TSX : AXY
VANCOUVER, Sept. 15, 2011 /CNW/ - Alterra Power Corp. (TSX: AXY)
("Alterra") is pleased to announce that an operating permit has been
received for its planned 80 MW expansion of the Reykjanes geothermal
power plant in Iceland. The permit formally allows Alterra to install
and place into service a new, currently-owned 50 MW turbine, as well as
a 30 MW low pressure turbine that will be powered from existing steam
Separately, Alterra is continuing its effort to finalize power purchase
arrangements with aluminum smelter Norðurál Helguvík sf. (a subsidiary
of Century Aluminum Co., "Norðurál") and other industrial power
purchasers. Results from a pending arbitration related to a prior power
purchase agreement with Norðurál are expected this fall.
Júlíus Jónsson, CEO of Alterra's Icelandic subsidiary, HS Orka hf ("HS
Orka"), said, "I am pleased that we have now been granted regulatory
approval to move forward with this major expansion in a uniquely rich
resource area. Full attention is now focused on finalizing our power
purchase and financing arrangements, which we intend to achieve in the
next few months."
About HS Orka
HS Orka is the largest privately owned energy company in Iceland,
producing 9% of the country's power needs and 10% of the country's
heating needs. Installed geothermal power capacity is 175 MW from the
Svartsengi and Reykjanes power plants. In addition, HS Orka generates
150 MW of thermal energy for district heating. Expansions are planned
that could increase HS Orka's geothermal power production to 405 MW by
2016. HS Orka is 75% owned by Alterra, and 25% by Jarðvarmi slhf, a
company owned by a group of 14 Icelandic pension funds.
About Alterra Power Corp.
Alterra Power Corp is a leading global renewable energy company, formed
in 2011 through the merger of Magma Energy Corp and Plutonic Power
Corp. We operate six power plants totaling 571 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
generates 1,518 GWh of clean power annually. We have an extensive
portfolio of exploration and development projects, a skilled
international team of explorers, builders and operators as well as the
strong 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.