VANCOUVER, Jan. 16, 2014 /PRNewswire/ - Alterra Power Corp. (TSX: AXY) announces the completion of a further joint venture with Energy Development Corporation (EDC) covering the remainder of Alterra's geothermal development assets in Peru. Under the agreement, EDC will get a 70% interest in the development asset portfolio and will be funding 100% of the next $6 million of development costs. Next activities for these concessions will include advanced exploration activities designed to identify the best locations for power plant development and construction.
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. EDC has been actively expanding its project portfolio to Indonesia, Peru and Chile.
About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company, operating six power plants totaling 566 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 260 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.
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.