VANCOUVER, July 5, 2016 /CNW/ - Alterra Power Corp. ("Alterra") is pleased to announce that its newest power plant, the Jimmie Creek run-of-river hydroelectric project that has been under construction since 2014, achieved its full capacity output of 62 MW for the first time on June 29. On the same day, Alterra's East Toba and Montrose plants achieved 238 MW of gross output, for a total of 300 MW of output from the three plants, which Alterra co-owns with funds managed by Axium Infrastructure, Inc.
"After a two-year construction period, we are excited to see Alterra's latest renewable project operating at full strength," said Jay Sutton, Alterra's VP of hydro operation. "The Jimmie Creek project remains ahead of schedule and under budget, and will be a strong addition to Alterra's hydro generation portfolio."
Jimmie Creek is currently selling its power under a contract with Powerex Corporation. Alterra expects the project to achieve full commercial operations in August, when it will begin selling 100% of its power under a 40-year contract with BC Hydro.
About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company, operating six power plants totaling 757 MW of generation capacity including the Shannon wind project in Texas, British Columbia's largest run-of-river hydro facility and largest wind farm, and two geothermal facilities in Iceland. Alterra owns a 349 MW share of this capacity, generating over 1,600 GWh of clean power annually. Following completion of the Jimmie Creek project, Alterra will operate 819 MW of capacity with net ownership of 381 MW, 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 the date the Jimmie Creek project is projected to achieve commercial operations and begin selling power to BC Hydro. 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 successful completion of the Jimmie Creek project 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, subsequent or otherwise.
SOURCE Alterra Power Corp.
For further information: Peter Lekich, Corporate Communications, Alterra Power Corp., Phone: 604.235.6719, Email: [email protected]