Alterra Power Corp. Press Releases

Alterra Power Announces Change on its Board of Directors

Tue, 21 May 2013 16:15:00 -0400

TSX : AXY

VANCOUVER, May 21, 2013 /CNW/ - Alterra Power Corp. (TSX: AXY) announces that long time director Paul Sweeney retired as a director of the Company at its Annual General Meeting on May 14, 2013. Mr. Sweeney was replaced by John Carson, who has been the Company's CEO since September 2011 and brings extensive transactional and financial experience to the Board, including ten years in the renewable power industry. The Company wishes to thank Mr. Sweeney for his years of service, and the pivotal role he played in the development of Alterra over the years.

About Alterra Power Corp.

Alterra Power Corp. is a leading global renewable energy company. Alterra operates six power plants totaling 566 MW of capacity, including two 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. The company's 297 MW share of production capacity generates approximately 1,400 GWh of clean power annually. Alterra also has an extensive portfolio of exploration and development projects, 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.

Peter Lekich, Corporate Communications
Alterra Power Corp.
Phone: 604.235.6719
Email: info@alterrapower.ca

Alterra Power and EDC Complete Joint Venture Agreement for Geothermal Assets in Chile and Peru

Tue, 21 May 2013 09:00:00 -0400

TSX : AXY

VANCOUVER, May 21, 2013 /CNW/ - Alterra Power Corp. (TSX: AXY) announces the completion of a joint venture agreement with Energy Development Corporation (EDC) for the development of Alterra's Mariposa geothermal project in Chile plus three geothermal concessions held by Alterra in Peru. The agreement calls for EDC to earn a 70% interest by funding 100% of the next $58.3 million in project expenditures at Mariposa, and $8 million in project expenditures on the Peruvian concessions. Advancement of individual projects will occur under separate shareholder agreements which will follow the commercial terms of the joint venture agreement. Such agreements are expected to be executed later in 2013 subject to final documentation and project evaluation by EDC.

About Alterra's Mariposa and Peruvian Geothermal Assets

The Mariposa geothermal power project is located approximately 300 kilometers south of Santiago, Chile. It is comprised of the Laguna del Maule and Pellado concessions, which total 104,000 hectares and completely encompass a geothermal system that has an inferred estimate of 320 megawatts. Alterra has conducted extensive exploration and infrastructure work at Mariposa, including three slim-hole wells and a 26-kilometer access road. Alterra also has early-stage geothermal projects in the southern volcanic belt of Peru. Initial indications and Alterra's exploration activities to date have supported the presence of large geothermal resources.

About Energy Development Corporation (EDC)

EDC is a Philippines-based global leader in the geothermal energy industry that has been developing and operating power plants since 1977. The company's operating portfolio of 11 geothermal power plants and two hydro facilities totals 1,262 megawatts of capacity and produced over 3,600 gigawatt-hours in the first half of 2012. EDC has been actively expanding its project portfolio to Indonesia, Peru and Chile.

About Alterra Power Corp.

The company trades on the Toronto Stock Exchange under the symbol AXY and OTC in the United States as MGMXF.

Peter Lekich, Corporate Communications
Alterra Power Corp.
Phone: 604.235.6719
Email: info@alterrapower.ca

Alterra Power Announces Results for the Quarter Ended March 31, 2013

Fri, 10 May 2013 21:37:00 -0400

(under IFRS and all amounts in US dollars unless otherwise stated)

TSX : AXY

VANCOUVER, May 10, 2013 /CNW/ - Alterra Power Corp. (TSX: AXY) is pleased to report its financial and operating results for the three months ended March 31, 2013. For further information on these results please see Alterra's Unaudited Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis.

Alterra's financial statements consolidate 100% of the HS Orka and Soda Lake operations, while Alterra's interests in the Toba Montrose run of river hydro facility and the Dokie 1 wind facility are accounted for as equity investments. In certain statements in this news release, Alterra's results are disclosed as Alterra's "net interest", which means the effective portion of results that Alterra would have reported if each of HS Orka (66.6%), Toba Montrose (40%), Dokie 1 (51%) and Soda Lake (100%) had been reported in accordance with Alterra's actual share of ownership at March 31, 2013 and for the three months then ended. Management believes that net interest reporting provides the clearest view of the Company's performance.

Highlights for the current quarter and subsequent period include:

Consistent revenue and EBITDA (net interest): Revenue and EBITDA of $17.6 million and $6.4 million respectively were largely in line with the comparative quarter ($17.3 million and $7.3 million) on a pro forma basis (see "pro forma comparative numbers" below). EBITDA was down by $0.9 million primarily due to off-season repairs at the Toba Montrose facility and lower revenue at Dokie 1.
Steady gross margin: Gross margins of 29.1% of revenues, up slightly from 28.6% in the comparative quarter.
Reliable power production: 441,558 MWh of clean power production from Alterra's six power plants, consistent with the comparative quarter's output of 442,152 MWh. Alterra's net interest in generation totalled 285,737 MWh.
New geothermal production wells: Two wells were completed at Alterra's Reykjanes facility in Iceland, with positive resource indications and costs of $1.1 million less than the budgeted amount.
ABW Solar acquisition: The 50 MW Ontario solar facility began commercial operations. Alterra expects to complete the acquisition of its 10% interest in the second quarter.
Montrose rockslide repairs: Repair work is fully underway with return to service expected in the summer of 2013. The damage and lost revenue will be fully covered by insurance other than $0.6 million of deductibles that were recorded in December 2012.
South America partnership: Alterra is in final-stage negotiations for the next-phase joint venture agreement with Energy Development Corporation ("EDC"). Current plans call for EDC to invest over $65 million for a 70% stake of the Chile/Peru partnership.
HS Orka dividend: Alterra's Icelandic subsidiary HS Orka declared a dividend of $1.2 million during the quarter. Alterra's share is 66.6% and the cash is expected to be received by Alterra's Swedish subsidiary in the second quarter of 2013.
New solar partnership: Alterra has partnered with Greenbriar Capital Corp. to develop 100 MW of solar facilities in Puerto Rico.

John Carson, Alterra's CEO, said, "I'm pleased to report another strong quarter of operational performance, substantially in line with last year. We're looking forward to resuming full production at the Toba Montrose facility by August, and beginning construction on the Jimmie Creek hydro facility later this year."

Financial Results

The following table shows key financial information extracted from the consolidated results.

(expressed in thousands of US dollars, except for production)


Consolidated Results	3 months ended March 31, 2013	3 months ended March 31, 2012
Production (MWh)	347,653	341,066
Total Revenue	$ 17,184	16,388
Gross Profit	4,997	4,682
EBITDA ^(a)	6,195	7,004
Interest Paid	1,154	976
Financial Position	March 31, 2013	Dec 31, 2012
Total Assets	718,395	712,530
Total Liabilities	357,222	348,483
Long Term Debt	259,655	269,443
Cash and Cash Equivalents	35,745	39,211
Working Capital	14,119	29,300

Note (a) - Here and elsewhere, EBITDA is defined by Alterra as earnings before interest, taxes, foreign exchange, depreciation and amortization, as well as before deductions for change in fair value of bonds payable and derivatives, foreign exchange gain (loss), write off of development costs and other income (expense), amortization of below market contracts, and value assigned to options granted less share of income (loss) of equity accounted investees plus the Company's interest in EBITDA of its equity accounted investees. Alterra discloses EBITDA as it is a measure used by analysts and by management to evaluate Alterra's performance. As EBITDA is a non-IFRS measure, it may not be comparable to EBITDA calculated by others. In addition, as EBITDA is not a substitute for net earnings, readers should consider net earnings in evaluating Alterra's performance. For a reconciliation of consolidated EBITDA to Alterra's consolidated financial statements refer to the Company's Management's Discussion and Analysis for the quarter ended March 31, 2013.

Consolidated revenue for the current quarter was up 5% from the comparative quarter ($17.2 million compared to $16.4 million) while gross profit increased by 6%. The increase was largely due to the increased production at HS Orka and Soda Lake resulting in higher revenue, as well as the timing of portfolio energy credit sales.

Alterra recorded a consolidated net loss of $11.9 million for the current quarter compared to a net loss of $9.8 million for the comparative quarter, an increase in loss of $2.1 million. The change is largely attributable to the following items:

A net negative non-cash change in the fair value of bonds and derivatives of $11.3 million, related primarily to a decline in the forecast future price of aluminum.
A non-cash improvement in foreign exchange gain (loss) of $5.1 million, with the current quarter's $2.9 million foreign exchange gain being contrasted to the comparative quarter's loss of $2.1 million.
A reduction in loss recorded in the current quarter from equity accounted investees of $3.8 million against $5.4 million in the comparative quarter.

At March 31, 2013, Alterra had consolidated cash and cash equivalents of $35.8 million (December 31, 2012: $39.2 million) and ended the quarter with consolidated working capital of $14.1 million compared to $29.3 million at December 31, 2012. The decrease in both cash and working capital that occurred in the first quarter of 2013 was primarily due to expenses for the two new geothermal wells and the purchase of other items of plant and equipment at HS Orka, in addition to the classification of Alterra's revolving credit facility as short term at March 31, 2013.

The following table shows Alterra's net interest in selected operating and financial results for the current quarter:

(expressed in thousands of US dollars, except for production)


For the 3 months ended March 31, 2013	HS Orka (66.6%)		Toba Montrose (40%)		Dokie 1 (51%)		Soda Lake (100%)		Total
Production (MWh)		218,652		556		47,182		19,347		285,737
Revenue	$	10,482	$	64	$	5,620	$	1,445		17,611
EBITDA		4,086		(2,214)		4,224		344		6,440

Due to the change in ownership of HS Orka in the prior year, the net interest total shown in the table above is not comparable to the quarter ended March 31, 2012. The following pro forma results represent what Alterra's net interest of production, revenue and EBITDA would have been had Alterra held a 66.6% ownership interest in HS Orka for the comparative quarter:


For the 3 months ended March 31, 2012	HS Orka (66.6%) (a)		Toba Montrose (40%)		Dokie 1 (51%)		Soda Lake (100%)		Total
Production (MWh)		214,717		-		51,554		18,668		284,939
Revenue	$	10,131	$	-	$	6,036	$	1,177		17,344
EBITDA		4,205		(1,793)		4,660		238		7,310

Net interest in generation and revenue marginally increased quarter on quarter, due to new sales contracts at HS Orka entered into in late 2012 and early 2013, increased production at Soda Lake as a result of a new well coming on line in late 2012, offset by lower generation at Dokie 1 due to higher winds in the comparative quarter of 2012.

Alterra's net interest in project EBITDA decreased by $0.9 million primarily due to off season repairs at the Toba Montrose facility and a weakening of the Icelandic Krona.

Iceland Operations (66.6% Interest)

The 100 MW Reykjanes plant generated 203,056 MWh of electricity (99% of budget), and the 72 MW Svartsengi plant generated 125,250 MWh of electricity (103% of budget), and continued to supply thermal energy for district heating. Two new geothermal production wells were completed at the Reykjanes facility. Initial indications for the wells are positive and the final cost for the wells will be an estimated $1.1 million lower than budgeted. The new capacity expected to result from the drilling will be used as reserve capacity for the facility.

Toba Montrose Operations (40% Interest)

The 146 MW East Toba River and 89 MW Montrose Creek run of river hydro plants generated 1,391 MWh of electricity, or 8% of forecast. Performance was under budget due to both the temperature being colder than forecast at site in addition to the Montrose facility being offline for the whole period.

On December 13, 2012 a naturally occurring rockslide damaged a 300 meter section of the five kilometer penstock (which supplies water from the intake to the power generating plant) at the Montrose facility. Preparation for access into the rockslide area of the Montrose hydro facility was completed in March 2013, and excavation for the replacement of the 300 meter penstock segment and related work began in April 2013. The Company expects the facility to return to service during the summer of 2013. The project's insurers have confirmed that the incident is covered by property and business interruption insurance. Deductibles totalling $0.6 million were recorded in December 2012.

Dokie 1 Operations (51% Interest)

The 144 MW Dokie 1 wind farm generated 92,514 MWh of electricity for the quarter, or 102% of budget. The surplus was primarily due to higher than expected winds.

Soda Lake Operations (100% Interest)

The 15 MW Soda Lake geothermal plant generated 19,347 MWh of electricity for the current quarter, or 103% of budget. The higher than expected performance was primarily a result of the installation of an additional production well put into operation at the end of 2012 which increased generation in the current quarter.

Expansion and Development Projects

Alterra has agreed to purchase for approximately $6.0 million, subject to a number of closing conditions, 10% of a 50 MW solar generation project built in Ontario by First Solar, Inc., ABW Solar. Alterra will serve as the managing partner for ABW Solar. In April 2013 the project entered commercial operations and Alterra together with our partner General Electric Energy Financial Services and First Solar Inc. are currently in late-stage negotiations with lenders for the required debt financing and expect the project to close in the second quarter of 2013.

During the quarter, Alterra continued to advance the Upper Toba project. Alterra is currently finalizing plant design for the Jimmie Creek run of river hydro project (the first half of the Upper Toba project) and plans to commence construction in 2013. The project is based on a 40 year Power Purchase Agreement ("PPA") with BC Hydro.

Preparations continue for the two expansions at the Reykjanes plant that would increase capacity to 180 MW and annual average generation by approximately 700,000 MWh. The key matters remaining prior to construction are concluding the ongoing PPA discussions, obtaining project financing and confirmation of resource.

Alterra holds a 51% interest in a planned expansion of the Dokie 1 wind farm ("Dokie 2") with projected additions to capacity of up to 156 MW. During the quarter Alterra continued to collect data, conduct engineering work and perform other studies to complete the assessment of the project.

Other Development Projects

Alterra signed an agreement with EDC that outlines the terms of partnerships for the development of the Mariposa geothermal project in Chile and further exploration of Alterra's geothermal concessions in Peru. If EDC advances into a formal arrangement then they will be entitled to earn 70% interests in the partnerships by funding the next $58.3 million in project expenditures at Mariposa and the next $8.0 million in project expenditures on the Peruvian concessions. Alterra and EDC continue to document a joint venture agreement which will govern any subsequent shareholder agreements, which will control the individual projects. Alterra expects any final arrangements to be completed within the second quarter of 2013.

Alterra continues to advance other early stage geothermal projects in Italy and Peru, including exploration field work, data assessment and continued community consultations. Alterra also continues to advance its British Columbia hydro projects in 2013 through collection of hydrology data for the Bute Inlet project and other early stage run of river and pumped storage hydro projects. In Iceland, Alterra began an environmental assessment on the Bulandsvirkjun hydroelectric project.

Alterra Power will host a conference call to discuss financial and operating results on Monday, May 13, 2013 at 11:30 am ET (8:30 am PT). North American participants dial 1-888-390-0546 and International participants dial 1-416-764-8688, the conference ID is 5225 3417. The call will also be broadcast live on the Internet at http://www.newswire.ca/en/webcast/detail/1159431/1266503. The call will be available for replay for one week after the call by dialing 1-416-764-8677 and entering replay PIN 253417.

Cautionary Note regarding Forward-Looking Statements and Information

Certain statements included in this news release may contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding prospective results of operations, financial position, cash flows or growth potential. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. Alterra cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in the management's discussion and analysis section of Alterra's most recent annual report and quarterly report, and in Alterra's Annual Information Form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, Alterra undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.

Peter Lekich, Corporate Communications
Alterra Power Corp.
Phone: 604.235.6719
Email: info@alterrapower.ca

Alterra Power Appoints Director of Project Finance / M&A

Tue, 07 May 2013 00:01:00 -0400

TSX : AXY

VANCOUVER, May 7, 2013 /CNW/ - Alterra Power Corp. (TSX: AXY) announces the appointment of Jon Schintler to the position of Director, Project Finance / Mergers & Acquisitions, effective immediately. Mr. Schintler brings extensive experience in leading tax equity and debt financings in the power sector. Most recently, Mr. Schintler was Director of Finance at Chicago-based Invenergy LLC, a clean energy company with nearly 7,000 MW in operation and under construction. Mr. Schintler is a designated Chartered Financial Analyst and holds a Bachelor of Business Administration from the University of Iowa.

John Carson, Alterra's Chief Executive Officer, said, "We are pleased to add someone of Jon's caliber to the Alterra team, particularly with his deep expertise on the tax structuring side. Given the number of opportunities and transactions we are working on, Jon will play an instrumental role in helping us achieve our growth goals and optimizing our economic returns."

About Alterra Power Corp.

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.

Peter Lekich, Corporate Communications
Alterra Power Corp.
Phone: 604.235.6719
Email: info@alterrapower.ca

Alterra Power Announces Release Date for First Quarter 2013 Results

Mon, 06 May 2013 16:40:00 -0400

TSX : AXY

VANCOUVER, May 6, 2013 /CNW/ - Alterra Power Corp. (TSX: AXY) announces that its results for the three months ending March 31, 2013 will be released on Friday, May 10, 2013 after market close. A conference call and live audio webcast to discuss the results will be held on Monday, May 13, 2013 at 11:30 am ET (8:30 am PT).

Conference Call and Webcast Information for First Quarter 2013 Results

Date:	Monday, May 13, 2013

Time:	11:30 am Eastern Time / 8:30 am Pacific Time

Dial-In Numbers:
	North American toll-free number: Switzerland toll-free number: UAE toll-free number: United Kingdom toll-free number: Other international:	1-888-390-0546 0-800-835-190 800-357-031-26 0-800-328-9921 1-416-764-8688

Conference ID:
	1344

Audio Webcast:
	A live audio webcast can be accessed at: http://www.newswire.ca/en/webcast/detail/1159431/1266503

Playback Available for One Week Following the Call:
	North American toll-free and international: Replay PIN:	1-888-390-0541 / 1-416-764-8677 253417

About Alterra Power Corp.

The company trades on the Toronto Stock Exchange under the symbol AXY and OTC in the United States as MGMXF.

Peter Lekich, Corporate Communications
Alterra Power Corp.
Phone: 604.235.6719
Email: info@alterrapower.ca

Alterra Power and Greenbriar Capital Announce Solar Partnership

Mon, 29 Apr 2013 00:07:00 -0400

TSX : AXY

VANCOUVER, April 28, 2013 /CNW/ - Alterra Power Corp. (TSX: AXY) and Greenbriar Capital Corp. (TSXV: GRB) are pleased to announce they have entered into a partnership, AG Solar One, which intends to develop 100 MW of solar generation capacity in Puerto Rico under a Master Renewable Power Purchase and Operating Agreement with the Puerto Rico Electric Power Authority. The partnership, which will be owned 50/50 by Alterra and Greenbriar, acquired rights to the master agreement last week.

John Carson, Alterra's Chief Executive Officer, said, "We're excited to be working with the Greenbriar team, with their strong Puerto Rico experience, and putting our combined efforts toward developing and completing this solar project. The partnership may pursue other projects together as well, which will bolster Alterra's external growth plans and complement its internal growth projects such as the Jimmie Creek hydro plant."

Jeff Ciachurski, Greenbriar's Chief Executive Officer, said, "We are delighted to partner with Alterra Power Corp., a company which holds the unique position of operating the four corners of renewable energy generation. The direct experience by Alterra of owning and operating wind, solar, hydro and geothermal makes the partnership with Greenbriar a fully integrated renewable technology platform."

About Alterra Power Corp.

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

Peter Lekich, Corporate Communications
Alterra Power Corp.
Phone: 604.235.6719
Email: info@alterrapower.ca

Alterra Power Announces Audited Results for the Year Ended December 31, 2012

Wed, 27 Mar 2013 23:55:00 -0400

(under IFRS and all amounts in US dollars unless otherwise stated)

TSX : AXY

VANCOUVER, March 27, 2013 /CNW/ - Alterra Power Corp. (TSX: AXY) ("Alterra") today is pleased to provide an update on its operations and to report its financial and operating results for the year ended December 31, 2012. For further information on these results please see Alterra's Consolidated Financial Statements ("consolidated results") and Management's Discussion and Analysis.

Alterra consolidates 100% of the results of operations at HS Orka and Soda Lake, while Alterra's interests in the Toba Montrose run of river hydro facility and the Dokie 1 wind facility are accounted for as equity investments. In certain statements in this news release, Alterra's results are disclosed as Alterra's "net interest", which means the effective portion of results that Alterra would have reported if each of HS Orka (75% for 2 months of the year and 66.6% for the remaining 10 months), Toba Montrose (40%), Dokie 1 (51%) and Soda Lake (100%) had been reported in accordance with Alterra's actual share of ownership at December 31, 2012 and for the twelve months then ended. Management believes that net interest reporting provides the clearest view of Alterra's performance.

Highlights for the year include:

Alterra's net interest in revenue for the year was $87.2 million and net interest in EBITDA was $37.0 million.
Our gross earnings remained steady at 24% of revenues for the year, marginally down from 25% in the previous six-month reporting period.
Power production from Alterra's six power plants of 2,250,804 MWh was at 98% of budgeted generation (94% of long-term forecast annual generation, which does not take into account planned outages), with consistently strong performances at the Svartsengi and Reykjanes geothermal plants offset by lower than forecast production from the Soda Lake geothermal plant, Toba Montrose and Dokie 1 wind farm. Alterra's net interest in generation totaled 1,316,004 MWh.
HS Orka received cash of ISK 4.7 billion ($37.5 million) from the issuance of shares to Alterra's partner in HS Orka, a group of Icelandic pension funds ("Jarðvarmi"). Jarðvarmi now holds a 33.4% interest in HS Orka, with Alterra holding 66.6%.
During the year C$11.0 million in dividends were declared by the Toba Montrose and the Dokie 1 facilities, of which Alterra received C$4.8 million.
Alterra continued to advance the Upper Toba Hydro project (consisting of the Upper Toba and Jimmie Creek projects), through continued assessment of project economics and performance of drilling and seismic testing on both the Upper Toba and the Jimmie Creek projects. Following the results of this work Alterra plans to advance only the 62 MW Jimmie Creek project in order to optimize project economics. Construction of Jimmie Creek is planned to commence in the summer of 2013. Further analysis will be performed on the Upper Toba project during 2013.
Alterra entered into an agreement with Energy Development Corporation ("EDC"), a Philippines-based global leader in the geothermal power industry, which may be advanced into partnerships for the development of the Mariposa geothermal project in Chile and five geothermal concessions in Peru. The terms allow EDC to earn 70% interests in the partnerships in return for funding the next $58.3 million of expenditures at Mariposa and the next $8.0 million in Peru. Alterra expects final arrangements to be completed within the first half of 2013.

Effective April 1, 2013, Paul Rapp has been appointed Vice President, Wind and Geothermal Power and Murray Kroeker has been promoted to the position of Vice President, Solar Power and Engineering. Together with Jay Sutton , Vice President, Hydro Power, Mr. Rapp and Mr. Kroeker will assume overall responsibility for Alterra's existing operations and development projects, replacing Bruce Ripley , Chief Operating Officer, who has resigned and will be taking a leadership position with Discover Energy, effective April 1.
A major rockslide occurred at Toba Montrose in December 2012 affecting the Montrose penstock. Repairs are expected to be completed by the summer of 2013. Repairs and business interruption costs are fully insured (subject to policy deductibles).

John Carson , Alterra's CEO, said, "I'm pleased to report another solid year of operational performance, demonstrating again the quality of our assets and our team. We have recently reduced our overhead costs and development expenses to improve our net cash flow from operations, which will enable us to focus our capital only on the most attractive opportunities. We are well equipped to advance our growth projects in 2013. I'd also like to thank Bruce Ripley for his many contributions as Alterra's COO, and on behalf of the Company we wish him the best success at his new position."

Financial Results

The following table shows Alterra's net interest in selected operating and financial results for the year, in addition to key financial information extracted from the consolidated results.

(expressed in thousands of US dollars, except for production)


	HS Orka* (75% - 66.6%)	Toba Montrose (40%)	Dokie 1 (51%)	Soda Lake (100%)	Exploration and Head Office	Net Interest Total	Consolidated Results
Production (MWh)	835,352	264,564	151,667	64,421	-	1,316,004	1,292,008
Total Revenue	$ 38,560	$ 27,238	$ 17,034	$ 4,406	$ -	$ 87,238	$ 61,112
Gross Profit	11,904	15,248	6,480	(2,982)	-	30,650	14,524
EBITDA ^{(a), (b)}	16,440	20,463	10,550	(614)	(9,884)	36,955	44,692
Long Term Debt	93,406	185,894	90,297	-	129,194	498,791	269,443
Cash Interest Paid	2,458	11,830	6,219	-	218	20,725	3,908
Total Assets							712,530
Total Liabilities							348,483
Cash and Cash Equivalents							39,211
Working Capital							29,300

(a) EBITDA is defined by Alterra as earnings before interest, taxes, foreign exchange, depreciation and amortization, as well as before deductions for other gains and losses, amortization of below market contracts, and value assigned to options granted less share of income (loss) of equity accounted investees plus the Company's interest in EBITDA of its equity accounted investees. Alterra discloses EBITDA as it is a measure used by analysts and by management to evaluate Alterra's performance. As EBITDA is a non-IFRS measure, it may not be comparable to EBITDA calculated by others. In addition, as EBITDA is not a substitute for net earnings, readers should consider net earnings in evaluating Alterra's performance.
(b) For a reconciliation of consolidated EBITDA to Alterra's consolidated financial statements refer to the Company's Management's Discussion and Analysis for the year ended December 31, 2012.
* 2 months of results at 75% and 10 months at 66.6%

Due to a change in year-end, the timing of the acquisitions of Toba Montrose and Dokie 1 and the change of ownership of HS Orka, the following proforma results represent what Alterra's net interest in the operating facilities would have been had Alterra reported the results representing Alterra's ownership percentage in effect as at December 31, 2012 of HS Orka (66.6%), TMGP (40%), DGP (51%), and Soda Lake facility (100%) for the twelve months ended December 31, 2012 and 2011.

Pro Forma Information


For the 12 months ended December 31, 2012	HS Orka (66.6%)	Toba Montrose (40%)^(a)	Dokie 1 (51%)^(a)	Soda Lake (100%)^(a)	Total
Production (MWh)	817,459	264,564	151,667	64,421	1,298,111
Revenue	$ 38,367	$ 27,238	$ 17,034	$ 4,406	87,045
EBITDA ^{(b, c)}	15,214	20,463	10,550	(614)	45,613

For the 12 months ended December 31, 2011	HS Orka (66.6%)	Toba Montrose (40%)	Dokie 1 (51%)	Soda Lake (100%)	Total
Production (MWh)	838,292	254,095	167,557	71,970	1,331,914
Revenue	$ 44,516	$ 25,830	$ 16,650	$ 5,163	92,159
EBITDA ^{(b, c)}	15,369	19,011	10,748	949	46,077

(a) - Actual results for the year ended December 31, 2012
(b) - EBITDA is a non-GAAP measure as defined above.
(c) - This financial information has been prepared from the financial results of each operating facility. This information has not been audited or reviewed by Alterra's auditors and is purely provided for additional comparative information only.

Generation remained consistent in 2011 and 2012, with only a marginal decrease of 2% on a pro forma basis in 2012 primarily related to the expiration of a 35 MW contract in October 2011 at HS Orka, lower than expected winds at Dokie as well as planned maintenance activities and delays in bringing a well back online at the Soda Lake facility. This was offset in part by an increase in generation at the Toba Montrose facility due to a 4% increase in water flow in 2012.

Revenue from both the Toba Montrose and Dokie 1 wind facility was higher than 2011 on a pro forma basis in 2012 due to an uplift in the firm energy price for both facilities in 2012, off-set by reduced revenue related to the contract expiry mentioned above coupled with a weakening of the Icelandic krona against the US dollar, resulting in a net 5% decrease in revenue (on a net interest consolidated basis).

Year on year EBITDA was essentially unchanged from 2011.

Iceland Operations (66.6% Interest)

The 100 MW Reykjanes plant generated 760,770 MWh of electricity (95% of forecast), and the 72 MW Svartsengi plant generated 466,817 MWh of electricity (101% of forecast), and continued to supply thermal energy for district heating. A drilling program for two new production wells and one work over well at the Reykjanes reservoir commenced in late 2012. The new capacity expected to result from the drilling will be used for the planned 80 MW expansion and as reserve capacity for the existing 100 MW plant.

Toba Montrose Operations (40% Interest)

The 146 MW East Toba River and 89 MW Montrose Creek run of river hydro plants generated 661,409 MWh of electricity, or 91% of forecast. The shortfall was due to low flows during the first quarter of 2012.

Generation was up 4% at Toba Montrose in 2012 due to increased water flow, and in July the facility achieved a new daily production record of 5,504 MWh. The Toba Montrose General Partnership declared equity distributions of C7.0 million to its partners, Fiera Axium Infrastructure and Alterra (Alterra received 40% or C$2.8 million).

On December 12, 2012 a naturally occurring rockslide damaged a 300 meter section of the five kilometer penstock (which supplies water from the intake to the power generating plant) at the Montrose facility. Replacement pipe for the damaged section has been ordered, and preparations for the repair are nearing completion. Alterra expects the facility to return to full operations in the summer of 2013. The repairs are to be carried out during the first half of 2013 when water flows and power generation are lower. The project's insurers have confirmed that the incident is covered by property and business interruption insurance, and total insurance deductibles related to the rockslide are expected to be less than $1.0 million for the Toba Montrose project (of which the Company's interest is 40%).

Dokie 1 Operations (51% Interest)

The 144 MW Dokie 1 wind farm generated 297,387 MWh of electricity for the year, or 90% of forecast. The shortfall was primarily due to lower than expected winds in the fourth quarter of 2012. During the year, Dokie 1 declared equity distributions to the partners of $4.0 million (of which Alterra received $2.0 million) and completed funding of a C$8.9 million required loan reserve.

Soda Lake Operations (100% Interest)

The 15 MW Soda Lake geothermal plant generated 64,421 MWh of electricity for 2012. In March 2012, the US Department of the Treasury awarded and paid a grant of $2.1 million to Soda Lake under the American Recovery and Reinvestment Act of 2009.

Expansion and Development Projects

Alterra has agreed to purchase for approximately $6.0 million, subject to a number of closing conditions, 10% of a 50 MW portfolio of five photovoltaic solar facilities being built in Ontario ("ABW Solar") by First Solar, Inc. Alterra will serve as the managing partner for ABW Solar. Construction has begun on the project and completion of two facilities occurred at the end of 2012. The remaining three facilities are expected to be completed in the first half of 2013. Long term project financing arrangements are expected to be completed in the first half of 2013.

During 2012, Alterra continued to advance the Upper Toba project entering into an interconnection agreement with BC Hydro and Power Authority to allow the project to interconnect to the Saltery Bay substation; signing a Resource Development Agreement with the Klahoose First Nation, the final First Nation impacted by the project; and entering into a development phase agreement with a contractor to perform project optimization and design work for the project. Alterra is currently finalizing plant design for the Jimmie Creek run of river hydro project (the first half of the Upper Toba project) and plans to commence construction in 2013. The project has a 40 year PPA in place with BC Hydro.

Alterra holds a 51% interest in a planned expansion of the Dokie 1 wind farm ("Dokie 2") with projected additions to capacity of up to 156 MW. During the year Alterra continued to advance the resource assessment and planning for the project.

Other Development Projects

Alterra signed an agreement with EDC that outlines the terms of partnerships for the development of the Mariposa geothermal project in Chile and further exploration at five of Alterra's geothermal concessions in Peru. If EDC advances into a formal arrangement then they will be entitled to earn 70% interests in the partnerships by funding the next $58.3 million in project expenditures at Mariposa and the next $8.0 million in project expenditures on the Peruvian concessions. Alterra expects any final arrangements to be completed in the first half of 2013.

Alterra continued to advance other early stage geothermal projects in Italy, British Columbia and Peru, including exploration field work, data assessment and continued community consultations.

Alterra also continued to advance its Bute Inlet run of river hydro project in 2012, including signing a Resource Development Agreements with the Sliammon First Nation. Alterra continues to collect hydrology data for the Bute Inlet project and other early stage run of river and pumped storage hydro projects in British Columbia, and began an environmental assessment on a hydroelectric project in Iceland.

Outlook

Ross Beaty , Alterra's Chairman, said, "Alterra's operating assets performed well in 2012 and I look forward to another year in 2013, with new growth from project development at Jimmie Creek, Iceland and Chile."

Alterra Power will host a conference call to discuss financial and operating results on:

Thursday, March 28, 2013 at 11:30 am ET (8:30 am PT).

North American participants dial 1-888-390-0546 and International participants dial 1-416-764-8688, the conference ID is 74385375. The call will also be broadcast live on the Internet at http://www.newswire.ca/en/webcast/detail/1127041/1229311. The call will be available for replay until April 11^th by dialing 1-416-764-8677 and entering replay PIN number 385375.

Cautionary Note Regarding Forward-Looking Statements and Information
Certain statements included in this news release may contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding prospective results of operations, financial position, cash flows or growth potential. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. Alterra cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in the management's discussion and analysis section of Alterra's most recent annual report and quarterly report, and in Alterra's Annual Information Form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, Alterra undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.

Peter Lekich, Corporate Communications
Alterra Power Corp.
Phone: 604.235.6719
Email: info@alterrapower.ca

Alterra Announces Release Date of Audited Results for the Year Ended December 31, 2012

Thu, 14 Mar 2013 15:57:00 -0400

TSX : AXY

VANCOUVER, March 14, 2013 /CNW/ - Alterra Power Corp. (TSX: AXY) ("Alterra") announces that its audited results for the year ended December 31, 2012 will be released on Wednesday, March 27, 2013 after markets close. A conference call and live audio webcast to discuss the results will be held on Thursday, March 28, 2013 at 11:30 am ET (8:30 am PT).

Conference Call and Webcast Information for December 31, 2012 Year End Results

Date:	Thursday, March 28, 2013
Time:	11:30 am Eastern Time - 8:30 am Pacific Time
Dial-In Numbers:
	North American toll-free number: Switzerland toll-free number: United Kingdom toll-free number:	1-888-390-0546 0-800-835-190 0-800-328-9921
Conference ID:
	7438 5375
Audio Webcast:
	A live audio webcast can be accessed at: http://www.newswire.ca/en/webcast/detail/1127041/1229311
Playback Available for One Week Following the Call:
	North American Toll-free: Replay PIN Number:	1-888-390-0541 385375

About Alterra Power Corp.

Alterra Power Corp. is a leading global renewable energy company. Alterra operates six power plants totaling 566 MW of capacity, including two 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. Alterra's 297 MW share of production capacity generates approximately 1,400 GWh of clean power annually. Alterra also has an extensive portfolio of exploration and development projects, a skilled international team of developers, explorers, builders and operators to support its growth plans.

The Alterra 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

Peter Lekich, Corporate Communications
Alterra Power Corp.
Phone: 604.235.6719
Email: info@alterrapower.ca

Alterra Power announces HS Orka's 2012 Annual Financial Results

Thu, 28 Feb 2013 00:32:00 -0500

VANCOUVER, Feb. 27, 2013 /CNW/ - Alterra Power Corp. (TSX: AXY) ("Alterra") announces that its 66.6% owned Icelandic subsidiary, HS Orka ("the Company"), today released audited financial and operating results for the twelve month period ended December 31, 2012. HS Orka's financial statements are prepared in accordance with International Financial Reporting Standards and reported in Icelandic Krona (ISK), and can be found at http://www.hsorka.is.

Financial summary for the year ended December 31, 2012 includes:

EBITDA increased by 6.7% to ISK 2,857 million (2011: ISK 2,678 million) primarily due to a reduction of non-recurring expenses in 2012 related to the Nordural contract arbitration. In US dollars ("$"), EBITDA decreased by 0.9% to $22.9 million (2011: $23.1 million) as the Icelandic Krona weakened in 2012 against the US dollar with the average exchange rate for 2012 being 7.8% weaker than in 2011.
Revenue decreased by 14.1% to $55.0 million (2011: $64.0 million), primarily due to the expiration of a 35 MW contract in October 2011 coupled with a weakening of the ISK against the US Dollar, and a decline in aluminum prices that were on average 15.2% lower in 2012 than in 2011. In 2012 approximately 34% of HS Orka's revenue was indexed to the price of aluminum (2011: 44%).
Gross profit decreased by 13.2% to $18.3 million (2011: $21.1 million), primarily as a result of the weakening ISK and the decline in revenue, which was partially offset by lower operating costs as a result of lower transmission and power purchase costs.
Electricity production from the Reykjanes and Svartsengi geothermal power plants decreased by 5.2% to 1,193,584 MWh (2011: 1,258,697 MWh), due to an excess supply in the market which resulted in HS Orka scaling back on production. New contracts have been entered into in 2013 which will require an increase in generation going forwards.
Net income of $4.8 million was recorded in 2012 as compared to a net loss of $8.1 million in 2011. This increase was primarily due to fair value changes of embedded derivatives in power sales contracts, which resulted in a $1.6 million expense in 2012 compared to a $12.6 million expense in 2011.
During 2012, Icelandic minority shareholder Jarðvarmi slhf increased its shareholding interest in HS Orka from 25% to 33.4% (reducing Alterra's shareholding from 75% to 66.6%) by exercising an option to acquire new share capital. This increased the cash position of HS Orka by $37.5 million. Jarðvarmi slhf represents a consortium of Icelandic pension funds.

Summary financial information with respect to the operations of HS Orka is as follows:

HS Orka Financial Results
(expressed in millions of US dollars)

	For the twelve months ended	For the twelve months ended
	December 31, 2012	December 31, 2011
	at an average rate of 125 ISK per USD	at an average rate of 116 ISK per USD
Total revenue	$ 55.0	$ 64.0
Cost of energy production	(36.7)	(42.9)
Gross profit	18.3	21.1
Other operating expenses	(3.5)	(6.5)
Operating income	14.8	14.6
Other income (expenses)	(10.5)	(24.3)
Equity income (loss)	1.4	(0.3)
Income tax	(0.9)	1.9
Income (loss) for the year	4.8	(8.1)
EBITDA ⁽¹⁾	22.9	23.1

	As at December 31, 2012	As at December 31, 2011
	at a rate of 128 ISK per USD	at a rate of 122 ISK per USD
Total assets	$ 389.2	$ 326.3
Total liabilities	181.4	192.2
Cash and cash equivalents⁽²⁾	40.8	10.7
Working capital⁽³⁾	47.7	11.8

HS Orka Financial Results to be included in Alterra's Consolidated Financial Statements
(expressed in millions of US dollars - unaudited)

Alterra expects to include the following amounts in its consolidated financial statements for the twelve month period ended December 31, 2012, including fair value and other adjustments applied as a result of its acquisition of control of HS Orka in August 2010:

	For the year ended	For the six months ended
	December 31, 2012	December 31, 2011
	at an average rate of 125 ISK per USD	at an average rate of 117 ISK per USD
Total revenue	$ 56.7	$ 32.4
Cost of energy production	(39.3)	(23.0)
Gross profit	17.4	9.4
Other operating expenses	(3.4)	(3.4)
Operating income	14.0	6.0
Other income (expenses)	(12.5)	(23.1)
Equity income (loss)	1.4	(1.3)
Income tax	(0.2)	3.6
Income (loss) for the year	2.7	(14.8)
EBITDA ⁽¹⁾	22.9	12.3

	As at December 31, 2012	As at December 31, 2011
	at a rate of 128 ISK per USD	at a rate of 122 ISK per USD
Total assets	$ 480.0	$ 463.9
Total liabilities	225.5	233.2
Cash and cash equivalents⁽²⁾	40.8	10.7
Working capital⁽³⁾	44.3	7.9


¹	The Company's EBITDA is defined by the Company as earnings before interest, taxes, foreign exchange, depreciation and amortization, as well as before deductions for other gains and losses, amortization of below market contracts, and value assigned to options granted. The Company discloses EBITDA as it is a measure used by analysts and by management to evaluate the Company's performance. As EBITDA is a non-GAAP measure, it may not be comparable to EBITDA calculated by others. In addition, as EBITDA is not a substitute for net earnings, readers should consider net earnings in evaluating the Company's performance.
²	Includes $4.5 million of restricted cash
³	Working Capital = current assets - current liabilities (net of current portion of long-term debt)

About HS Orka

HS Orka is the largest privately owned energy company in Iceland, producing 9% of the country's power needs and 10% of the country's heating needs. Installed geothermal power capacity is 172 MW from the Svartsengi and Reykjanes power plants. In addition, HS Orka generates 150 MW of thermal energy for district heating. Expansions are planned that could increase HS Orka's annual geothermal power production capacity from 172 MW to 252 MW by 2016.

About Alterra Power Corp.

Alterra Power Corp. is a leading global renewable energy company. Alterra operates six power plants totaling 566 MW of capacity, including two 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. Alterra's 297 MW share of production capacity generates approximately 1,400 GWh of clean power annually. Alterra also has an extensive portfolio of exploration and development projects, a skilled international team of developers, explorers, builders and operators to support its growth plans.

The Alterra 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

Peter Lekich, Corporate Communications
Alterra Power Corp.
Phone: 604.235.6719
Email: info@alterrapower.ca

Alterra Power Corp. Names Interim Chief Financial Officer

Mon, 25 Feb 2013 09:00:00 -0500

TSX : AXY

VANCOUVER, Feb. 25, 2013 /CNW/ - Alterra Power Corp. (TSX: AXY) announces that Lynda Freeman has been appointed Interim Chief Financial Officer, replacing Peter Wong, who will be leaving the company to pursue other interests.

Ms. Freeman originally joined the company as Corporate Controller in May 2010 and was appointed Director of Finance for Alterra in July 2011. Prior to this, she spent over ten years with PricewaterhouseCoopers in the United Kingdom, Australia and Canada. Ms. Freeman earned her BA Honours degree in Accountancy and Law at Oxford Brookes University and is a UK qualified Chartered Accountant (ACA).

"On behalf of Alterra, I would like to thank Peter Wong for his many contributions to the company. We wish him well in his future endeavors. Lynda Freeman has worked closely with Peter during her time at Alterra and has played a key role in every aspect of our financial reporting. She is a strong team leader, and is thoroughly prepared for this role." said John Carson, Chief Executive Officer.

About Alterra Power Corp.

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

Peter Lekich, Corporate Communications
Alterra Power Corp.
Phone: 604.235.6719
Email: info@alterrapower.ca