Alterra Power Provides Update on Toba Montrose and Dokie Operations
TSX : AXY
VANCOUVER, June 28, 2011 /CNW/ - Alterra Power Corp. (TSX: AXY) is pleased to provide an update on operations and power production at the Toba Montrose hydro facilities, owned by the Toba Montrose General Partnership, and the Dokie wind farm, owned by the Dokie General Partnership. Both facilities are operated by Alterra Power on behalf of the partnerships. As a result of the merger of Plutonic Power with Magma Energy, Plutonic did not release results for the first quarter of 2011. Alterra's next financial report, for its 2011 fiscal year end of 30 June, is not scheduled to be released before mid-September. Alterra therefore provides the following interim update:
Both the East Toba and Montrose facilities have been running at high
capacity since early June, with average generation for the month near
capacity at 190 MW. An unusually cool spring and above average snowfall
in 2011 resulted in a near record snowpack that remains at 165% of
average. Based on this snowpack and inflow forecasts Alterra expects
the facilities to continue running at these elevated levels through the
summer and well into the fall.
To date in June the combined East Toba and Montrose facilities have had
an average daily generation of 4,550 MWh, with a high on June 23 of
At the Dokie wind farm facility, all 48 wind turbines are operating
successfully. From the start of commercial operations on February 16,
2011 through to the end of May, wind turbine availability has averaged
95.6%, notably higher than expected.
- High rainfall on June 24 and 25 caused severe flooding in the Chetwynd area near the Dokie wind farm. Road access to the site was impacted by washouts and two feeder transmission lines were slightly damaged, but the wind farm facilities did not experience any significant damage and have continued generation. The feeder transmission line repairs are scheduled to be completed by June 29.
Bruce Ripley, Alterra's Chief Operating Officer, said, "I am pleased that our inaugural year at the Toba Montrose hydro facilities is shaping up to be an exceptional one due to the favourable snowpack that creates our generation base for much of the year. I am also pleased at the good operating performance of our Toba Montrose and Dokie facilities and commend our management teams at each of these operations for their excellent work."
About Toba Montrose General Partnership (TMGP)
TMGP is a 40/60 partnership between Alterra Power Corp. and GE Energy Financial Services that owns the Toba Montrose hydroelectric project, located near Powell River, B.C. on the traditional lands of our First Nations partners: the Klahoose, Sliammon and Sechelt First Nations. The TMGP plants at East Toba River and Montrose Creek are British Columbias largest run of river hydro plants. They have combined capacity of 196 MW and are expected to generate an average net annual energy of 710-730 GWh, which is contracted to B.C. Hydro under a 35-year EPA.
About Dokie General Partnership (DGP)
DGP is a 51/49 partnership between Alterra Power Corp and GE Energy Financial Services that owns the Dokie wind farm project, British Columbia's largest wind farm. The Dokie project is located near Chetwynd, B.C. on the Treaty 8 lands of our First Nations partners: the West Moberly, Saulteau and Halfway River First Nations and the McLeod Lake Indian Band. DGP's 48 Vestas V90 wind turbines have combined capacity of 144 MW and are expected to generate an average net annual energy of 320-340 GWh, which is contracted to B.C. Hydro under a 25-year EPA.
About Alterra Power Corp.
Alterra Power is a global renewable power producer and developer. Alterra operates six geothermal, run of river hydro and wind plants in Iceland, Nevada and British Columbia with combined capacity of 531 MW. The company has an extensive portfolio of exploration and development projects, a skilled international team of explorers, builders and operators and strong financial capacity to support its aggressive growth plans. Alterras five-year plan is to increase its renewable generation base to more than 1,000 MW.
Cautionary Note regarding Forward-Looking Statements and Information
This news release contains certain "forward-looking information" within the meaning of Canadian securities laws, which may include, but is not limited to, statements with respect to future events or future performance, prospects for closing of the sales described in the Share Purchase Agreements, the fulfillment of all conditions precedent to the obligation of the parties under the agreements, required consents and third party approvals. This news release also contains statements with respect to our plans to expand our operations and HS Orkas plans to expand their geothermal power production, managements expectations regarding our growth, business prospects and opportunities and geothermal energy generation capacities. Such forward-looking information reflects managements current beliefs and is based on information currently available to management.
Anders Kruus, Vice President, Corporate Relations
Alterra Power Corp.