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Covington Advises Morgan Stanley on Atlantic Power’s C$1.1B Acquisition of Capital Power Income

June 20, 2011

NEW YORK, June 20, 2011 — Covington & Burling LLP represented Morgan Stanley, financial advisor to Atlantic Power Corporation, in its acquisition of Capital Power Income L.P. in a deal valued at approximately C$1.1 billion. The transaction will create a leading North American contracted power generation platform with over 2,100 megawatts of capacity.

Under the terms of the agreement, Atlantic Power will acquire, directly and indirectly, all of the outstanding limited partnership units of CPILP for C$19.40 per limited partnership unit, payable in cash or shares of Atlantic Power.

Morgan Stanley is a global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. Atlantic Power owns and operates a diverse fleet of power generation and infrastructure assets in the United States. Established in 1997, CPILP's portfolio includes 19 wholly-owned power generation assets located in Canada and the United States and a 50.15 percent interest in a power generation asset in Washington State.

The New York-based Covington corporate team was led by Jack Bodner, with Silas Lum.*

*Not yet admitted to practice.

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