TSX : AXY
VANCOUVER, Feb. 27, 2012 /CNW/ - Alterra Power Corp. (TSX: AXY) announces that the Dokie General Partnership ("DGP") has exercised a one-time right in its energy purchase agreement with B.C. Hydro to increase its firm energy allotment by 10%.
Because the firm energy allotment is the highest priced tranche of the energy purchase agreement, the increase in power priced under that allotment is expected to result in an average annualized net revenue increase from DGP of 1.2%.
The increase is effective May 1, 2012. It is subject to review and renewal every five years for additional five year periods.
In addition, on February 16, 2012, the Final Completion certificate for Dokie was issued to Mortenson Canada Corporation, the major contractor, formally marking completion of all construction activities.
About Dokie General Partnership (DGP)
DGP is a 51/49 partnership between Alterra Power Corp and GE Energy Financial Services that owns the Dokie wind farm, the largest in British Columbia. The Dokie wind farm is located near Chetwynd, B.C. on the Treaty 8 lands of our First Nations partners: the West Moberly, Saulteau and Halfway River First Nations and the McLeod Lake Indian Band. DGP's 48 wind turbines have combined capacity of 144 MW and are expected to generate an average net annual energy of 330 GWh, which is contracted to B.C. Hydro under a 25-year power purchase agreement. Preparations are underway for a potential 156 MW expansion on neighbouring ridges with promising wind characteristics.
About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company. We operate six power plants totaling 570 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 capacity generates over 1,500 GWh of clean power annually. We have an extensive portfolio of exploration and development projects, a skilled international team of explorers, builders and operators and the 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.
For further information:
Anders Kruus, Vice President, Corporate Relations
Alterra Power Corp.
Email: [email protected]