Alterra Power Corp., formerly Magma Energy Corp., is a global renewable power company. It operates six power plants totaling 570 megawatt of capacity, including two geothermal facilities in Iceland, a geothermal plant in Nevada, British Columbia’s run of river hydro facilities and the province’s wind farm.
Alterra buys four wind farm projects
18th May 2012, 1:56 pm by Brad Lemaire
Renewable energy firm Corp. () acquired wind development assets at four sites in coastal British Columbia from a group of sellers from Bay Energy Limited.
Financial terms and conditions were not disclosed in Friday’s release.
According to the deal, the sellers will get royalty payments during the operations phase of the projects, and under some circumstances will get additional compensation of 1.34 million Alterra shares.
The assets acquired include four early-stage wind farm sites found on Banks Island, Porcher Island and McCauley Island on the B.C. north coast. The fourth project is on northern Vancouver Island, while the four sites are estimated to generate over 1,000 megawatts.
These assets are within 150 kilometres of several proposed power-intensive LNG plant sites in Kitimat, and Knob Hill, close to a proposed 99 megawatt wind farm near Cape Scott.
“This transaction further positions us to play a major role in B.C.'s clean energy future,” Alterra chief executive John Carson said in a statement.
Alterra, formed in 2011 through a merger of and Plutonic Power, operates six power plants totaling 570
megawatts of capacity. Alterra has two geothermal sites in Iceland, and a geothermal plant in Nevada.
Shares jumped 3.66 percent to 42.5 cents each on the Toronto Stock Exchange.
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