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Atlantic Power Announces Agreement to Acquire a 300 MW Wind Development Project in Oklahoma

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

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

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About Atlantic Power

Atlantic Power is a leading publicly traded, power generation and infrastructure company with a well diversified portfolio of assets in the United States and Canada. Our power generation projects sell electricity to utilities and other large commercial customers under long-term power purchase agreements, which seek to minimize exposure to changes in commodity prices. The net generating capacity of the Company's projects is approximately 2,140 MW, consisting of interests in 31 operational power generation projects across 11 states and 2 provinces, one 53 MW biomass project under construction in Georgia, and an 84-mile, 500 kilovolt electric transmission line located in California. Atlantic Power also owns a majority interest in Rollcast Energy, a biomass power plant developer with several projects under development. Atlantic Power is incorporated in British Columbia, headquartered in Boston and has offices in Chicago, Toronto, and Richmond, B.C.

Our corporate strategy is to generate stable, contracted cash flows from our existing assets to sustain our dividend payout to shareholders while increasing the value of the company through accretive acquisitions in North American markets. Our dividend is currently paid monthly at an annual rate of Cdn$1.15 per share.

Atlantic Power has a market capitalization of approximately $1.6 billion and trades on the New York Stock Exchange under the symbol AT and on the Toronto Stock Exchange under the symbol ATP. For more information, please visit the Company's website at www.atlanticpower.com or contact:

Atlantic Power Corporation

Amanda Wagemaker, Investor Relations

(617) 977-2700

info@atlanticpower.com

Copies of financial data and other publicly filed documents are filed on SEDAR at www.sedar.com or on EDGAR at www.sec.gov/edgar.shtml under "Atlantic Power Corporation" or on the Company's website.

    --  Certain statements in this news release may constitute "forward-looking
        statements", which reflect the expectations of the Company regarding the
        Company's expectations about its investment in Canadian Hills.  Such
        forward-looking statements reflect current expectations regarding future
        events and operating performance and speak only as of the date of this
        news release.  Such forward-looking statements are based on a number of
        assumptions which may prove to be incorrect, including, but not limited
        to the assumption that the Project's construction will be complete in
        2012.

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, events will occur. In addition to the assumptions described above, reference should also be made to the factors discussed under "Risk Factors" in the Company's proxy dated October 3, 2011. 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.

SOURCE Atlantic Power Corporation