TSX : AXY
VANCOUVER, Feb. 24, 2014 /CNW/ - Alterra Power Corp. (TSX:
AXY) has completed the acquisition of 100% of the Shannon wind
project, a 202 MW wind farm in late-stage development in
Clay County, Texas. Alterra
acquired the project from Horn Wind, LLC, a north Texas early-stage wind developer that has
successfully developed two other wind farms in the region.
Last week, Alterra also placed a $4.5
million cash deposit with Oncor, the project's transmission
service provider, which will now begin the design and equipment
procurement for the project's interconnection substation.
Paul Rapp, Alterra's VP of
geothermal and wind power, said "We're pleased to achieve these
project and company growth milestones, which will further position
Shannon for commercial operations by mid-2015."
In December 2013, Alterra
completed certain construction activities to ensure the Shannon
project will qualify for the U.S. Production Tax Credit, which
included contracting with Mortenson Construction to complete the
initial phase of on-site construction and contracting with Siemens
Energy to begin manufacturing the project's main power transformer.
Alterra is now working with several financing parties in
preparation for closing project financing, which is projected for
the second quarter of 2014.
About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy
company, operating six power plants totaling 566 MW of generation
capacity, including British
Columbia's largest run-of-river hydro facility and
largest wind farm, two geothermal facilities in Iceland, and a geothermal plant
in Nevada. Alterra owns a 260
MW share of this capacity, generating approximately 1,300 GWh of
clean power annually.
Alterra has an extensive portfolio of exploration and
development projects and a skilled international team of
developers, explorers, builders and operators to support its growth
plans.
The company trades on the Toronto Stock Exchange under the
symbol AXY and OTC in the United
States as MGMXF.
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.