BOSTON, Jan. 23, 2015 /PRNewswire/ -- Atlantic Power
Corporation (NYSE: AT) (TSX: ATP) ("Atlantic Power" or the
"Company") today announced that its Board of Directors has
appointed James J. Moore, Jr. as the
Company's President and Chief Executive Officer and a member of the
Board of Directors effective January 26. Moore replaces
Ken Hartwick, Interim President and
CEO, who guided the Company during the search for a permanent CEO
and will remain a member of the Company's Board of Directors.
Moore joins Atlantic Power from Diamond Castle Holdings LLC
("DCH"), a $1.8 billion private
equity firm in New York City,
where he served as Chairman of Energy and Power from 2008 to 2015.
From 2001 to 2008, Moore served as CEO of Catamount Energy
Corporation ("Catamount"), where he helped transform a small
Vermont energy company into a
wind-focused growth company. The new strategy led to the sale
of the company to DCH in 2005 and later to Duke Energy in
2008. Prior to his tenure at Catamount, Moore served as
Chairman and CEO of American National Power and on the Board of
International Power PLC. Moore also previously served on the
Board of Comverge, Inc. in 2012.
"The Board of Directors is pleased with the outcome of our
search as Jim Moore brings a track
record of thirty-three years in the energy industry including
building two IPP businesses," said Irving
Gerstein, the Chair of the Company's Board of
Directors. "We were attracted by the fact that Jim has
already led restructuring and business building efforts as a CEO in
the IPP industry."
"My top priorities are the investment in our existing fleet,
continued improvement in our balance sheet and examination of
strategic and other growth opportunities that fit within Atlantic
Power's strategy," Moore said. He also noted the positive
progress of the Company during 2014 stating that "the Company has
made significant progress in restructuring by reducing corporate
overhead and corporate staff levels nearly 40% from 2013 to
2015."
Moore said that Atlantic Power has disposed of non-core assets,
reduced and refinanced debt, and exercised discipline with respect
to capital expenditures. "We need to continue those efforts
with a sense of urgency and focus on metrics such as free cash flow
per share," he said.
On January 22, 2015, the
Compensation Committee of the Board of Directors approved a
one-time grant of 523,256 notional shares to Moore, effective as of
January 26, 2015, of which 50% will
vest on or after the second anniversary of his start date upon
achievement of certain stock price targets, and 50% will vest on
the fourth anniversary of his start date, subject to his continued
employment.
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 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" 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 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. Examples of
such statements in this press release include, but are not limited
to, statements with respect to the Company's ability to reduce and
refinance debt, and exercise discipline with respect to capital
expenditures.
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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/atlantic-power-corporation-names-james-j-moore-jr-as-president-and-ceo-300024756.html
SOURCE Atlantic Power Corporation