TSX : AXY
VANCOUVER, June 20, 2013 /CNW/ - Alterra Power Corp. (TSX: AXY) is
pleased to announce that Energy Development Corporation (EDC) has
issued notice to proceed for the development of Alterra's Mariposa
geothermal project in Chile and the Crucero, Loriscota, and Tutupaca
Norte concessions in Peru. Definitive shareholders agreements have been
executed by the parties, and due diligence has been completed. The JV
terms call for EDC to earn a 70% interest by funding 100% of the next
$58.3 million in project expenditures at Mariposa, and $8.0 million in
project expenditures at the Peruvian concessions. Under the agreed work
plan at Mariposa, the JV will further develop infrastructure over the
next 18 months, including new roads and drill pads, and
production-scale drilling will commence in late 2014. Next activities
at the Peruvian concessions will include advanced exploration
activities designed to identify the best locations for power plant
development and construction. John Carson, Alterra's CEO said "We're
pleased to be partnering with EDC, who brings significant new capital
and expertise to these assets. We expect the Mariposa project to be the
flagship geothermal power production area in Chile, which continues to
have a strong need for power."
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.