Atlantic Tele-Network Acquires Distributed Generation Solar Power Operation

(RTTNews) - Atlantic Tele-Network, Inc. (ATNI) said Monday that it has bought substantially all of the assets of Green Lake Capital, LLC and certain of its affiliates, an owner and operator of commercial distributed generation solar power systems in Massachusetts, California and New Jersey.

Atlantic Tele-Network bought the assets as part of a total deal valued at about $103 million with about $64 million of cash and the assumption of $39 million of debt, through its newly formed subsidiary, Ahana Renewables, LLC. ATN has retained the management team and staff that developed and operates the Green Lake assets.

Ahana, based in San Francisco, operates 28 commercial solar projects at 59 sites with an aggregate 45.7 megawatts of electricity generating capacity. All of the acquired sites are completed revenue- producing projects with at least one year of operating history.

The deal is expected to be accretive to Atlantic Tele-Network's 2015 operating cash flow and EBITDA, however, it is expected to be modestly dilutive to net income due to project financing assumed as part of the acquisition. For 2015, Atlantic Tele-Network currently expects Ahana to produce revenues of about $19 - $22 million.

Atlantic Tele-Network and the Ahana management team will together own about 97% of Ahana, and its financial results will be consolidated with Atlantic Tele-Network's results.