Alterra Power Completes $110 Million Holding Company Financing

VANCOUVER, Aug. 13, 2014 /CNW/ - Alterra Power Corp. (TSX: AXY) announces it 
has closed a C$110 million loan facility with affiliates of AMP Capital 
Investors Limited. 
Proceeds from the loan facility will be received in up to three tranches: 

      1. Tranche A totaling C$67.3 million on or before August 15, 2014.
      2. Tranche B totaling C$21.5 million at or after the closing of
         construction financing for the 62 MW Jimmie Creek hydro project,
         subject to certain agreed conditions precedent.
      3. Tranche C totaling C$21.2 million at or after the closing of
         construction financing for the 204 MW Shannon wind project,
         subject to certain agreed conditions precedent.

Proceeds from the facility will be used to pay development and construction 
costs and sponsor equity contributions for the Jimmie Creek and Shannon 
projects (which had been temporarily funded by Alterra's revolving credit 
facility) and for other general corporate purposes.

Tranche A of the loan will be secured by Alterra's interests in the Toba 
Montrose and Dokie 1 projects (subject to senior secured project debt) and 
supported solely by equity distributions from these projects, which will be 
held in a wholly-owned subsidiary of Alterra. Upon closing of Tranches B and 
C, the cash flows from Jimmie Creek and Shannon, respectively, will also 
support the facility.

The loan facility will mature on February 5, 2023, and has no scheduled 
payments of principal prior to maturity. The loan facility has no equity or 
equity-related components. Loan pricing is approximately 8.0% per annum based 
on current market rates. Alterra is currently in discussions with several 
parties to swap the floating rate loan obligations for fixed-rate obligations.

John Carson, Alterra's Chief Executive Officer, said "This financing is built 
on the strong value of Alterra's clean power projects, and will take Alterra 
into its next growth phase. The facility will provide us with enough capital 
to fund our ownership equity for the Jimmie Creek and Shannon projects, and 
will seed our next growth projects as well. We are very pleased to be funding 
these projects with competitively-priced debt capital, and with no equity 

About Alterra Power Corp.

Alterra Power Corp. is a leading global renewable energy company, operating 
six power plants totaling 568 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 262 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 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 use of proceeds, 
the timing of the potential funding of the loan tranches, and the ability of 
Alterra or its affiliates to satisfy conditions precedent to funding 
subsequent tranches of the loan facility. Forward-looking information is 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 
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 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, 2013. 
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. 
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
-0- Aug/13/2014 13:05 GMT
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