You are hereAlterra Power Announces a 10% Increase in the Firm Energy Allotment of the Toba Montrose Energy Purchase Agreement
Alterra Power Announces a 10% Increase in the Firm Energy Allotment of the Toba Montrose Energy Purchase Agreement
Press Release, Alterra Power Corp. July 28, 2011
VANCOUVER, July 28, 2011 /CNW/ - Alterra Power Corp. (TSX: AXY) announces that the Toba Montrose General Partnership ("TMGP") has exercised a one-time right in its energy purchase agreement with B.C. Hydro to increase its firm energy allotment by 10%. This increase is effective June 1, 2011.
The exercise of the right does not require the delivery of more power, but because the firm energy allotment is the highest priced tranche of the energy purchase agreement, the increase in power priced under that allotment is expected to result in an average annualized net revenue increase from TMGP of 2.4%. Further financial details were not disclosed.
About Toba Montrose General Partnership (TMGP)
TMGP is a 60/40 partnership between GE Energy Financial Services and Alterra Power Corp in relation to the Toba Montrose hydroelectric project, located near Powell River, B.C. on the traditional lands of our First Nations partners: the Klahoose, Sliammon and Sechelt First Nations. The TMGP plants at East Toba River and Montrose Creek have a combined capacity of 236 MW and are expected to generate an average net annual energy of 710-730 GWh, sold to B.C. Hydro under a 35-year EPA.
About Alterra Power Corp.
Alterra Power Corp is a leading global renewable energy company, formed in 2011 through the merger of Magma Energy Corp and Plutonic Power Corp. We operate six power plants totaling 571 MW of capacity, including the only two privately-owned geothermal facilities in Iceland, a geothermal plant in Nevada, British Columbia's largest run-of-river hydro facility and the province's largest wind farm. Our 315 MW share of production generates 1,575 GWh of clean power annually. We have an extensive portfolio of exploration and development projects, a skilled international team of explorers, builders and operators as well as the strong financial capacity to support our aggressive growth plans.
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 hydroelectric energy generation capacities. Such forward-looking information reflects management's current beliefs and is based on information currently available to management.