Atlantic Power Corporation Completes Cdn$75 Million Offering of Convertible Unsecured Subordinated Debentures

TORONTO, ONTARIO – Atlantic Power Corporation (TSX: ATP, ATP.DB) (the “Company”) is pleased to announce that it has completed its offering of 6.25% convertible unsecured subordinated debentures due March 15, 2017 (the “Debentures”) at a price of Cdn$1,000 per debenture for total gross proceeds of Cdn$75 million.  The offering was underwritten by a syndicate of underwriters led by BMO Nesbitt Burns Inc. and includes CIBC World Markets Inc., RBC Dominion Securities Inc., National Bank Financial Inc., Scotia Capital Inc. and UBS Securities Canada Inc. The Debentures have been approved for listing on the TSX under the symbol ATP.DB.A.


Approximately Cdn$42.9 million of the net proceeds from the offering have been paid to the trustee in connection with the redemption of the 11% subordinated notes of the Company, which redemption will occur on December 18, 2009, as previously announced. The remainder of the net proceeds will be available to fund growth opportunities, which may include previously disclosed biomass development projects that are expected to begin construction in 2010, as well as potential asset or business acquisitions that are currently being evaluated by the Company, or for general corporate purposes.


The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except, and in compliance with applicable U.S. state securities laws, in certain transactions exempt from the registration requirements of the U.S. Securities Act.


Disclaimer Statements


Certain statements in this news release may constitute “forward-looking statements”, Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will”, “expect”, “intend”, “estimate”, “anticipate”, “plans” or “continue”, or similar expressions suggesting future outcomes or events. A specific forward looking statement contained in this press release includes the statement with respect to the intention of the Company to use the proceeds of the offering to fund future growth opportunities.  The Company’s intention to use the proceeds of the offering to fund future growth opportunities is subject to a number of risks and uncertainties and may depend on the ability of the Company to indentify and complete acquisitions or other growth opportunities on economically acceptable terms.  There can be no assurance that growth opportunities currently being considered by the Company will be completed or that any acquisitions of assets or businesses will be completed by the Company.


Forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date of this news release.  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.  In addition to the assumptions and risks described above, reference should also be had to the factors discussed under “Risk Factors” in the Company’s Annual Information Form dated March 30, 2009.  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. 

About Atlantic Power

Atlantic Power Corporation owns interests in a diversified portfolio of 12 power generation projects and one transmission line located in major markets in the United States. The Company’s objectives are to maintain the stability of dividends to its Shareholders and increase the long term value of the Company by enhancing the performance of its existing assets and by making accretive acquisitions.  For more information, please visit the Company’s website at

For further information please contact: 
Atlantic Power Corporation
Patrick Welch, Chief Financial Officer
(617) 977-2700