Alterra Power Purchases 1,000 MW of Wind Power in British Columbia
Vancouver-based Alterra Power Corp., formerly Magma Energy Corp., has acquired four wind farms in early stage development in coastal British Columbia
The company estimates the four projects, which are located on various islands of B.C.'s coast (Banks Island, Porcher Island, McCauley Island, and Vancouver Island) will have a generating capacity of over 1,000 megawatts.
In return for the assets, the sellers will receive royalty payments during when the plants become operational. Additionally, the sellers may also receive compensation of up to 1.34 million Alterra shares.
Although it reached into its backyard for this purchase, Alterra is an international renewable energy company. It's portfolio includes five power plants totalling 567 MW of capacity. These projects include two geothermal facilities in Iceland, a geothermal power plant in Nevada, a hydro facility in B.C., and the province's largest wind farm.
In 2011, Magma Energy merged with Plutonic Power Corporation to form Alterra Power. Before the merger, Magma Energy's business operations were focused around geothermal energy. The new company has adopted a more expansive vision around energy development -- it has incorporated wind, solar, and hydro assets as serious platforms for growth.
John Carson, Alterra's Chief Executive Officer, said, "This transaction further positions us to play a major role in B.C's clean energy future. eE look forward to advancing and ultimately building these wind projects as a part of the continued growth of Alterra and British Columbia.
Image credit: Alterra Power Corp.
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