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Atlantic Power Corporation Releases Statement in Response to Amended Schedule 13D Filing by Mangrove Partners

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DEDHAM, Mass., Jan. 12, 2018 /PRNewswire/ — Atlantic Power Corporation (NYSE: AT) (TSX: ATP) (“Atlantic Power” or the “Company”) today released the following statement in response to news inquiries about an amended Schedule 13D filed earlier today by the Company’s largest shareholder, Mangrove Partners and certain affiliated entities (collectively, “Mangrove”):

On January 10, 2018, management of Atlantic Power had a conference call with Mangrove, at Mangrove’s request.  During the call, Mangrove recommended that the Company explore commercial opportunities for those power plants that are currently not operational, those that have Power Purchase Agreements (“PPAs”) scheduled to expire in the next few years, and those that may have excess power available for sale.  The Company has had an active commercial effort with respect to these plants for some time, including pursuing potential alternative uses for existing sites and commercial arrangements with existing or new customers.  The Company welcomed Mangrove’s input and their interest in potential co-investment with the Company.  During the call, Mangrove mentioned several types of businesses as potential areas of new customer demand.  One area mentioned was cryptocurrency mining and related businesses.   Although the Company may evaluate that sector, as it would other potential businesses, there are no ongoing discussions with cryptocurrency miners or related businesses or with Mangrove related to that sector.  The Company would take a cautious view of counterparty credit risk for any such businesses.   

About Atlantic Power

Atlantic Power owns and operates a diverse fleet of twenty-two power generation assets across nine states in the United States and two provinces in Canada.  The Company’s power generation projects sell electricity to utilities and other large commercial customers largely under long-term PPAs, which seek to minimize exposure to changes in commodity prices.  The aggregate electric generating capacity of this portfolio on a gross ownership basis is approximately 1,793 megawatts (“MW”), and on a net ownership basis is approximately 1,440 MW.  Eighteen of the projects are currently operational, totaling 1,633 MW on a gross ownership basis and 1,280 MW on a net ownership basis.  The remaining four projects, all in Ontario, are not operational, three due to revised contractual arrangements with the offtaker and the other, Tunis, has a forward-starting 15-year PPA that will commence with the commercial operation of the plant before June 2019.  Eighteen of the power generation projects are majority-owned and directly operated and maintained by the Company.  

Atlantic

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