TSX : AXY
VANCOUVER, July 15, 2011 /CNW/ - The Homalco First Nation and Alterra
Power Corporation (TSX: AXY) are pleased to announce that they will be
signing an Impact Benefit Agreement (IBA) that establishes a framework
under which the Homalco First Nation and Alterra have agreed to work
together to advance possible hydroelectric opportunities within the
traditional territory of the Homalco First Nation.
The Homalco First Nation and Alterra have agreed in the IBA to the terms
by which the permitting and ultimate build out of hydroelectric
facilities can proceed within the traditional territory. The agreement
also covers the transmission infrastructure that would be required to
bring the hydro facilities into commercial operations within the
traditional territory of the Homalco Nation. The specific terms of the
IBA remain confidential, however the agreement includes revenue sharing
provisions; employment, training and contracting opportunities;
environmental considerations and the protection of cultural and
Homalco Chief Richard Harry said "This agreement between the Homalco
First Nation and Alterra Power represents a significant milestone for
the Homalco First Nation. Quality green energy developments, on our
traditional lands, achieved with a partner that is respectful of our
land, our culture and our people. This represents a real economic
opportunity for a better tomorrow for all."
Donald McInnes, Executive Vice Chairman of Alterra Power, said "We are
very grateful to the Homalco First Nation for their support of
hydroelectric projects in their traditional territory. We look forward
to working together on developing environmentally-responsible projects
that will benefit the Homalco First Nation and all British Columbians".
About Alterra Power Corp.
Alterra Power is a global renewable power producer and developer.
Alterra operates six geothermal, run of river hydro and wind plants in
Iceland, Nevada and British Columbia with combined capacity of 571 MW.
The company has an extensive portfolio of exploration and development
projects, a skilled international team of explorers, builders and
operators and strong financial capacity to support its aggressive
growth plans. Alterra's five-year plan is to increase its renewable
generation base to more than 1,000 MW.
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.