Sliammon First Nation and Alterra Power Sign Resource Development Agreement
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.
