PPA goes UP almost two years...Debt (expensive) gets paid off...Underperforming assets get gone...
"Free Cash" gets put on the books and the stock sells off???
I think, perhaps, this company might be undervalued...considerably.
They were NOT under performing as they were still selling power at prices established under the PPA so the cash flow was fine. Looks like best deal AT could get for renewal was negative cash flow so they opted for no cash flow instead. I would guess that that a substantial cut in dividend (as others already predicted) is certain although they theoretically could use the proceeds of the sale to continue paying the dividend for the next 20 months. That's my take as I bailed at $12.35 on the way down
Even if the divvy is cut in half this will still be a monthly payor yielding between 4 and 5 % and the stock will likely appreciate with the anticipation of a cut removed. Much more upside here % wise vs most other power plays.