VANCOUVER, May 12, 2015 /CNW/ - Alterra Power Corp. (TSX: AXY) and the Klahoose First Nation are pleased to announce they have signed a memorandum of understanding (MOU) under which Alterra and the Klahoose will work together to develop the 15 MW Tahumming River hydroelectric project, which is located near the Toba Montrose and Jimmie Creek projects in the traditional territory of the Klahoose.
The parties plan to submit the project into BC Hydro and Power Authority's Standing Offer Program upon completion of the project's environmental assessment certificate.
Klahoose Chief James Delorme said, "This agreement between the Klahoose First Nation and Alterra builds on our Toba Montrose and Jimmie Creek agreements and represents another significant milestone for our nation. The Klahoose First Nation supports quality green energy development in our traditional territories, achieved with a partner that is respectful of our land, our culture and our people. As we work together with Alterra and our Klahoose members on the best practices for this project we see the potential for success.We value the work our past leaders have done for us to get us to this place."
Jay Sutton, Alterra's Vice President, Hydro Power said, "We value our relationship with the Klahoose First Nation and are grateful for their continued support of run-of-river hydro projects in their traditional territory. We look forward to working together on a third environmentally responsible project in the Toba Valley that will benefit the Klahoose First Nation and all British Columbians."
About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company, operating five power plants totaling 553 MW of generation capacity, including British Columbia's largest run-of-river hydro facility and largest wind farm, and two geothermal facilities in Iceland. Alterra owns a 247 MW share of this capacity, generating over 1,250 GWh of clean power annually. Alterra also has two new projects under construction:
- Jimmie Creek – 62 MW run-of-river hydro project adjacent to the existing Toba Montrose facility; expected to be in operation by Q3 2016; 51% owned by Alterra
- Shannon – 204 MW wind project located in Clay County Texas; expected to be in operation by Q4 2015; projected 50% ownership by Alterra (currently 100%)
Upon completion of these two projects Alterra will operate seven power plants totaling 819 MW of capacity and will own a 381 MW share of this capacity, generating over 1,700 GWh of clean power annually. Alterra has an extensive portfolio of exploration and development projects and a skilled international team of developers, 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 Information
Certain statements and information included in this news release are "forward-looking information" within the meaning of Canadian securities laws that involve risks and uncertainties. Forward-looking information relates to future events or future performance and reflects management's expectations and beliefs regarding future events as of the date hereof. Examples of forward-looking information in this news release include: our plans to advance development of the Tahumming River hydroelectric project, including submission into BC Hydro's Standing Offer Program; annual generation, timing and completion of our Jimmie Creek and Shannon projects, and ownership of our Shannon project. Forward-looking information is based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves 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 information. Material risk factors and assumptions include: the ability to get the necessary permitting and regulatory approvals, government initiatives to support the development of renewable power generation, the assessment of hydrology, wind and geothermal resources may be inaccurate, the ability to obtain financing to achieve our growth strategy and those set out in the management's discussion and analysis section of Alterra's most recent annual and quarterly reports and in Alterra's Annual Information Form for the year ended December 31, 2014. Although Alterra has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate and undue reliance should not be placed on forward-looking information. Except as required by law, Alterra undertakes no obligation to update any forward-looking information to reflect new information, subsequent or otherwise.
SOURCE Alterra Power Corp.
For further information: Peter Lekich, Corporate Communications, Alterra Power Corp., Phone: 604.235.6719, Email: firstname.lastname@example.org