VANCOUVER, July 28, 2011 /CNW/ - Alterra Power Corp. (TSX: AXY)
announces that the Toba Montrose General Partnership ("TMGP") has
exercised a one-time right in its energy purchase agreement with B.C.
Hydro to increase its firm energy allotment by 10%. This increase is
effective June 1, 2011.
The exercise of the right does not require the delivery of more power,
but because the firm energy allotment is the highest priced tranche of
the energy purchase agreement, the increase in power priced under that
allotment is expected to result in an average annualized net revenue
increase from TMGP of 2.4%. Further financial details were not
About Toba Montrose General Partnership (TMGP)
TMGP is a 60/40 partnership between GE Energy Financial Services and
Alterra Power Corp in relation to the Toba Montrose hydroelectric
project, located near Powell River, B.C. on the traditional lands of
our First Nations partners: the Klahoose, Sliammon and Sechelt First
Nations. The TMGP plants at East Toba River and Montrose Creek have a
combined capacity of 236 MW and are expected to generate an average net
annual energy of 710-730 GWh, sold to B.C. Hydro under a 35-year EPA.
About Alterra Power Corp.
Alterra Power Corp is a leading global renewable energy company, formed
in 2011 through the merger of Magma Energy Corp and Plutonic Power
Corp. We operate six power plants totaling 571 MW of capacity,
including the only two privately-owned geothermal facilities in
Iceland, a geothermal plant in Nevada, British Columbia's largest
run-of-river hydro facility and the province's largest wind farm. Our
315 MW share of production generates 1,575 GWh of clean power annually.
We have an extensive portfolio of exploration and development projects,
a skilled international team of explorers, builders and operators as
well as the strong financial capacity to support our aggressive growth
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 hydroelectric energy generation capacities. Such forward-looking
information reflects management's current beliefs and is based on
information currently available to management.