TSX : AXY
VANCOUVER, June 6, 2012 /PRNewswire/ - Alterra Power Corporation (TSX: AXY) and the Sliammon First Nation are pleased to announce that they have signed a Resource Development Agreement (RDA) that will facilitate the development of the transmission infrastructure for the proposed Bute Inlet run-of-river hydro project. A portion of the transmission line would be located within the traditional territory of the Sliammon First Nation, and the RDA details the terms under which the Sliammon First Nation and Alterra will work together on the development and build out to commercial operation of the Bute Inlet project's transmission infrastructure.
Sliammon Chief Clint Williams said, "The Sliammon First Nation is pleased to be entering into another agreement with Alterra Power that will help facilitate the building of a clean renewable energy project in British Columbia, benefiting not only the Sliammon First Nation but the whole province."
Donald McInnes, Executive Vice Chairman of Alterra Power, said, "Our relationship with the Sliammon First Nation began with the Toba Montrose hydro project and has continued to grow and strengthen over the last five years. This new agreement for the Bute Inlet project builds on that working partnership and we are proud of what we have accomplished by working together."
About Bute Inlet Hydroelectric Project
The Bute Inlet project consists of water applications to develop up to 17 non-storage run-of-river hydroelectric projects and their associated infrastructure in Bute Inlet, southwestern British Columbia. The project's three interconnected groups of power plants have preliminary design generation capacity of over 1,000 MW and an estimated annual potential generation of 2.9 million MWh, enough clean energy to meet the annual electricity needs of approximately 300,000 homes.
The Bute Inlet project is located within the traditional lands of the Homalco First Nation. It is anticipated that the project will use the existing Toba Montrose power line corridor, which travels through the traditional territory of three of Alterra's partners - the Klahoose, Sliammon and Sechelt First Nations. With this RDA, Alterra will have signed agreements to advance the project with the Homalco, Sechelt and Sliammon First Nations.
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.