TSX : AXY
VANCOUVER, Feb. 27, 2012 /CNW/ - Alterra Power Corp. (TSX: AXY)
announces that the Dokie General Partnership ("DGP") has exercised a
one-time right in its energy purchase agreement with B.C. Hydro to
increase its firm energy allotment by 10%.
Because the firm energy allotment is the highest priced tranche of the
energy purchase agreement, the increase in power priced under that
allotment is expected to result in an average annualized net revenue
increase from DGP of 1.2%.
The increase is effective May 1, 2012. It is subject to review and
renewal every five years for additional five year periods.
In addition, on February 16, 2012, the Final Completion certificate for
Dokie was issued to Mortenson Canada Corporation, the major contractor,
formally marking completion of all construction activities.
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, the largest in
British Columbia. The Dokie wind farm 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 wind turbines have combined capacity of 144 MW and are
expected to generate an average net annual energy of 330 GWh, which is
contracted to B.C. Hydro under a 25-year power purchase agreement.
Preparations are underway for a potential 156 MW expansion on
neighbouring ridges with promising wind characteristics.
About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company. We
operate six power plants totaling 570 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 315 MW share of production capacity generates
over 1,500 GWh of clean power annually. We have an extensive portfolio
of exploration and development projects, a skilled international team
of explorers, builders and operators and the financial capacity to
support our aggressive growth plans.
Cautionary Note regarding Forward-Looking Statements and Information
Certain statements included in this news release may contain information
that is forward-looking within the meaning of certain securities laws,
including information and statements regarding prospective results of
operations, financial position, cash flows or growth potential. These
statements are based on factors or assumptions that were applied in
drawing a conclusion or making a forecast or projection, including
assumptions based on historical trends, current conditions and expected
future developments. Since forward-looking statements relate to future
events and conditions, by their very nature they require making
assumptions and involve inherent risks and uncertainties. Alterra
cautions that although it is believed that the assumptions are
reasonable in the circumstances, these risks and uncertainties give
rise to the possibility that actual results may differ materially from
the expectations set out in the forward-looking statements. Material
risk factors include those set out in the management's discussion and
analysis section of Alterra's most recent annual report and quarterly
report, and in Alterra's Annual Information Form. Given these risks,
undue reliance should not be placed on these forward-looking
statements, which apply only as of their dates. Other than as
specifically required by law, Alterra undertakes no obligation to
update any forward-looking statements or information to reflect new
information, subsequent or otherwise.
SOURCE Alterra Power Corp.
For further information:
Anders Kruus, Vice President, Corporate Relations
Alterra Power Corp.