Alterra Power Completes Purchase of ABW Solar Facility Interest

Aug 26, 2013, 08:50 ET from Alterra Power Corp.


VANCOUVER, Aug. 26, 2013 /PRNewswire/ - Alterra Power Corp. (TSX: AXY) is pleased to announce it has completed its purchase of the ABW Solar project in partnership with GE Energy Financial Services. The 50 MW project in Ontario was developed and sold by First Solar, Inc. and commenced commercial operations earlier this year. Project financing was provided by a lender group led by The Manufacturers Life Insurance Company. Alterra will be the managing partner for the facility, and will hold a 10% interest. 

Alterra CEO, John Carson, said "With this transaction, Alterra has added solar power to its operating portfolio, opening the door for us to pursue other solar opportunities as well as continued growth in wind, hydro and geothermal power." 

About Alterra Power Corp.

Alterra Power Corp. is a leading global renewable energy company. Alterra manages seven power plants totaling 616 MW of capacity, including two geothermal facilities in Iceland, a geothermal plant in Nevada, a solar facility in Ontario, and British Columbia's largest run-of-river hydro facility and largest wind farm. The company's 302 MW share of production capacity generates approximately 1,400 GWh of clean power annually. Alterra also has an extensive portfolio of exploration and development projects, 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.