Alterra Power Receives First Equity Distribution from Dokie Wind Farm
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
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.