Alterra Power Acquires California Wind Development Project
VANCOUVER, Sept. 18, 2017 /PRNewswire/ - Alterra Power Corp. ("Alterra") is pleased to announce the acquisition of Jawbone, a 40 MW wind development project in Kern County, California that is fully zoned for wind-powered generation.
Following a collaborative effort that began over a year ago, Alterra acquired the project from Jawbone Wind Energy, LLC, which is principally owned by Philip and Daniel Rudnick, who will continue to work with Alterra to complete development of the project. Alterra also commenced construction of the Project's main power transformer in 2016, and expects the project to qualify for federal production tax credits (PTCs) at the full rate.
John Carson, Alterra's CEO, said "We're extremely pleased to acquire Jawbone, representing one of the few viable opportunities to build new wind generation in California. We expect to contract the facility over the next twelve months, and begin delivering power in 2020. Our thanks go to the Rudnicks for entrusting their project to Alterra."
About Alterra Power Corp.
Alterra Power Corp. is a global renewable energy company that manages operations of eight power plants totaling 825 MW of hydro, wind, geothermal and solar generation capacity in Canada, the USA and Iceland. Alterra owns a 363 MW share of this capacity, generating over 1,500 GWh of clean power annually.
Alterra is also constructing the 200 MW Flat Top wind project in central Texas, which is expected to be in operation by 1H 2018 (51% owned by Alterra). Upon the completion of Flat Top, Alterra will operate nine power plants totaling 1,025 MW of capacity and will own a 465 MW share of this capacity, generating almost 2,000 GWh of clean power annually. Alterra also has an extensive portfolio of 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.
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 the successful completion of development milestones and project financing for Jawbone, successful construction of, and achievement of commercial operations by, the Jawbone and Flat Top projects (the "Projects"), satisfaction of conditions precedent to the Flat Top tax equity investment, whether the Projects ultimately qualify for the full portion of PTCs, management's expectations with respect to wind development in California, and Alterra's projected generation. 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: that no tax-related or other rule, regulation or other guidance or government action is promulgated that would jeopardize or otherwise impede the effectiveness of such PTC-qualifying activities (and securing tax equity financing on such basis); whether such activities will be sufficient to qualify Jawbone for the full value of the PTCs; whether actual power generation from our operations meets our expectations; the success and timely completion of construction efforts at the Projects and completion of development milestones at Jawbone; and whether the Jawbone project is placed into service in sufficient time to receive full PTC value; as well as others 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, 2016. 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 provide subsequent updates with respect to forward-looking information.
SOURCE Alterra Power Corp.
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