TSX : AXY
VANCOUVER, May 21, 2013 /CNW/ - Alterra Power Corp. (TSX: AXY) announces
the completion of a joint venture agreement with Energy Development
Corporation (EDC) for the development of Alterra's Mariposa geothermal
project in Chile plus three geothermal concessions held by Alterra in
Peru. The agreement calls for EDC to earn a 70% interest by funding
100% of the next $58.3 million in project expenditures at Mariposa, and
$8 million in project expenditures on the Peruvian concessions.
Advancement of individual projects will occur under separate
shareholder agreements which will follow the commercial terms of the
joint venture agreement. Such agreements are expected to be executed
later in 2013 subject to final documentation and project evaluation by
About Alterra's Mariposa and Peruvian Geothermal Assets
The Mariposa geothermal power project is located approximately 300
kilometers south of Santiago, Chile. It is comprised of the Laguna del
Maule and Pellado concessions, which total 104,000 hectares and
completely encompass a geothermal system that has an inferred estimate
of 320 megawatts. Alterra has conducted extensive exploration and
infrastructure work at Mariposa, including three slim-hole wells and a
26-kilometer access road. Alterra also has early-stage geothermal
projects in the southern volcanic belt of Peru. Initial indications and
Alterra's exploration activities to date have supported the presence of
large geothermal resources.
About Energy Development Corporation (EDC)
EDC is a Philippines-based global leader in the geothermal energy
industry that has been developing and operating power plants since
1977. The company's operating portfolio of 11 geothermal power plants
and two hydro facilities totals 1,262 megawatts of capacity and
produced over 3,600 gigawatt-hours in the first half of 2012. EDC has
been actively expanding its project portfolio to Indonesia, Peru and
About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company.
Alterra operates six power plants totaling 566 MW of capacity,
including two geothermal facilities in Iceland, a geothermal plant in
Nevada, British Columbia's largest run-of-river hydro facility and the
province's largest wind farm. The company's 297 MW share of production
capacity generates approximately 1,400 GWh of clean power annually.
Alterra also has an extensive portfolio of exploration and development
projects, a skilled international team of developers, explorers,
builders and operators to support its 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.
SOURCE: Alterra Power Corp.
For further information:
Peter Lekich, Corporate Communications
Alterra Power Corp.