VANCOUVER, Jan. 16, 2014 /CNW/ - Alterra Power Corp. (TSX: AXY) announces the
completion of a further joint venture with Energy Development Corporation
(EDC) covering the remainder of Alterra's geothermal development assets in
Peru. Under the agreement, EDC will get a 70% interest in the development
asset portfolio and will be funding 100% of the next $6 million of development
costs. Next activities for these concessions will include advanced exploration
activities designed to identify the best locations for power plant development
About Energy Development Corporation (EDC)
EDC is a Philippines-based global leader in the geothermal energy industry
that has been developing and operating power plants since 1977. The company's
operating portfolio of 11 geothermal power plants and two hydro facilities
totals 1,262 megawatts of capacity. EDC has been actively expanding its
project portfolio to Indonesia, Peru and Chile.
About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company, operating
six power plants totaling 566 MW of generation capacity, including British
Columbia's largest run-of-river hydro facility and largest wind farm, two
geothermal facilities in Iceland, and a geothermal plant in Nevada. Alterra
owns a 260 MW share of this capacity, generating approximately 1,300 GWh of
clean power annually.
Alterra has an extensive portfolio of exploration and development projects and
a skilled international team of developers, explorers, 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 Statements and Information
This news release contains certain "forward-looking information" within the
meaning of Canadian securities laws, which may include, but is not limited to,
statements with respect to future events or future performance, the
fulfillment of all conditions precedent to the obligation of the parties under
the agreements, required consents and third party approvals. This news release
also contains statements with respect to our plans to expand our operations,
management's expectations regarding our growth, business prospects and
opportunities and energy generation capacities. Such forward-looking
information reflects management's current beliefs and is based on information
currently available to management.
SOURCE Alterra Power Corp.
Peter Lekich, Corporate Communications Alterra Power Corp. Phone: 604.235.6719
To view this news release in HTML formatting, please use the following URL:
CO: Alterra Power Corp.
ST: British Columbia
NI: NASDAQ UTI VNT
-0- Jan/16/2014 13:55 GMT
Press spacebar to pause and continue. Press esc to stop.