VANCOUVER, July 20, 2016 /PRNewswire/ - Alterra Power Corp. ("Alterra") is pleased to announce that it has reached an agreement with Inovateus Solar LLC to acquire an 80% ownership interest in a two-project 20 MWDC portfolio of solar farms in the Midwestern United States. Both projects are contracted under long-term, investment-grade power purchase agreements. Alterra is actively developing and arranging financing for the first project , a 7 MWDC site located in Indiana that is expected to finish construction by the end of 2016. The second project, a 13 MWDC site located in Michigan, is expected to be developed during 2017.
"We're pleased to develop these solar projects alongside Inovateus, and hope to extend this partnership to other U.S. projects," said Jon Schintler, Alterra's VP of Project Finance.
"The pairing of Alterra's technical and financing resources with Inovateus' project development and EPC expertise provides a compelling solar offering for utilities, municipalities, universities, and businesses in the Midwest and beyond," said TJ Kanczuzewski, president of Inovateus. "We're excited to get started on our first two projects and look forward to working together with Alterra on more projects in the future."
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 has an extensive portfolio of exploration and development projects and a skilled international team of developers, builders and operators to support its growth plans.
Alterra trades on the Toronto Stock Exchange under the symbol AXY and OTC in the United States as MGMXF.
About Inovateus Solar
Inovateus Solar is one of the leading solar development, EPC (engineering, procurement and construction) and supply companies in the Midwest United States. Headquartered in South Bend, Indiana, the company has developed and built more than 250 MW of utility, commercial and industrial, and microgrid solar systems in the U.S., the Caribbean and Latin America. With strong roots in the communities it serves, Inovateus is passionately committed to Building A Brilliant TomorrowTM through the wide-scale deployment of advanced solar and clean energy technologies.
Cautionary Note Regarding Forward-Looking Information
Certain statements and information included in this news release are "forward-looking information" within the meaning of Canadian 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 all statements regarding development, construction, and financing of the solar portfolio, and the timing of each thereof, that power will be sold under either project's long-term power purchase agreement, closing of Alterra's acquisition of an 80% ownership interest in each project and the date the projects achieve commercial operations. 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 the timing of construction for the solar portfolio, and Alterra's development, construction and finance plans and timing regarding the portfolio, customary closing conditions related to Alterra's acquisition of an 80% ownership interest as well as 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, subsequent or otherwise.
SOURCE Alterra Power Corp.