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
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.
SOURCE Alterra Power Corp.
For further information:
Anders Kruus, Vice President, Corporate Relations
Alterra Power Corp.