this year and a 53 MW biomass
project under construction in Georgia, which is expected to achieve
commercial operation in the first quarter of 2013. Atlantic Power
also owns a majority interest in Rollcast Energy, a biomass power
plant developer in Charlotte, NC.
Atlantic Power is incorporated in British
Columbia, headquartered in Boston and has offices in Chicago, Toronto, Vancouver and San
Diego.
The Company's corporate strategy is to increase the value of the
Company through accretive acquisitions in North American markets
while generating stable, contracted cash flows from its existing
assets to sustain its dividend payout to shareholders. The
Company's dividend is currently paid monthly at an annual rate of
Cdn$1.15 per share.
Atlantic Power has a market capitalization of approximately
$1.4 billion 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 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 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 expectations for the
achievement of commercial operation of Atlantic Power's biomass
project under construction in Georgia and its wind project under
construction in Oklahoma.
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
Company's periodic reports as filed with the 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.
SOURCE Atlantic Power Corporation