Atlantic Power to Acquire a 300 MW Wind Power Project in Oklahoma

Atlantic Power Corporation (NYSE: AT) (TSX: ATP) today announced that on January 31, 2012 it invested approximately $23 million of late-stage development capital to own 51% of Canadian Hills Wind, LLC. Canadian Hills is the 100% owner of the Canadian Hills Project (the "Project"), which is a 298.45 MW wind power project in the late stages of development, located approximately 20 miles west of Oklahoma City, Oklahoma.

Apex Wind Energy Holdings, LLC, a leading wind power developer based in Charlottesville, Virginia, is the project developer. The Project has executed long-term power purchase agreements with investment grade offtakers for 250.45 MW and is currently negotiating a similar PPA for the remaining 48 MW. Construction is expected to begin by April 2012 with commercial operations expected in November 2012. The wind farm will deploy REpower 2.05 MW MM92 wind turbines and Mitsubishi 2.4 MW MWT102 wind turbines, both proven technologies that take advantage of the project’s strong wind regime. The Company would be the Project’s operator and asset manager.

Total project costs are expected to be approximately $460 million. Subject to final due diligence, Board approval and other conditions, the Company will have the right to invest 100% of the project equity or approximately $170 million.

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 with several projects under development. Atlantic Power is incorporated in British Columbia, headquartered in Boston and has offices in Chicago, Toronto, and Richmond, B.C.