VANCOUVER, Dec. 23, 2013 /CNW/ - Alterra Power Corp. (TSX: AXY)
announces that it has sold half of its 51% interest in the Dokie 1 wind
farm to Fiera Axium Western Energy. Alterra received initial sales
proceeds of $28,625,000, and may receive further earn-out payments of
up to $2,250,000 over the next three years depending on asset
performance. Alterra will retain 25.5% ownership of Dokie 1, and will
continue to operate and manage the project.
Alterra CEO, John Carson, said "This transaction is a good growth
milestone for us, providing us substantial capital to support our 2014
growth projects. Alterra's revenue, cash flow and owned generation
capacity will all improve versus our pre-sale position as this capital
gets deployed, resulting in overall accretion for our shareholders."
A presentation with further information on this transaction has been
posted on Alterra's website, alterrapower.ca.
About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company,
operating six power plants totaling 566 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 260 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 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 energy generation capacities. Such forward-looking information
reflects management's current beliefs and is based on information
currently available to management.
SOURCE Alterra Power Corp.