<SUBMISSION>
<ACCESSION-NUMBER>0001104659-20-052645
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20200428
<ITEMS>7.01
<ITEMS>9.01
<FILING-DATE>20200429
<DATE-OF-FILING-DATE-CHANGE>20200429
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>ATLANTIC POWER CORP
<CIK>0001419242
<ASSIGNED-SIC>4900
<IRS-NUMBER>550886410
<STATE-OF-INCORPORATION>A1
<FISCAL-YEAR-END>1231
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<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-34691
<FILM-NUMBER>20827128
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<BUSINESS-ADDRESS>
<STREET1>3 ALLIED DRIVE
<STREET2>SUITE 155
<CITY>DEDHAM
<STATE>MA
<ZIP>02026
<PHONE>617-977-2400
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>3 ALLIED DRIVE
<STREET2>SUITE 155
<CITY>DEDHAM
<STATE>MA
<ZIP>02026
</MAIL-ADDRESS>
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<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tm2017878-1_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, DC 20549</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>FORM 8-K</B></FONT>&nbsp;</P>



<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section&nbsp;13 or 15(d)
of the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Date of report (Date of earliest event
reported): April 28, 2020</B>&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ATLANTIC POWER CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Exact
Name of Registrant as Specified in Charter)</B></FONT>&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR>
    <TD STYLE="vertical-align: top; text-align: center; width: 32%"><FONT STYLE="font-size: 10pt"><B>British Columbia</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 32%"><FONT STYLE="font-size: 10pt"><B>001-34691</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 32%"><FONT STYLE="font-size: 10pt"><B>55-0886410</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(State or Other Jurisdiction</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>of Incorporation)</B></P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Commission</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>File Number)</B></P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(I.R.S. Employer</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Identification No.)</B></P></TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-bottom: 1.1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>3 Allied Drive, Suite&nbsp;155<BR>
Dedham, MA</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt"><B>02026</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Address of Principal Executive Offices)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Zip Code)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Registrant&#8217;s Telephone Number,
Including Area Code (617) 977-2400</B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<I>see</I> General Instruction
A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 92%"><FONT STYLE="font-size: 10pt">Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 92%"><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 92%"><FONT STYLE="font-size: 10pt">Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 92%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pre-commencement communication pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</P></TD></TR>
<TR>
    <TD COLSPAN="3">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Indicate by check mark whether the
        registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &sect;230.405) or Rule 12b-2
        of the Securities Exchange Act of 1934 (17 CFR &sect;240.12b-2).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Emerging growth company <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">If an emerging growth company, indicate
        by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
        accounting standards provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1in">Item 7.01</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Regulation FD Disclosure.</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On April 28, 2020, Atlantic Power Corporation
(the &#8220;Company&#8221;) posted its 2019 Annual Report to the Company&#8217;s website, <U>http://www.atlanticpower.com</U>,
in the &#8220;Investors&#8221; section under &#8220;Corporate Profile.&#8221; The Annual Report includes a letter to shareholders
from President and Chief Executive Officer James J. Moore,&nbsp;Jr. In his letter, Mr. Moore discusses the Company&#8217;s approach
to capital allocation and how the Company has allocated capital in the past five to seven years. The letter also provides an update
on the Company&#8217;s liquidity as of March 31, 2020 and an estimate of cumulative discretionary cash flow for the 2020 through
2024 period. In addition to the letter, the Annual Report includes a summary of the Company&#8217;s 2019 financial and operating
results and achievements. A copy of the letter to shareholders is filed as Exhibit&nbsp;99.1 to this Form&nbsp;8-K and is incorporated
herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Information contained on the Company&#8217;s
website or that can be accessed through the Company&#8217;s website is not incorporated into and does not constitute a part of
this Current Report on Form&nbsp;8-K. The Company has included its website address only as an inactive textual reference and does
not intend it to be an active link to the Company&#8217;s website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information in this Item 7.01, including
Exhibit&nbsp;99.1 is being furnished and shall not be deemed to be &#8220;filed&#8221; for purposes of Section&nbsp;18 of the Exchange
Act, or otherwise subject to the liability of that Section, nor shall such information be deemed to be incorporated by reference
into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except
as otherwise stated in that filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1in">Item 9.01.</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Financial Statements and Exhibits.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&nbsp;<I>Exhibits</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="border-bottom: Black 1pt solid; width: 10%"><FONT STYLE="font-size: 10pt"><B>Exhibit<BR>
Number</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 88%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="tm2017878d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><A HREF="tm2017878d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Letter to shareholders, dated April 28, 2020.</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Atlantic Power Corporation</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Dated: April 28, 2020</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%"><FONT STYLE="font-size: 10pt">/s/ Terrence Ronan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;Terrence Ronan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp; <I>Chief Financial Officer</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2017878d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><B>Report to Shareholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">Dear Fellow Shareholder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.85pt 0pt 1pt; text-indent: 20pt">In the present crisis, many
of us are reminded of Winston Churchill during World War II. Churchill had been, of course, an early and outspoken advocate for
taking the Nazi threat seriously and being prepared. (His newspaper columns from that time are collected in his book, <I>Step
by Step: Political Writings: 1936-1939</I>.)<SUP>(1)</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.85pt 0pt 1pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt">Before he became Prime Minister he
said:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.5pt 0pt 21pt; text-indent: 20pt">&lsquo;&lsquo;...
let pre-war feuds die; let personal quarrels be forgotten, and let us keep our hatreds for the common enemy. Let party interest
be ignored, let all our energies be harnessed, let the whole ability and forces of the nation be hurled into the struggle, and
let all the strong horses be pulling on the collar.&rsquo;&rsquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt">Churchill was a great statesman. We&rsquo;ll
do our best to heed his call in today&rsquo;s crisis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.5pt 0pt 1pt; text-indent: 20pt">In this letter
I will address several key areas of our business before concluding with a look forward. A more detailed summary of the business
and financial highlights of the past year follows this letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PEOPLE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">On March 9, we sent
an email to our corporate staff in Dedham, Massachusetts, indicating that those who were uncomfortable coming into the office should
work remotely. Two days later we reiterated that advice during the day. That evening at midnight I sent an email strongly encouraging
people to work from home beginning the next day. Our office essentially has been in work-from-home mode since March 12. While our
corporate office employees could readily shift to working from home, our plant employees could not for the most part. Our business
is power generation. Keeping the lights on is an essential service. Our employees have been given letters from various states and
provinces to allow them to travel to work. To date, we are fortunate that none of our employees has tested positive for coronavirus.
Where there has been potential exposure, people have self-quarantined. Our plants have continued to operate without interruption.
Our plant employees are among the many heroes at work today in the United States and Canada. On March 13, we sent an email to all
our employees announcing that there would be no layoffs, salary cuts, or benefit reductions due to the pandemic. Our financial
strength&mdash;hard won after years of paying down debt and reducing corporate overhead&mdash;means we came into the crisis well
positioned to navigate a perfect storm. Our financial strength is also benefiting our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CAPITAL ALLOCATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">As I noted in our March 18 press release:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.5pt 0pt 21pt; text-indent: 20pt">&lsquo;&lsquo;We have
highly contracted EBITDA<SUP>(2)</SUP> and operating cash flow. More than 95% of our cumulative EBITDA<SUP>(2)</SUP> and operating
cash flow through 2024 is generated under PPAs (Power Purchase Agreements) with an average remaining term of approximately six
years. These PPAs are predominantly with investment-grade counterparties. We plan to continue allocating the majority of this
strong cash flow to debt repayment, and expect to amortize the balance of our Term Loan by the April 2025 maturity. During this
five-year period we expect to generate significant discretionary cash flow after debt repayment, as we noted on our fourth quarter
2019 conference call.&rsquo;&rsquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">There are basically five things that a company can do with its discretionary capital&mdash;invest
in its own business; pay down debt; undertake mergers or acquisitions; repurchase equity securities; and pay common dividends.
This is how we have allocated capital among those five potential uses during the past five to seven years:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.45pt 0pt 1pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.45pt 0pt 1pt"></P></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 100%"><B>1. &nbsp;Invest in the Business &nbsp;</B></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.25in; text-align: left; width: 100%">In previous years we made significant discretionary investments in our power plants. These were investments in excess of maintenance capital expenditures that were made to improve operating efficiency, increase production, and/or reduce operating costs. The effort started before the current management team was in place. From 2013 through 2016, we invested a total of $25 million. The returns on these investments were attractive, but we have picked the low-hanging fruit and there is less need for this type of investment today. &nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%"><B>2. &nbsp;&nbsp;Pay Down Debt &nbsp;</B></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.25in; text-align: left; width: 100%">Debt reduction is not driven by the returns available on our debt, but rather the priority of strengthening our balance sheet. We believe this is prudent given the nature of our business, our asset profile, and the state of the power markets. We have reduced our consolidated debt by more than $1.2 billion since year-end 2013. Cash interest savings resulting from this debt reduction and several re-pricings of our credit facilities total approximately $89 million annualized. As a result of this balance sheet improvement and commitment to further delevering, we have received several credit rating upgrades from the rating agencies since late 2015, which also help to lower our cost of capital. &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD></TR>
</TABLE>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%"><B>3. &nbsp;&nbsp;Mergers &amp; Acquisitions &nbsp;</B></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.25in; text-align: left; width: 100%"><P STYLE="margin-top: 0; margin-bottom: 0">In thinking about capital allocation, we focus on intrinsic value per share, not the absolute size of our business. We want to grow the business, of course, but when returns on internal uses of capital are better than those available on external investments, we want to make the rational, disciplined choice in terms of the impact on intrinsic value per share.</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">We are always looking for new investments, but from 2015 through 2017, we did not find anything compelling. Then in 2018 and 2019, we invested a total of $45 million to acquire ownership interests in a hydro facility and four biomass plants. The PPAs on these five plants expire between year-end 2027 and late 2043, so they extend our remaining average contract term and increase our long-term cash flows. The acquisition of the 50% of the Koma Kulshan hydro facility that we did not already own was in response to the other owner seeking to exit. The investment return was acceptable but not outstanding, but we know the plant well and we think hydro has a long economic life beyond the PPA term. In contrast, biomass is an unpopular technology that is more difficult to operate. Our returns on the biomass acquisitions are expected to be in excess of 15% unlevered pre-tax. We have approximately $523 million in net operating losses, and thus we do not expect to pay significant federal cash taxes in either the United States or Canada for some time ahead.</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">We are also willing to sell assets when doing so represents the best outcome for our shareholders. In 2019, we reached an agreement to sell our Manchief plant to the customer under the PPA in May 2022, following the expiration of the PPA. By retaining ownership of Manchief until then, we will continue to realize the cash flows for the remaining PPA term. At closing, we will use the $45.2 million of proceeds to further pay down debt. &nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
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    <TD STYLE="width: 100%"><B>4. &nbsp;&nbsp;Buy Back Shares &nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD></TR>
</TABLE>
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<TR STYLE="vertical-align: top">
    <TD STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.25in; text-align: left; width: 100%">Since December 2015, we have invested $47.0 million in the repurchase of approximately 20.8 million common shares at an average price of $2.26 per share. Year to date, we have significantly accelerated our repurchases of common shares. In addition, since June 2017, we have invested Cdn$33.6 million (US$25.5 million equivalent) in the repurchase of more than 2.1 million preferred shares at an average discount to par of 37% and implied after-tax returns ranging between 10% and 12%.&nbsp;</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <TD STYLE="width: 100%"><B>5. &nbsp;&nbsp;Pay Common Dividends &nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.25in; text-align: left; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">We paid $10 million of common dividends in 2015. We omitted the dividend in 2016 because we believed then, and continue to believe, that payment of a common dividend is not consistent with the characteristics of our business model or current market conditions.</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">As
                                         we consider potential options for the use of our discretionary capital, our preference
                                         is to invest in our business, which we understand best. We pay down debt not based on
                                         the returns from doing so, but from a desire to reduce risk and costs, and to right size
                                         our debt relative to our Project Adjusted EBITDA<SUP>(2)</SUP> outlook.</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">External investments grow the overall size of the business, while share buybacks take cash out of the business and return it to shareholders. Again, we are driven by intrinsic value per share. We will shrink our balance sheet through buybacks if that creates more value for shareholders than making acquisitions or new investments. We are laser focused on shareholder value.</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">I&#8217;ll
                                         have more to say on buybacks below, but briefly on common dividends&#8212;they can be
                                         a good way to return cash to shareholders if a company has excess capital (and insufficient
                                         uses with attractive returns) and it believes it can sustain the dividend through economic
                                         cycles. Today, we have a surfeit of good things to do with our capital, along the lines
                                         of the things I noted above. Another consideration for us is that our Project Adjusted
                                         EBITDA<SUP>(2)</SUP> will decline after 2022 as some of our more significant PPAs
                                         begin to expire and the plants are re-contracted either at lower prices or not at all.
                                         The impact on our operating cash flow is expected to be less, however, due to our
                                         continued repayment of debt, which should reduce cash interest payments. While we expect
                                         to generate significant cash flow in excess of our needs over the next five years, our
                                         Project Adjusted EBITDA<SUP>(2)</SUP> profile is not consistent with a sustainable dividend
                                         policy. &nbsp;</P></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
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    <TD STYLE="width: 100%"><P STYLE="margin-top: 0; margin-bottom: 0"><B>SHARE BUYBACKS</B></P>
                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                            <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.25in; text-align: left">Politicians and the media are in the process of politicizing share buybacks. When that happens, intelligent investing goes out the window, to be replaced by ideology.</P>
                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                            <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.25in; text-align: left">When a company repurchases shares, cash goes from the corporate treasury to shareholders who choose to sell their shares. Those shareholders either spend the cash or invest the cash elsewhere. Shareholders who choose not to sell their shares effectively increase their ownership in the company.</P>
                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                            <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.25in; text-align: left">In some industries there is overcapacity and low or no growth. Other industries have a greater need for capital for internal or external expansion. It is rational to return capital to shareholders when an industry is oversupplied with capital or the financial profile of the individual business makes that an attractive use of capital.</P>
                            <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.25in; text-align: justify">&nbsp;</P>
                            <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.25in; text-align: left">Warren Buffett popularized share buybacks in this country. (Although on this front, we&#8217;d have to view Henry Singleton as the Samuel Johnson and Buffett as the James Boswell.) Buffett focuses on the price-to-intrinsic value relationship. If a company repurchases shares below its estimate of intrinsic value per share, then intrinsic value per remaining share increases. If repurchases are done at a premium to intrinsic value per share, then intrinsic value per remaining share declines.</P>
                            <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.25in; text-align: justify">&nbsp;</P>
                            <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.25in; text-align: left">Our share buybacks are a function of the price-to-value relationship compared to other potential uses of discretionary capital. We don&#8217;t buy back shares to send messages. I have never sold a share of Atlantic Power stock and don&#8217;t intend to do so. If the share price moved above our estimates of intrinsic value, we would consider issuing shares if we needed the capital. We would not buy shares at a price in excess of our estimates of intrinsic value. &nbsp;</P></TD></TR>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.55pt 0pt 1pt; text-indent: 20pt">Unfortunately,
        our country and the world are experiencing a health crisis. The economic consequences will be severe. Fortunately, Atlantic Power&#8217;s
        conservative financial management and disciplined approach allowed us to protect our employees in this crisis and to ramp up our
        return of capital to shareholders.</P></TD></TR>
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<P STYLE="margin: 0pt 0"><B>&nbsp;</B></P>

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    <TD STYLE="width: 100%"><P STYLE="margin-top: 0; margin-bottom: 0"><B>EAT YOUR OWN COOKING</B></P>
                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                            <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.25in; text-align: left">Since I joined the company as CEO in January 2015 through the end of March of this year, executives and directors have bought nearly 2.3 million Atlantic Power common shares at a gross purchase price of more than $5.1 million. These shares were purchased in the open market by those individuals using personal funds and don&#8217;t include shares granted by the company as part of executive or board compensation. In my view, a history of officers and directors taking money out of their savings accounts to buy shares in the open market is the best evidence of managers aligning their interests with those of shareholders. Insider ownership, which does include shares granted under compensation programs, has increased from less than 1% of shares in 2014 to 3.4% today.</P>
                            <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.25in; text-align: justify">&nbsp;</P>
                            <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.25in; text-align: left">Meanwhile, the CEO and the two executive vice presidents have not had a base salary increase since 2015 (or earlier). All three received less total compensation in 2019 than in the previous year due to lower short-term bonuses and long-term equity incentives, despite 2019 being a highly successful year in terms of growth and an excellent year in many other ways, as indicated by the financial results. In both our portfolios and our executive compensation programs, we are trying to align our interests with those of shareholders. &nbsp;</P>
                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
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    <TD STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0in; text-align: left; width: 100%"><P STYLE="margin-top: 0; margin-bottom: 0"><B>GOING
                                         FORWARD</B></P>
                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                            <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">I did say at the beginning of this letter that I would provide a look forward.</P>
                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                            <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">For us, the best case scenario&#8212;as measured in terms of intrinsic value per share&#8212;would be a return to higher power prices. I have talked at length in past letters on power market fundamentals, environmental policies, and the tough dynamics in the sector.</P>
                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                            <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">If we see some supply destruction resulting from significant cuts to exploration and production budgets, then natural gas prices might actually rise. That would benefit our hydro projects as their PPAs expire.</P>
                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                            <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">If we see some improved capital discipline from institutions after a period of financial crisis, we might see a slowing of new investment in gas, wind, and solar plants, which in most cases are not needed as markets are generally oversupplied. These additions have net negative environmental impacts versus utilizing existing gas plants at higher than current levels of capacity. That development would be good for us across the board.</P>
                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                            <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">If, on the other hand, things muddle along with the status quo in the power sector for years to come, we have an average remaining PPA term of six years and our strong operating cash flow provides the ability to pay off our Term Loan by its maturity in April 2025. If we did nothing else with our&nbsp; excess cash flow, we would expect to reach a zero net debt position sometime in 2025. At that point, we&#8217;d have hydro assets with long economic lives that are difficult to replace, gas plants that are more economic, more reliable and on a holistic analysis probably better environmentally than wind, solar, and batteries, and biomass plants with significant remaining PPA term&#8212;with no net debt. We don&#8217;t mind being in that position. We think about the business as if we were a family office expecting to own it for the long term, with potential upside from higher power and gas prices and investment opportunities and a downside that seems reasonably well protected.</P>
                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                            <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">Over the next five years we expect to generate cumulative
discretionary cash flow of $115 million to $165 million after repaying $423 million of term loan and project debt during this
period. In addition, on March 31 of this year, we had liquidity of $150 million, consisting of $48 million in cash and $102 million
in available capacity under our revolver. We have been using cash for the repurchases of common and preferred shares and the acquisitions
that we made in 2018 and 2019. Our revolver is available through April 2025 for acquisitions.</P></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">Over the past several years, we have reshaped Atlantic Power to withstand hard economic times with a stronger balance sheet and leaner cost structure. This is allowing us to react to the crisis as we have, for both our employees and our shareholders. Although our remaining PPA life is not as long as that of some other power companies in Canada, it is longer than most U.S. independent power producers, and it provides us the cash flow to pay down debt and generate discretionary capital even in a severe economic downturn.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">We hope that both the pandemic and the economic fallout are short-lived, but we suspect there will be some changes needed by many businesses to adapt their balance sheets and business models to the new reality. Although we are small, we believe we are well positioned to use our liquidity when hard and turbulent times hit. We&#8217;ll do our best to use that position wisely for our shareholders, employees, customers, and the communities we serve.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">If you have read this far, thank you for your interest in Atlantic Power. May you and your families stay healthy and safe.</P>


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    <TD STYLE="width: 50%">&nbsp;<IMG SRC="tm207878d1_ex99-1img001.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">James J. Moore, Jr. </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><I>President and Chief Executive Officer</I></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">April 28, 2020 &nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>2019 Business and Financial Highlights</B></P>


<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Safety</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><B><I><U>Environmental,
health, and safety performance</U>.</I></B> Safety remains our highest priority. Despite our continued strong focus on this area,
we had nine recordable injuries in 2019, up from four in 2018. Fortunately, none resulted in hospitalizations. Three of the injuries
resulted in lost time (versus one in 2018). In response to these developments, we increased behavioral safety training, rolled
out a survey to determine which areas required improvement, expanded sharing of best practices across our plants and simplified
a safety dashboard to better track injuries, safety training, and safety improvements. Several of these recordable injuries were
associated with cuts and pinches to hands and could be attributable to improper hand protection, so our teams provided revised
glove training for our staff and ensured that all plants were equipped with the proper hand protection required for all tasks.
In addition, our environmental health and safety team increased its visits to our plants during scheduled outages. In the first
quarter of 2020, we had no recordable injuries. Looking at our safety performance over a longer period, in 2019, nine of the 16
plants that we operate completed at least five consecutive years of operation without a lost-time incident. We received two environmental
notices of violation in 2019, both minor, which we responded to and corrected promptly. We did not receive any notices of violation
from either the Federal Energy Regulatory Commission or the North American Electric Reliability Council. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Culture</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><B><I><U>Servant leadership</U>.
</I></B>We continued to promote a culture of servant leadership throughout the organization, emphasizing the need for leaders
to act with respect, integrity, and honesty. We place very high importance on this effort, as we believe a strong culture is the
bedrock of building long-term sustainable value. In 2019, we continued to roll out training to the plant level. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Operational</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><B><I><U>Plant availability</U></I>.
</B>In 2019, our plants had an availability factor of 94.0%, with strong performance at most of our plants. The overall average
declined from 96.5% in 2018 primarily due to extended outages at our Moresby Lake hydro plant due to a main transformer failure
and at our Cadillac biomass plant due to a fire in September.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><B><I><U>Continued focus
on operating costs</U>.</I></B> In 2019, we continued to advance our program to improve our operation and maintenance performance.
We rolled out Mainsaver (a maintenance management system) to the South Carolina biomass plants that we acquired in July, to the
Koma Kulshan hydro plant, in which we acquired the remaining ownership interests in the third quarter of 2018, and to our Piedmont
biomass plant. We are continuing to focus on optimizing preventive maintenance programs for all of our facilities. Another area
of focus is avoiding equipment issues that result in unplanned outages. To that end, we have installed predictive analytic maintenance
software (&#8216;&#8216;PRiSM&#8217;&#8217;) at seven plants over the past two years. To date, the system has had 32 &#8216;&#8216;good
catches&#8217;&#8217; (potential equipment problems that were avoided). We intend to roll PRiSM out to two more plants in 2020.
Our operations team continues to look for ways to improve the reliability and efficiency of our plants while ensuring the effectiveness
of our maintenance and capital expenditures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><B><I><U>Asset management</U>.
</I></B>In 2019, we successfully integrated the acquisition of the Allendale and Dorchester biomass plants in South Carolina into
our fleet. We began the process of decommissioning our three plants in San Diego, with demolition expected to be completed in
2020. In the fourth quarter of 2019, we rolled out a new system for testing and evaluating the condition of all plant step-up
transformers. Understanding the condition of these critical components will allow us to better predict potential failures, plan
for long-lead purchases, and avoid extended plant outages.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Commercial</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I><U>New
contract for our Williams Lake plant</U>.</I></B></FONT> In September 2019, we executed a new ten-year Energy Purchase Agreement
with BC Hydro for our Williams Lake biomass plant in British Columbia that became effective October 1, 2019. Under the new contract,
Williams Lake receives a fixed price per megawatt-hour for energy produced. This price escalates annually in line with inflation,
but does not include a fuel cost pass-through. Given the state of the timber market in British Columbia, we believe that the availability
and cost of fuel will be the most significant variables determining the operational and financial performance of the plant. Since
executing the new contract, we have been focused on rebuilding our fuel supply sources, including traditional mill waste and forest
and roadside residuals. We have entered into a new fuel supply arrangement with local First Nations, purchased and deployed a
new mobile fuel grinder, and entered into other short-term agreements with third parties to extend supplies of mill waste and
secure additional forest residuals. The grinder has been helpful in sourcing and transporting wood waste from forest areas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I><U>PPA
extension for our Kenilworth plant</U>. </I></B></FONT>In July 2019, Merck (the customer at our Kenilworth plant) executed
its option to extend the PPA for another year, to September 2021. This was the third and final one-year extension option
under the PPA. We continue to engage with Merck on short-term and long-term options for their power supply needs beyond that
date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I><U>Closed
two acquisitions</U>. </I></B></FONT>In July 2019, we closed the acquisition of the Allendale and Dorchester biomass plants
in South Carolina from EDF Renewables. The plants, which each have a capacity of 20 megawatts
(&#8216;&#8216;MW&#8217;&#8217;), operate under PPAs that run through late 2043. In August 2019, we closed the acquisition of
equity interests in two other biomass plants from AltaGas Power Holdings (U.S.) Inc. We acquired a 50% interest in the 48 MW
Craven plant in North Carolina and a 30% interest in the 37 MW Grayling plant in Michigan; both plants operate under PPAs
that run through 2027.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I><U>Agreement
for the sale of our Manchief plant</U>. </I></B></FONT>In May 2019, we reached an agreement to sell our Manchief gas-fired
plant to Public Service Co. of Colorado for $45.2 million in May 2022 following the expiration of the plant&#8217;s PPA. We
view this as a positive outcome that will allow us to realize the cash flows generated by the plant during the remaining
contract term and further reduce debt upon closing of the sale in 2022. All regulatory approvals required for the sale have
been received.</P>


<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Financial</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><B><I><U>Results in
line with or better than guidance</U>.</I></B> In 2019, cash provided by operating activities (a GAAP measure) was $144.7 million.
Excluding a net working capital benefit, cash flow was approximately $128 million, which exceeded our estimated range of $115
million to $125 million (which was increased from our initial estimate of $100 million to $115 million). Project Adjusted EBITDA<SUP>(2)
</SUP>was $196.1 million, which exceeded our guidance range of $185 million to $195 million (which was increased from our initial
guidance of $175 million to $190 million). (Project Adjusted EBITDA is a non-GAAP measure; see Appendix A on page xii for a reconciliation
to its nearest GAAP measure.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><B><I><U>Continued to
significantly reduce debt</U>.</I></B> In 2019, we repaid $72.3 million of term loan and&nbsp; consolidated project debt from
operating cash flow. In addition, in April 2019, we used discretionary cash to redeem Cdn$24.7 million (US$18.5 million equivalent)
of the remaining 6.00% Series D convertible debentures that were scheduled to mature in December 2019. Our total consolidated
debt reduction of $90.8 million represented an approximate 11% reduction in debt from the year-end 2018 level. At year-end 2019,
our consolidated leverage ratio<SUP>(3)</SUP> was 3.8 times, improved from 4.5 times at year-end 2018. Since year-end 2013, we
have reduced consolidated debt by $1.2 billion or approximately 65%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><B><I><U>Reduced interest
payments</U>.</I></B> In 2019, we reduced our cash interest payments by nearly $4 million from the 2018 level. We achieved this
as a result of continued debt repayment and the reductions in the spread on our credit facilities. Since 2013, consistent with
the significant debt reduction during that period, our cash interest payments have been reduced by more than $90 million. We also
continue to manage our exposure to increases in market interest rates. At year-end 2019, more than 99% of our consolidated debt
carried either a fixed rate or a variable rate that has been fixed through interest rate swaps. We have hedged approximately 93%
of our interest rate exposure on our Term Loan through 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I><U>Credit
rating upgrade</U>.</I></B></FONT> In December 2019, S&amp;P Global Ratings raised its issuer credit rating for the Corporation
to BB- (stable) from B+ (positive) based on our improving leverage profile. Ratings on our Term Loan, Revolving Credit Facility
and Medium-Term Notes were raised to BB from BB-. S&amp;P cited our highly contracted cash flow profile and demonstrated track
record and commitment to deleveraging. Since October 2015, we have received four rating upgrades, two each from S&amp;P and Moody&#8217;s.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I><U>Maintained
strong liquidity</U>. </I></B></FONT>Our liquidity at year-end 2019 was $196.5 million, including approximately $42 million
of discretionary cash. Even after completing two acquisitions and repurchasing a significant amount of common and preferred
shares during 2019, our liquidity increased slightly from the year-end 2018 level.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I><U>Maintained stable overhead costs</U>. </I></B></FONT>Our 2019 corporate general and administrative (&#8216;&#8216;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>G&amp;A</B></FONT>&#8217;&#8217;) costs of $24 million were essentially unchanged from the 2018 level. G&amp;A expense has been about flat since 2016, but is down approximately 56% from the 2013 level. Although the most significant cost reductions are behind us, we continue to look for additional cost reduction opportunities.</P>


<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Capital Allocation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><B><I><U>Acquisitions
of contracted assets</U>.</I></B> As noted, in 2019, we closed the acquisitions of two biomass plants and equity interests in
two other biomass plants for a total investment of $31.3 million. These operating plants have long-dated PPAs that add to our
capacity and extend our average remaining contract life and which have been contributing to Project Adjusted EBITDA<SUP>(2)</SUP>
and cash flow. (Project Adjusted EBITDA is a non-GAAP measure; see Appendix A on page xii for a reconciliation to its nearest
GAAP measure.) Including the $13.6 million acquisition of a consolidating interest in our Koma Kulshan hydro project in 2018,
we invested $44.9 million in acquisitions in 2018 and 2019, marking a significant reorientation toward growth initiatives after
a multiyear restructuring effort. We funded these acquisitions from discretionary cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><B><I><U>Repurchases
of common and preferred shares</U>.</I></B> During 2019, we repurchased and canceled nearly 1.1 million common shares at a total
cost of $2.5 million, or an average price of $2.31 per share. We made these purchases because we considered the trading price
of our common shares to be at a discount to our estimates of intrinsic value per share. We also repurchased and canceled approximately
676,000 preferred shares at a total cost of Cdn$10.6 million (US$8.0 million equivalent), representing&nbsp; an approximate 38%
discount to par value and an attractive after-tax yield of approximately 10% to 12%. We undertake repurchases of our securities
when we believe that the returns from such repurchases are more compelling than the returns available from other internal or external
investments. We funded these $10.5 million of repurchases from discretionary cash. From 2015 through 2019, we repurchased a total
of approximately 17.0 million common shares, representing an investment of $38.8 million, and a total of nearly 1.6 million preferred
shares, representing a total investment of Cdn$24.7 million (US$19.1 million equivalent). Common shares outstanding have been
reduced by approximately 11% during this period. &nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Q1 2020 Developments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I><U>Achieved
favorable changes to credit facilities</U>. </I></B></FONT>In the first quarter of 2020, we amended our credit facilities to extend
the maturity dates of our $380 million Term Loan and our Revolving Credit Facility to April 2025. The capacity of the Revolving
Credit Facility was reduced to $180 million from $200 million, although we can seek an increase to a maximum of $210 million without
a further amendment, subject to conditions. In addition, the interest rate margin on these facilities was reduced by 25 basis
points to LIBOR plus 250 basis points. Since issuing the credit facilities in 2016, we have re-priced the spread a total of five
times, with a cumulative reduction in the margin of 250 basis points. The margin will be reduced another 25 basis points if we
achieve a consolidated leverage ratio<FONT STYLE="font-size: 10pt"><SUP>(3)</SUP> </FONT>of 2.75 times. &nbsp;</P>


<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><B>Notes</B></P></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><SUP>(1)</SUP></TD>
    <TD>Churchill, Winston S. Step by Step: Political Writings: 1936-1939. New York: Bloomsbury Academic, 2015.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><SUP>(2)</SUP></TD>
    <TD>Project Adjusted EBITDA is not a measure recognized under GAAP and does not have a standardized meaning prescribed by GAAP, and
is therefore unlikely to be comparable to similar measures presented by other companies. Investors are cautioned that the Company
may calculate this non-GAAP measure in a manner that is different from other companies. The most directly comparable GAAP measure
is Project income (loss). Project Adjusted EBITDA is defined as Project income (loss) plus interest, taxes, depreciation, and
amortization (including non-cash impairment charges), and changes in the fair value of derivative instruments. Management uses
Project Adjusted EBITDA at the project level to provide comparative information about project performance and believes such information
is helpful to investors. A reconciliation of Project Adjusted EBITDA to Project income (loss) and to Net income (loss) on a consolidated
basis is provided in Appendix A on page xii. The Company has not provided guidance for Project income or Net income because of
the difficulty of making accurate forecasts and projections without unreasonable efforts with respect to certain highly variable
components of these comparable GAAP metrics, including changes in the fair value of derivative instruments and foreign exchange
gains or losses.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><SUP>(3)</SUP></TD>
    <TD>Leverage ratio is defined as the ratio of Consolidated Debt to Adjusted EBITDA, calculated for the trailing four quarters. Note
that we calculate this ratio on a gross debt basis, not net of cash. &nbsp;</TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Cautionary Note Regarding Forward-Looking
Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">To the extent any statements made in this news release contain information that is not historical, these statements are forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and under Canadian securities law (collectively, &#8216;&#8216;forward-looking statements&#8217;&#8217;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">Certain statements in this news release may constitute forward-looking information or forward- looking statements within the meaning of applicable securities laws (collectively, &#8216;&#8216;forward-looking statements&#8217;&#8217;), which reflect the expectations of management regarding the future growth, results of operations, performance and business prospects and opportunities of the Company and its projects. These statements, which are based on certain assumptions and describe the Company&#8217;s future plans, strategies and expectations, can generally be identified by the use of the words &#8216;&#8216;plans&#8217;&#8217;, &#8216;&#8216;expects&#8217;&#8217;, &#8216;&#8216;does not expect&#8217;&#8217;, &#8216;&#8216;is expected&#8217;&#8217;, &#8216;&#8216;budget&#8217;&#8217;, &#8216;&#8216;estimates&#8217;&#8217;, &#8216;&#8216;forecasts&#8217;&#8217;, &#8216;&#8216;intends&#8217;&#8217;, &#8216;&#8216;anticipates&#8217;&#8217; or &#8216;&#8216;does not anticipate&#8217;&#8217;, &#8216;&#8216;believes&#8217;&#8217;, &#8216;&#8216;outlook&#8217;&#8217;, &#8216;&#8216;objective&#8217;&#8217;, or &#8216;&#8216;continue&#8217;&#8217;, or equivalents or variations, including negative variations, of such words and phrases, or state that certain actions, events or results, &#8216;&#8216;may&#8217;&#8217;, &#8216;&#8216;could&#8217;&#8217;, &#8216;&#8216;would&#8217;&#8217;, &#8216;&#8216;should&#8217;&#8217;, &#8216;&#8216;might&#8217;&#8217; or &#8216;&#8216;will&#8217;&#8217; be taken, occur or be achieved. Examples of such statements in this press release include, but are not limited to, statements with respect to the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.2in; margin-left: 0.45in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp; that the Company&#8217;s financial strength means it is well positioned to navigate the COVID-19 crisis;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.2in; margin-left: 0.45in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp; the Company&#8217;s plan to continue
allocating its discretionary capital to debt repayment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.2in; margin-left: 0.45in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp; the Company&#8217;s expectation that it will pay off its term loan in full in April 2025;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.2in; margin-left: 0.45in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp; the Company&#8217;s expectation that there is less need for discretionary investments in existing assets;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.2in; margin-left: 0.45in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp; the Company&#8217;s expectation that the return on the biomass plants acquired in 2019 will be in excess of 15% unlevered pre-tax; &nbsp;</P>


<P STYLE="margin: 0pt 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.2in; margin-left: 0.45in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;the Company&#8217;s expectation that it will not pay U.S. federal or Canadian income taxes for some time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.2in; margin-left: 0.45in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;the Company&#8217;s plan to use the proceeds of the Manchief plant sale to pay down debt;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.2in; margin-left: 0.45in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;the Company&#8217;s expectation with respect to the impact of PPA expirations on its Project Adjusted EBITDA and operating cash flow after 2022; the Company&#8217;s expectation with respect to generation of cumulative discretionary cash flow over the next five years;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.2in; margin-left: 0.45in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;the Company&#8217;s plan to roll out PRiSM to two more plants in 2020;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.2in; margin-left: 0.45in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;the Company&#8217;s plans to demolish the three San Diego plants;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.2in; margin-left: 0.45in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;the Company&#8217;s assessment of its credit profile and liquidity;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.2in; margin-left: 0.45in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;the Company&#8217;s view that the Koma Kulshan hydro facility has economic life beyond the PPA term;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.2in; margin-left: 0.45in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;the
Company&#8217;s expectation that the acquisition of the South Carolina biomass plants will extend average remaining contract
life and strengthen longer-term cash flows; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.2in; margin-left: 0.45in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;the Company&#8217;s estimate that the repurchase of preferred shares yielded an after-tax return of approximately 10% to 12%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">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. Please refer to the factors discussed under &#8216;&#8216;Risk Factors&#8217;&#8217; and &#8216;&#8216;Forward-Looking Information&#8217;&#8217; in the Company&#8217;s periodic reports as filed with the U.S. Securities and Exchange Commission (the &#8216;&#8216;SEC&#8217;&#8217;) from time to time for&nbsp;&nbsp; a detailed discussion of the risks and uncertainties affecting the Company. 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. &nbsp;</P>


<P STYLE="margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>APPENDIX
A</B></P>


<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">ATLANTIC POWER CORPORATION RECONCILIATION OF NET (LOSS) INCOME (A GAAP MEASURE) TO PROJECT ADJUSTED EBITDA FOR THE YEARS ENDED DECEMBER 31, 2019 AND DECEMBER 31, 2018 (UNAUDITED) (in millions of U.S. dollars, except as otherwise stated)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>(in millions of U.S. dollars, except
as otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2019</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2018</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 74%; text-align: left">Net (loss) income&nbsp;&nbsp;attributable&nbsp;&nbsp;to Atlantic&nbsp;&nbsp;Power&nbsp;&nbsp;Corporation&nbsp;&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">($</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">42.6</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">36.8</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Net (loss) income attributable to preferred share dividends of a subsidiary company </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1.2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Net (loss) income </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">($</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">43.8</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">37.2</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Income tax expense</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">9.8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">(Loss) income from operations before income taxes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(34.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">37.4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Administration</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">23.9</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">23.9</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Interest expense, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">44.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">52.7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Foreign exchange loss (gain)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">11.9</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(22.8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Other expense (income), net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(3.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Project income </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">46.8</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">88.2</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Reconciliation to Project Adjusted EBITDA</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Depreciation and amortization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">80.7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">99.7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Interest expense, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3.4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Change in the fair value of derivative instruments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8.9</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(2.2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Impairment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">55.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Insurance loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Other expense (income), net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1.2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(4.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Project Adjusted EBITDA</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">196.1</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">185.1</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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