Vancouver, May 16, 2017 /CNW/ - Alterra Power Corp. (TSX: AXY) announces that following several unsolicited expressions of interest, its subsidiary HS Orka hf will examine strategic alternatives for its 30% ownership interest in the Blue Lagoon tourist resort, up to and including a full sale.
Ross Beaty, Alterra's Executive Chairman, said "The Blue Lagoon has grown substantially over the last several years, attracting significant investor attention from Iceland and elsewhere. Since the asset does not comprise a core part of our renewable power business, we think it's time to look at our options."
Stöplar Advisory in Iceland (www.stoplar.com) has been engaged to communicate with potential investors and administer the process.
About Alterra Power Corp.
Alterra Power Corp. is a global renewable energy company that manages eight power plants totaling 825 MW of hydro, wind, geothermal and solar generation capacity in Canada, the USA and Iceland. Alterra owns a 385 MW share of this capacity, generating over 1,700 GWh of clean power annually. Alterra also has an extensive portfolio of development projects and a skilled team of developers, builders and operators to support its growth plans.
Alterra trades on the Toronto Stock Exchange under the symbol AXY.
About HS Orka hf
Alterra owns 66.6% of HS Orka, the largest privately owned energy company in Iceland. HS Orka supplies 7% of the country's power needs and approximately 11% of the country's heating needs. Installed geothermal power capacity is 174 MW from the Svartsengi and Reykjanes power plants. In addition, HS Orka generates 190 MW of thermal energy for district heating. The Blue Lagoon resort, 30%-owned by HS Orka, adjoins our Svartsengi power plant in Iceland.
Cautionary Note Regarding Forward-Looking Information
Certain statements and information included in this news release are "forward-looking information" within the meaning of applicable 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 the possibility of HS Orka hf effecting a full sale of the 30% Blue Lagoon interest. 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 whether HS Orka hf will be successful in pursuing strategic alternatives around the Blue Lagoon interest, in addition to 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, 2016. 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, subsequently or otherwise.
SOURCE Alterra Power Corp.
For further information: Peter Lekich, Corporate Communications, Alterra Power Corp., Phone: 604-235-6719, Email: email@example.com