VANCOUVER, June 16, 2016 /PRNewswire/ - Alterra Power Corp. ("Alterra") is pleased to announce the acquisition of the Flat Top wind project, a 200 MW wind farm under development in Comanche County and Mills County, Texas. Concurrently with closing, Alterra placed a US$1.6 million security deposit with the local transmission provider.
Paul Rapp, Alterra's VP of Wind Operations, said "This project builds on our recent success financing and constructing the nearby 204 MW Shannon wind farm in Texas and, like the Shannon project, takes advantage of the recent extension of renewable energy tax incentives in the United States. The Flat Top project has a strong resource, clean transmission story and proximity to growing power demand in Texas, and is well-suited for long-term service under either a power purchase agreement or power hedge."
Alterra acquired the Flat Top wind project from Pioneer Green Energy, LLC, and Lavaca Wind, LLC, each of whom have extensive experience in the development of wind energy projects that are currently operating. As part of the project development program, Alterra will undertake certain construction activities to ensure the Flat Top project will qualify for the U.S. production tax credit. Alterra forecasts this project to be completed and in service by the end of 2017.
About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company, operating six power plants totaling 757 MW of generation capacity including the Shannon wind project in Texas, British Columbia's largest run-of-river hydro facility and largest wind farm, and two geothermal facilities in Iceland. Alterra owns a 349 MW share of this capacity, generating over 1,600 GWh of clean power annually. Following completion of the 62 MW Jimmie Creek hydro facility, expected in August, Alterra will operate 819 MW of capacity with net ownership of 381 MW, generating over 1,700 GWh of clean power annually. Alterra has an extensive portfolio of exploration and development projects and a skilled international team of developers, 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. "Click her to read the rest of the article in PR Newswire."
By Alterra Power Corp.