DEDHAM, Mass., April 5, 2021 /PRNewswire/ -- Atlantic Power
Corporation (NYSE: AT) (TSX: ATP) ("Atlantic Power" or the
"Company") announced today that on April
2, the Federal Energy Regulatory Commission approved the
previously announced proposed transaction between Atlantic Power
and certain affiliates (collectively the "Purchasers") of
infrastructure funds managed by I Squared Capital Advisors (US) LLC
(the "Transaction").
As previously announced on January 14,
2021, Atlantic Power and certain of its subsidiaries have
entered into an arrangement agreement (the "Arrangement Agreement")
with the Purchasers. Under the terms of the Arrangement Agreement,
at the effective time of the arrangement (the "Arrangement"), among
other things, holders of Atlantic Power common shares (the "Common
Shares") will receive US$3.03 per
share in cash for each Common Share that they own. The Transaction
remains subject to the satisfaction of certain conditions,
including, among others, approval by common shareholders and
convertible debentureholders of Atlantic Power and preferred
shareholders of its subsidiary, Atlantic Power Preferred Equity
Ltd. ("APPEL"), court approval of the Transaction, and other
customary closing conditions.
About Atlantic Power
Atlantic Power is an independent power producer that owns power
generation assets in eleven states in the
United States and two provinces in Canada. The Company's generation projects sell
electricity and steam to investment-grade utilities and other
creditworthy large customers predominantly under long–term PPAs
that have expiration dates ranging from 2021 to 2043. The Company
seeks to minimize its exposure to commodity prices through
provisions in the contracts, fuel supply agreements and hedging
arrangements. The projects are diversified by geography, fuel type,
technology, dispatch profile and offtaker (customer). Approximately
75% of the projects in operation are 100% owned and directly
operated and maintained by the Company. The Company has expertise
in operating most fuel types, including gas, hydro, and biomass,
and it owns a 40% interest in one coal project.
Atlantic Power's shares trade 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
Investor Relations
(617) 977-2700
info@atlanticpower.com
Copies of the Company's financial data and other publicly filed
documents are available 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
Certain statements in this news release may constitute
forward-looking information or forward-looking statements within
the meaning of applicable securities laws (collectively,
"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
"plans", "expects", "does not expect", "is expected", "budget",
"estimates", "forecasts", "targets", "intends", "anticipates" or
"does not anticipate", "believes", "outlook", "objective", or
"continue", or equivalents or variations, including negative
variations, of such words and phrases, or state that certain
actions, events or results, "may", "could", "would", "should",
"might" or "will" be taken, occur or be achieved.
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
U.S. Securities and Exchange Commission (the "SEC") from time to
time for a detailed discussion of the risks and uncertainties
affecting the Company. 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.
Additional Information about the Arrangement and Where to
Find It
This news release is not intended to and does not constitute an
offer to sell or the solicitation of an offer to subscribe for or
buy or an invitation to purchase or subscribe for any securities or
the solicitation of any vote or approval in any jurisdiction, nor
shall there be any sale, issuance or transfer of securities in any
jurisdiction in contravention of applicable law. This news release
is being made in respect of the Transaction involving Atlantic
Power, APPEL and the Purchasers pursuant to the terms of the
Arrangement Agreement and may be deemed to be soliciting material
relating to the Arrangement. In connection with the Transaction,
Atlantic Power has filed a management information circular and
proxy statement relating to a special meeting of the holders of
Common Shares with the SEC and Canadian Securities Administrators.
Additionally, Atlantic Power has and will file other relevant
materials in connection with the Transaction with the SEC.
Securityholders of Atlantic Power are urged to read the management
information circular and proxy statement regarding the Transaction
and any other relevant materials carefully in their entirety when
they become available before making any voting or investment
decision with respect to the Transaction because they contain
important information about the Transaction and the parties to the
Arrangement Agreement. The definitive management information
circular and proxy statement have been mailed to holders of
Atlantic Power's Common Shares. Holders of Atlantic Power's Common
Shares are able to obtain a copy of the management information
circular and proxy statement, and the filings with the SEC and
Canadian Securities Administrators that are incorporated by
reference into the management information circular and proxy
statement, as well as other filings containing information about
the Transaction and the parties to the Arrangement Agreement made
by Atlantic Power with the SEC and Canadian Securities
Administrators free of charge on EDGAR at www.sec.gov, on SEDAR at
www.sedar.com, or on Atlantic Power's website at
www.atlanticpower.com. Information contained on, or that may be
accessed through, the websites referenced in this news release is
not incorporated into and does not constitute a part of this news
release. These website addresses are included only as inactive
textual references and are not intended to be active links.
Participants in the Solicitation
Atlantic Power and its directors and executive officers may be
deemed to be participants in the solicitation of proxies from the
holders of Atlantic Power's Common Shares in respect of the
Transaction. Information about Atlantic Power's directors and
executive officers is set forth in Atlantic Power's Annual Report
on Form 10-K, which was filed with the SEC and Canadian Securities
Administrators on March 4, 2021.
Investors may obtain additional information regarding the interest
of such participants by reading the management information circular
and proxy statement regarding the Transaction.
View original
content:http://www.prnewswire.com/news-releases/atlantic-power-corporation-announces-authorization-of-i-squared-transaction-by-federal-energy-regulatory-commission-301262359.html
SOURCE Atlantic Power Corporation