The Company | Investment Highlights

(excludes the Company's wind projects which are assets held for sale)

A Diversified Fleet of Power Generation Assets

  • Fleet consists of a diverse group of 23 power projects in operation totaling 1,502 net MW, all strategically located in major U.S. and Canadian power markets

  • Projects are well diversified based on electricity and steam customers, regulatory jurisdictions, and regional power pools

  • 93% of our power generation is "clean power" (21% renewable and the balance natural gas)

Demonstrated Operating Performance of Projects

  • Projects have a demonstrated track record of high availability and reliability

Stable Power Purchase Agreements (PPAs) with Strong, Diverse Utility Customers

  • Cash flows derived from the sale of electricity under long-term PPAs typically designed to pass through fuel cost fluctuations

  • Weighted-average remaining PPA term of approximately 7.9 years; managing through near-term PPA expiration and opportunistically seeking to extend PPAs prior to expiration at select projects

  • Approximately 69% of Project Adjusted EBITDA is generated by PPAs that expire beyond the next five years

  • Diversified customer base, consisting mostly of regulated electric utilities with investment-grade credit ratings from Standard & Poor's (S&P)

Strong In-House Operations and Partnerships with Experienced Operators

  • Approximately 80% of our projects are operated and maintained by our seasoned team at Atlantic Power

  • Projects not operated in house are operated and maintained through strong partnerships with recognized third-party operators in the independent power industry

Attractive Organic Growth Opportunities Around Existing Portfolio

  • On target to invest $10 million in 2015 for a three-year total of $28 million in projects designed to enhance value of existing projects by increasing output, reducing costs and improving efficiency

  • Expect to realize at least $10 million of annual incremental cash flow from these investments beginning in 2016

  • Compelling risk-adjusted returns on relatively modest capital requirements; shorter lag between investment and cash returns than typical development projects

Delivering on Balance Sheet Priorities

  • The sale of the Company's 521 MW wind portfolio for $350 million, which is expected to close in June 2015, provides good options to delever the balance sheet

  • Amortizing term loan structure results in deleveraging over time