Alterra Power and Fiera Axium Announce Partnership for Jimmie Creek Hydro Project
TSX : AXY
VANCOUVER, April 24, 2014 /PRNewswire/ - Alterra Power Corp. (TSX:AXY) and Fiera Axium Infrastructure Inc. (through a managed fund) have completed a partnership agreement for the Jimmie Creek hydroelectric project. Under the agreement Alterra will own 51% of the project and Fiera Axium Infrastructure Canada II LP will own 49%.
The Jimmie Creek project will provide 62 MW of clean power capacity to southwest British Columbia and will sell 100% of its power to BC Hydro for 40 years beginning in August 2016. Construction activities have begun at the site, and the partners expect to complete financial closing for the project later this quarter.
Alterra's VP of Project Finance, Jon Schintler said "We're excited to partner with Fiera Axium on this important project, and we now look forward to completing financial arrangements and finishing construction together."
"We are delighted to add another hydro power project to our diversified Fund portfolio" said Dominic Chalifoux, Vice President and Senior Asset Operations Director of Fiera Axium Infrastructure Inc.
About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company, operating six power plants totaling 568 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 262 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.
About Fiera Axium Infrastructure Inc.
Fiera Axium Infrastructure Inc. is an independent portfolio management firm dedicated to generating long-term investment returns through investing in core infrastructure assets. Fiera Axium manages dedicated infrastructure funds having in excess of $970 million in assets under management. The firm combines the capabilities of a group of specialists with decades of combined experience acquiring, developing, financing, operating and managing infrastructure assets, with the fund management expertise of one of Canada's leading independent fund managers in Fiera Capital Corporation (TSX: FSZ). Fiera Axium Infrastructure is jointly controlled by Fiera Capital and Axium Infrastructure Management.
About Fiera Axium Infrastructure Canada II L.P.
Managed by Fiera Axium Infrastructure Inc., Fiera Axium Infrastructure Canada II L.P. ("Fund") is an open-ended infrastructure fund focused on direct investment in both operational and greenfield development opportunities. The Fund seeks to invest in core energy, transportation and social infrastructure assets across Canada. Focus is placed on assets that are supported by robust market demand, under long-term contract with creditworthy counterparties, within concession-based structures or under a regulated framework.
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.