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, March 6, 2012 /PRNewswire/ -- 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 March 30, 2012 to shareholders of record at the close of business on March 19, 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. Our 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 2,140 MW, consisting of interests in 31 operational power generation projects across 11 states and 2 provinces, one 53 MW biomass project under construction in Georgia, and an 84-mile, 500 kilovolt electric transmission line located in California. 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.
Our corporate strategy is to increase the value of the company through accretive acquisitions in North American markets while generating stable, contracted cash flows from our existing assets to sustain our dividend payout to shareholders. Our dividend is currently paid monthly at an annual rate of Cdn$1.15 per share.
Atlantic Power has a market capitalization of approximately $1.6 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: