TSX : AXY
VANCOUVER, June 29, 2012 /CNW/ - Alterra Power Corp. (TSX: AXY)
announces that it has received an unsolicited offer from a private
Icelandic entity for the purchase of Alterra's interest in HS Orka hf,
an Iceland geothermal power company owned 66.6% by Alterra and 33.4% by
a syndicate of Icelandic pension funds. Alterra has signed a
non-binding term sheet to pursue such a transaction conditional on
reaching a definitive agreement, obtaining necessary approvals from the
Icelandic government and other customary conditions.
Alterra's VP Corporate Relations, Anders Kruus, stated, "Exploring this
transaction does not change Alterra's focus on expanding and optimizing
its clean energy operations in Iceland. However, we felt we should
consider this unsolicited proposal if it maximizes value for Alterra
shareholders and is supported by Icelandic stakeholders."
About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company. We
operate six power plants totalling 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 fulfilment 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.