VANCOUVER, Aug. 3, 2016 /PRNewswire/ - Alterra Power Corp. ("Alterra") and funds managed by Axium Infrastructure Inc. ("Axium") are pleased to announce the commencement of full commercial operations at the Jimmie Creek run-of-river hydroelectric project. The 62 MW Jimmie Creek project is now selling 100% of its renewable power under a 40-year energy purchase agreement with BC Hydro that expires in 2056. Alterra (51%) and Axium (49%) co-own the project, which is operated by Alterra in cooperation with our partners, Klahoose First Nation, Tla'amin Nation, and shíshálh Nation.
"We are excited to mark this milestone for Jimmie Creek, which represents another strong addition to Alterra's renewable power fleet, and continues our unbroken string of projects delivered on time and on or under budget," said Jay Sutton, Alterra's VP of Hydro Operations.
"The commencement of Jimmie Creek adds another quality hydro operation to our funds as a result of the strength of our partnership with Alterra", added Dominic Chalifoux, Vice President and Senior Asset Operations Director of Axium.
About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company, operating seven power plants totaling 819 MW of generation capacity including British Columbia's largest run-of-river hydro facility and largest wind farm, the recently completed Shannon and Jimmie Creek projects, and two geothermal facilities in Iceland. Alterra owns a 381 MW share of this capacity, generating over 1,700 GWh of clean power annually. Alterra also has an extensive portfolio of exploration and development projects and a skilled team of developers, 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.
About Axium Infrastructure Inc.
Axium Infrastructure is an independent portfolio management firm dedicated to generating long-term investment returns through investing in core infrastructure assets. Axium Infrastructure manages dedicated infrastructure funds having $1.5 billion in assets under management as well as approximately $1.0 billion in co-investments. The firm benefits from the capabilities of a group of specialists with decades of experience acquiring, developing, financing, operating and managing infrastructure assets. For further information, please visit www.axiuminfra.com.
Cautionary Note Regarding Forward-Looking Information
Certain statements and information included in this news release are "forward-looking information" within the meaning of Canadian securities laws that involve risks and uncertainties. Forward-looking information relates to future events or future performance and reflects management's expectations and beliefs regarding future events as of the date hereof. Examples of forward-looking information in this news release include all statements regarding the operations of the Jimmie Creek run-of-river project and the sale of its power to BC Hydro. Forward-looking information is based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves 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 information. Material risk factors and assumptions include Alterra's operational plans for the Jimmie Creek run-of-river project, the timing of power generation from the project, and the delivery of power to BC Hydro under the energy purchase agreement, as well as those set out in the management's discussion and analysis section of Alterra's most recent annual and quarterly reports and in Alterra's Annual Information Form for the year ended December 31, 2015. Although Alterra has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate and undue reliance should not be placed on forward-looking information. Except as required by law, Alterra undertakes no obligation to update any forward-looking information to reflect new information, subsequent or otherwise.
SOURCE Alterra Power Corp.