October 23, 2016 2:32 AM ET

Independent Power and Renewable Electricity Producers

Company Overview of Alterra Power Corp.

Company Overview

Alterra Power Corp., together with its subsidiaries, owns, acquires, develops, and operates renewable power projects. It operates power plants totaling 757 megawatts (MW) of capacity, including 2 geothermal facilities in Iceland; a 235 MW run-of-river hydro facility; a 144 MW wind facility in British Columbia; and a 204 MW wind facility in Texas. The company was formerly known as Magma Energy Corp. and changed its name to Alterra Power Corp. in May 2011. Alterra Power Corp. was incorporated in 2008 and is headquartered in Vancouver, Canada.

888 Dunsmuir Street

Suite 600

Vancouver, BC V6C 3K4


Founded in 2008

119 Employees





Key Executives for Alterra Power Corp.

Chief Executive Officer and Director
Total Annual Compensation: C$424.9K
Chief Financial Officer
Total Annual Compensation: C$109.8K
General Counsel
Total Annual Compensation: C$205.0K
Vice President of Hydro Power
Total Annual Compensation: C$272.7K
Vice President of Wind and Geothermal Power
Total Annual Compensation: C$269.5K
Compensation as of Fiscal Year 2015.

Alterra Power Corp. Key Developments

Alterra Power Corp. Secures Financing for Kokomo Solar Project

Alterra Power Corp. and Inovateus Solar LLC announced the closing of a $8.9 million construction loan facility for the Kokomo solar project, an approximately 7 MWDC solar project located in Kokomo, Indiana. The facility is supplied by 1st Source Bank and consists of a $8.9 million construction loan plus a $150,000 letter of credit. Concurrently with the construction loan closing, 1st Source is providing a $4.0 million tax equity investment commitment and a $5.0 million term loan takeout which will be used to repay the construction loan upon commencement of commercial operations (each subject to typical conditions precedent). The term loan will have a balloon payment based on a 10-year maturity and 18-year amortization. The term loan proceeds will be used to pay for the portion of remaining Project costs not paid by the tax equity investment.

Alterra to Refinance Portion of $72 Million Bond

Alterra Power Corp. has agreed to refinance a portion of the approximately $72 million maturing bond held by Reykjavik Energy. The bond was set to mature in December. An Alterra subsidiary issued the extended bonds, which will have a revised coupon of 5% and a maturity of 18 months, according to a company statement. The bond is nonrecourse to Alterra, with security consisting solely of about 17% of the outstanding shares of its Icelandic subsidiary HS Orka.

Alterra Power Announces Term Conversion of Jimmie Creek Financing

Alterra Power Corp. and funds managed by Axium Infrastructure Inc. are pleased to announce the conversion of the $176.5 million Jimmie Creek construction loan to a term loan. The non-recourse loan facility is priced at an all-in rate of 5.26% and will amortize over 40 years, except for the final 10% of principal which will be paid at maturity in 2056.

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Recent Private Companies Transactions

Private Placement
October 5, 2016
July 20, 2016
Inovateus Solar LLC, 20 MW Solar Portfolio
June 16, 2016
Flat Top wind project, a 200 MW wind farm

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