Atlantic Power Corporation and Atlantic Power Preferred Equity Ltd. Declare Quarterly Dividends on the Cumulative Redeemable Preferred Shares, Series 1, Cumulative Rate Reset Preferred Shares, Series 2 and Cumulative Floating Rate Preferred Shares, Series 3 of Atlantic Power Preferred Equity Ltd.

Rhea-AI Summary

Atlantic Power Corporation declared quarterly dividends for its preferred shares: Cdn$0.303125 for Series 1, Cdn$0.358688 for Series 2, and Cdn$0.286976 for Series 3. These dividends will be paid on September 30, 2020, to shareholders recorded as of September 15, 2020. The dividends qualify as 'eligible dividends' under Canadian tax law, and U.S. taxpayers may benefit from reduced tax rates on qualified dividends. This announcement emphasizes the company’s commitment to returning value to shareholders.

Positive

• Quarterly dividends declared on Series 1, Series 2, and Series 3 shares.
• Dividends demonstrate commitment to shareholder returns.
• Eligible dividends for Canadian tax purposes may attract more investors.

Negative

• None.

DEDHAM, Mass., Sept. 1, 2020 /PRNewswire/ -- Atlantic Power Corporation ("Atlantic Power") and Atlantic Power Preferred Equity Ltd. (TSX: AZP.PR.A, AZP.PR.B and AZP.PR.C) (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"), Cdn$0.358688 on its Cumulative Rate Reset Preferred Shares, Series 2 (the "Series 2 Shares") and Cdn$0.286976 on its Cumulative Floating Rate Preferred Shares, Series 3 (the "Series 3 Shares").

The dividends on the Series 1 Shares, Series 2 Shares and Series 3 Shares are to be paid on September 30, 2020 to shareholders of record at the close of business on September 15, 2020.

Tax Information for Shareholders

The Corporation designates the dividend on each of the Series 1 Shares, Series 2 Shares and Series 3 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 for advice regarding the tax consequences of purchasing or owning preferred shares of the Corporation. 

About Atlantic Power Preferred Equity Ltd.

The Corporation is incorporated under the laws of the Province of Alberta and is an indirect, wholly-owned subsidiary of Atlantic Power. The Corporation holds, directly or indirectly, Atlantic Power's business and power generation and other assets in British Columbia and the United States.

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 2020 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.

 

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SOURCE Atlantic Power Corporation

FAQ

What is the dividend amount for Series 1 shares of Atlantic Power?

The dividend amount for Series 1 shares is Cdn$0.303125.

When will the dividends for Atlantic Power be paid?

Dividends will be paid on September 30, 2020.

What is the record date for the Atlantic Power dividends?

The record date for the dividends is September 15, 2020.

Are Atlantic Power's dividends considered eligible dividends in Canada?

Yes, the dividends are designated as 'eligible dividends' under Canadian tax law.

Can U.S. taxpayers benefit from Atlantic Power's dividends?

Yes, U.S. taxpayers may qualify for a reduced tax rate on these dividends.