VANCOUVER, Nov. 28, 2013 /PRNewswire/ - Alterra Power Corp. (TSX: AXY) is pleased to announce that it has entered into a joint venture with an affiliate of Graziella Green Power ("Graziella"), an Italian developer of solar and geothermal assets. The joint venture will further advance the Mensano and Roccastrada geothermal concessions which Alterra was awarded in 2011. Graziella will fund approximately $4.0 million for the joint venture's next development activities, and will own a 55% interest in the joint venture.
Paul Rapp, Alterra's VP of geothermal and wind operations, said "We are pleased to be working with Graziella Green Power, a strong Italian partner with a proven track record of project development. We believe the joint venture is well-positioned to advance these prime geothermal properties to the next stage of development and to take advantage of other project opportunities."
About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company, managing seven power plants totaling 616 MW of capacity, including British Columbia's largest run-of-river hydro facility and largest wind farm, two geothermal facilities in Iceland, a geothermal plant in Nevada, and a solar facility in Ontario. Alterra owns a 302 MW share of this production capacity, generating approximately 1,400 GWh of clean power annually. Alterra also 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.