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