For the nine months ended September 30, 2007, cash flow available for distribution was $53.3 million, compared to $46.2 million for the same period last year. Distributions paid for the first nine months of 2007 were $44.7 million, resulting in a payout ratio of 84%.
Adjusted EBITDA at the projects, including earnings from equity investments, increased 15% to $36.1 million and $104.2 million in the three- and nine-month periods, respectively, of 2007, compared to the same periods last year.
The company generated project income of $14.2 million in the third quarter. For the first nine months of 2007, the company generated a project loss of $18 million.
Barry Welch, president and CEO of Atlantic Power, said: Acquisitions, strong operating performance and other enhancements have all contributed to our growth and solid financial performance in 2007. Looking ahead, the accretive transactions, new power purchase agreements and equipment upgrades completed during and subsequent to the end of the third quarter will help to further augment cash flow going forward.
