VANCOUVER, Dec. 15, 2016 /CNW/ - Alterra Power Corp. (TSX: AXY) is pleased to announce that payment of the Company's inaugural quarterly dividend has been completed today. The dividend payment ($0.0125 per common share) is part of the plan approved by the Board in August 2016 under which shareholders would receive $0.05 per common share annually. Today's dividend was paid to those shareholders who were owners of record as of November 30, 2016, and has been designated as an eligible dividend for the purposes of the Income Tax Act (Canada).
Ross Beaty, Executive Chairman of the Company, said, "This maiden dividend is an important milestone in Alterra's growth. It marks our first return of capital to our shareholders and we will target higher future dividends as we build out our great pipeline of growth assets."
About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company, operating seven power plants totaling 819 MW of generation capacity including British Columbia's largest run-of-river hydro facility and largest wind farm, the recently completed Shannon and Jimmie Creek projects, and two geothermal facilities in Iceland. Alterra owns a 381 MW share of this capacity, generating over 1,700 GWh of clean power annually. Alterra also has an extensive portfolio of exploration and development projects and a skilled team of developers, builders and operators to support its growth plans.
The company trades on the Toronto Stock Exchange under the symbol AXY.
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 statements regarding, plans or expectations for the declaration of future dividends and the amount thereof, the timing and success of our growth and development programs, and the annual generation of Alterra's projects. 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 expected power generation and resource availability from our operations is as estimated, our ability or inability to obtain financing or refinancing to pursue our growth strategy and business plans on favourable terms, project operating risks, availability of future cash flows, ability to meet corporate law requirements and board approval of, future dividends, as well as 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, 2015. 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