Independent Power and Renewable Electricity Producers
Company Overview of Alterra Power Corp.
Alterra Power Corp., together with its subsidiaries, owns, acquires, develops, and operates renewable power projects. The company operates power plants totaling 553 MW of capacity, including 2 geothermal facilities in Iceland; a 235 MW run-of-river hydro facility; and a 144 MW wind facility in British Columbia. It was formerly known as Magma Energy Corp. and changed its name to Alterra Power Corp. in May 2011. The company was incorporated in 2008 and is headquartered in Vancouver, Canada.
888 Dunsmuir Street
Vancouver, BC V6C 3K4
Founded in 2008
Key Executives for Alterra Power Corp.
Chief Executive Officer and Director
Total Annual Compensation: $412.9K
Chief Financial Officer
Total Annual Compensation: $198.3K
Vice President of Hydro Power
Total Annual Compensation: $265.0K
Vice President of Wind and Geothermal Power
Total Annual Compensation: $262.0K
Vice President of Solar Power and Engineering
Total Annual Compensation: $219.1K
Compensation as of Fiscal Year 2014.
Alterra Power Corp. Key Developments
Alterra Power Corp. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015 ; Provides outlook for the Second Quarter and Full Year of 2015
May 13 15
Alterra Power Corp. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. The company revenue was $16.4 million for the quarter ended March 31, 2015, a decline of 13% from the comparative quarter. This is primarily due to the loss of revenue as a result of the sale of Soda Lake on January 30, 2015 ($1.4 million impact quarter on quarter) and unfavorable currency fluctuations at HS Orka. For the quarter, the company net loss was $16.3 million, a decline against the comparative quarter ($9.7 million loss). The increase in net loss is largely due to non-cash items including a $6.8 million non-cash loss in the value of the embedded derivatives liability, resulting from aluminum price fluctuations and foreign exchange (comparative quarter: $5.7 million non-cash loss). A $9.2 million non-cash loss due to unfavorable movements in foreign exchange rates (comparative quarter: $3.9 million non-cash loss). Consolidated and net interest EBITDA were $8.3 million and $6.0 million respectively, reflecting an increase of 8% and 18% against the comparative quarter, primarily due to the increased generation at Toba Montrose.
The company to report another generation record in second quarter of 2015, due to the continued excellence of operations teams at Toba Montrose, Dokie and Iceland. Meanwhile company remain fully on track and on budget toward achieving all of near-term growth plans for the Jimmie Creek and Shannon projects in 2015.
Alterra Power Corp. and Klahoose First Nation Signs Memorandum of Understanding to Develop 15 MW Tahumming River Hydroelectric Project
May 12 15
Alterra Power Corp. and the Klahoose First Nation announced that they have signed a memorandum of understanding under which Alterra and the Klahoose will work together to develop the 15 MW Tahumming River hydroelectric project, which is located near the Toba Montrose and Jimmie Creek projects in the traditional territory of the Klahoose. The parties plan to submit the project into BC Hydro and Power Authority's Standing Offer Program upon completion of the project's environmental assessment certificate.
Soda Lake Reports Unaudited Earnings Results for the First Quarter Ended March 31, 2015
May 12 15
Soda Lake reported unaudited earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported total revenue of $449,000 compared with $1,830,000 for the same period last year. EBITDA was $152,000 compared with $798,000 for the same period last year.
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