VANCOUVER, Jan. 16, 2014 /CNW/ - Alterra Power Corp. (TSX: AXY)
announces the completion of a further joint venture with Energy
Development Corporation (EDC) covering the remainder of Alterra's
geothermal development assets in Peru. Under the agreement, EDC will
get a 70% interest in the development asset portfolio and will be
funding 100% of the next $6 million of development costs. Next
activities for these concessions will include advanced exploration
activities designed to identify the best locations for power plant
development and construction.
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. 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,
operating six power plants totaling 566 MW of generation capacity,
including British Columbia's largest run-of-river hydro facility and
largest wind farm, two geothermal facilities in Iceland, and a
geothermal plant in Nevada. Alterra owns a 260 MW share of this
capacity, generating approximately 1,300 GWh of clean power annually.
Alterra has an extensive portfolio of exploration and development
projects and 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.