Alterra Power Acquires Wind Development Assets in British Columbia

TSX : AXY

VANCOUVER, May 18, 2012 /CNW/ - Alterra Power Corp. (TSX: AXY) is pleased to announce that it has entered into an agreement to acquire a portfolio of wind development assets at four sites in coastal British Columbia from a group of sellers led by English Bay Energy Limited. Highlights of the portfolio include:

  • Four early-stage wind farm sites located on Banks Island, Porcher Island and McCauley Island, all within 150 kilometres of several proposed power-intensive LNG plant sites at Kitimat, and at Knob Hill on northern Vancouver Island, close to a proposed 99 megawatt wind farm near Cape Scott.

  • An estimated generation capacity of over 1,000 megawatts for the four sites.

  • Two to six years of wind data collected from meteorological towers.

In consideration for the assets, the sellers will receive royalty payments during the operations phase of the projects, and under certain circumstances the sellers may receive additional compensation of up to 1.34 million Alterra shares.

John Carson, Alterra's Chief Executive Officer, said, "This transaction further positions us to play a major role in B.C.'s clean energy future. We look forward to advancing and ultimately building these wind projects as a part of the continued growth of Alterra and British Columbia."

About Alterra Power Corp.

Alterra Power Corp. is a leading global renewable energy company.  We operate six power plants totaling 567 MW of capacity, including two geothermal facilities in Iceland, a geothermal plant in Nevada, British Columbia's largest run of river hydro facilities and the province's largest wind farm. Our 298 MW share of production capacity generates approximately 1,400 GWh of clean power annually. We have an extensive portfolio of exploration and development projects, a skilled international team of developers, explorers, builders and operators and the financial capacity to support our growth plans.

The company trades on the Toronto Stock Exchange under the symbol AXY and OTC in the United States as MGMXF.

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, 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, management's expectations regarding our growth, business prospects and opportunities and energy generation capacities. Such forward-looking information reflects management's current beliefs and is based on information currently available to management.

For further information:

Anders Kruus, Vice President, Corporate Relations
Alterra Power Corp.
Phone: 604.678.6743
Email: info@alterrapower.ca