BOSTON, Jan. 20, 2015 /PRNewswire/ -- Atlantic Power
Corporation (NYSE: AT) (TSX: ATP) ("Atlantic Power" or the
"Company") today announced that Atlantic Power Limited Partnership,
a wholly-owned indirect subsidiary of the Company ("APLP"), entered
into an agreement with the Ontario Power Authority and its
successor, the Independent Electricity System Operator ("IESO"),
for the future operations of the Tunis facility.
"This agreement represents the culmination of many months of
discussions with the IESO to obtain an arrangement that is
beneficial for both the ratepayers of Ontario and the Company," said Ken Hartwick, Interim President and CEO.
"Atlantic Power's focused approach of working with the IESO to
arrive at a mutually-beneficial outcome is demonstrable of both our
capabilities and our resolve in developing opportunities to extend
the commercial viability of our existing fleet. The agreement with
the IESO provides for a strong baseline cashflow profile for
Tunis which will form part of the
facility's total return profile extending out to at least
2032."
Subject to meeting certain technical modifications to the plant,
gas delivery and other requirements, Tunis will operate under a 15-year agreement
with the IESO commencing between November
2017 and June 2019.
The new contract will require the plant to become fully
dispatchable as opposed to its current baseload
configuration. As such, Tunis will only provide electricity to the
Ontario grid when required thereby
assisting to reduce the incidents of surplus baseload generation in
the market. The new agreement provides APLP with a fixed
monthly payment which escalates annually according to a pre-defined
formula while allowing Tunis to
earn additional energy revenues for those periods during which it
is called upon to operate.
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. Its
power generation projects in operation have an aggregate gross
electric generation capacity of approximately 2,945 MW in which its
aggregate ownership interest is approximately 2,024 MW. Its current
portfolio consists of interests in twenty-eight operational power
generation projects across eleven 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
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
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 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. 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.
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" and "Forward-Looking
Information" in the Company's periodic reports as filed with the
Securities and Exchange Commission from time to time for a detailed
discussion of the risks and uncertainties affecting the Company,
including, without limitation, the Company's ability to evaluate
and/or implement potential options, including asset sales or joint
ventures to raise additional capital for growth and/or potential
debt reduction, and the impact any such potential options may have
on the Company or the Company's stock price. 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. The Company's ability to achieve its longer-term
goals, including those described in this news release, is based on
significant assumptions relating to and including, among other
things, the general conditions of the markets in which it operates,
revenues, internal and external growth opportunities, its ability
to sell assets at favorable prices or at all and general financial
market and interest rate conditions. 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.
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SOURCE Atlantic Power Corporation