VANCOUVER, June 29, 2012 /PRNewswire/ - Alterra Power Corp. (TSX: AXY) is pleased to announce that the Dokie General Partnership has fully funded an $8.9 million required loan reserve and made an initial equity distribution of $1 million to the partners (Alterra receives 51% of all distributions). With the loan reserves now funded, future distributions are expected to reflect the full benefit of Dokie's operations.
The Dokie wind farm has performed at 106% of its projected "P50" annual forecasted production and earned over $48.1 million in revenue since it began commercial operations in February 2011. The superior performance is due to both favourable wind conditions and higher than expected turbine availability.
Bruce Ripley, Alterra's Chief Operating Officer, said, "I'm pleased to see the Dokie wind farm perform strongly in its first year of production, and my thanks go to the on-site operations team comprised of Alterra and Vestas staff and our subcontractors. The turbines, substation and transmission lines have performed well, with high availability and reliability."
About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company. We operate six power plants totaling 567 MW of capacity, including two geothermal facilities in Iceland, a geothermal plant in Nevada, British Columbia's largest run-of-river hydro facilities and the province's largest wind farm. Our 298 MW share of production capacity generates approximately 1,400 GWh of clean power annually. We have an extensive portfolio of exploration and development projects, a skilled international team of developers, explorers, builders and operators and the financial capacity to support our growth plans.
The company trades on the Toronto Stock Exchange under the symbol AXY and OTC in the United States as MGMXF.
About Dokie General Partnership (DGP)
Alterra has a 51% interest in DGP, the partnership that owns the Dokie wind farm, the largest in British Columbia. The Dokie wind farm is located near Chetwynd, B.C. on the Treaty 8 lands of our First Nations partners: the West Moberly, Saulteau and Halfway River First Nations and the McLeod Lake Indian Band. DGP's 48 Vestas V90 wind turbines have combined capacity of 144 MW and are expected to generate an average net annual energy of 330 GWh, which is contracted to BC Hydro under a 25-year power purchase agreement.
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.