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SOURCE Alterra Power Corp.
VANCOUVER, Dec. 23, 2013 /PRNewswire/ - Alterra Power Corp. (TSX: AXY) announces that it has sold half of its 51% interest in the Dokie 1 wind farm to Fiera Axium Western Energy. Alterra received initial sales proceeds of $28,625,000, and may receive further earn-out payments of up to $2,250,000 over the next three years depending on asset performance. Alterra will retain 25.5% ownership of Dokie 1, and will continue to operate and manage the project.
Alterra CEO, John Carson, said "This transaction is a good growth milestone for us, providing us substantial capital to support our 2014 growth projects. Alterra's revenue, cash flow and owned generation capacity will all improve versus our pre-sale position as this capital gets deployed, resulting in overall accretion for our shareholders."
A presentation with further information on this transaction has been posted on Alterra's website, alterrapower.ca.
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.
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