Atlantic Power purchases Capital Power Income

Atlantic Power Corp. (NYSE: AT) will acquire all of the outstanding limited partnership units of Capital Power Income L.P. (CPILP) for C$19.40 (US$19.80) per limited partnership unit, payable in cash or shares of Atlantic Power.

The agreed price represents a 4.1 percent premium to the CPILP closing price of C$18.63 (US$19.01) on June 17, 2011 and a 6.8 percent premium to the partnership's volume-weighted average trading price for the 30 days leading up to October 5, 2010, the day CPILP announced it was undertaking a strategic review process.

CPILP will also sell its 52 MW Roxboro cogeneration and 103 MW Southport combined heat and power plants located in North Carolina to a unit of Capital Power Corp. for C$121 million (US$123.5 million) as part of the deal.

Atlantic Power will assume the management of CPILP in exchange for C$10 million (US$10.2 million).

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