VANCOUVER, Dec. 7, 2016 /PRNewswire/ - Alterra Power Corp. ("Alterra") and funds managed by Axium Infrastructure Inc. ("Axium") are pleased to announce they have extended the service contract for the 144 MW Dokie wind farm. Vestas has been providing operations and maintenance services at the wind farm since commencement of operations in 2011. The extension renews the project service agreement through 2031 and will provide comparable service standards at a cost savings to the project of nearly two million dollars per year.
Paul Rapp, Alterra's VP of Wind said "We are pleased to enter into this new contract. We have enjoyed a great partnership with Vestas over the past five years and are pleased to continue this relationship into the future."
"We are honored to reaffirm our service partnership with Alterra and Axium, and look forward to continuing to maximize the performance of the V90 fleet at Dokie Wind," said Peter Wells, Vice President of Vestas Service in North America.
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.
Alterra trades on the Toronto Stock Exchange under the symbol AXY.
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 $1.6 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.
Cautionary Note Regarding Forward-Looking Information
Certain statements and information included in this news release are "forward-looking information" within the meaning of applicable 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 management's expectations regarding future savings from the Dokie service contract and the annual generation of Alterra's projects. 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 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, subsequently or otherwise.
SOURCE Alterra Power Corp.