TSX: AXY

VANCOUVER, Jan. 17, 2018 /PRNewswire/ - Alterra Power Corp. ("Alterra") announces that registered holders of Alterra common shares ("Alterra Shares") must indicate their election no later than 2:00 p.m. (Vancouver time) on January 25, 2018 to receive either:

in connection with the previously announced plan of arrangement whereby Innergex will acquire all of the issued and outstanding Alterra Shares (the "Arrangement").

Election Deadline

Registered holders of Alterra Shares may make an effective election by depositing with Computershare Trust Company of Canada, before 2:00 p.m. (Vancouver time) on January 25, 2018 (the "Election Deadline"), a properly completed and duly executed letter of transmittal and election form (the "Letter of Transmittal and Election Form") indicating their election to receive the Cash Alternative or the Share Alternative, together with the certificates (if applicable) representing their Alterra Shares and all other documentation required by Computershare Trust Company of Canada. The Letter of Transmittal and Election Form is available on Alterra's website at www.alterrapower.ca and on SEDAR at www.sedar.com or by contacting Computershare Trust Company of Canada. Any questions regarding the election of the Cash Alternative or the Share Alternative, including any request for another copy of the Letter of Transmittal and Election Form, should be directed to Computershare Trust Company of Canada at 1-800-564-6253 toll free in North America or by email at corporateactions@computershare.com.

Non-registered holders of Alterra Shares that hold their Alterra Shares through a broker, investment dealer or other intermediary should carefully follow the instructions and deadlines from the intermediary that holds such Alterra Shares on their behalf and should contact such intermediary for instructions and assistance in making an election or with any questions about their election. Non-registered holders of Alterra Shares who may have made an election through an intermediary prior to the date of this news release may wish to contact their intermediary prior to the Election Deadline to verify that their election has been made properly.

Any holder of Alterra Shares who fails to properly make an election prior to the Election Deadline (or any extension thereof), or for whom Computershare Trust Company of Canada determines that their election was not properly made with respect to any Alterra Shares, will be deemed to have elected to receive, for each Alterra Share held by such person, the Cash Alternative, subject to proration and rounding. The Cash Alternative and the Share Alternative are each subject to proration provisions, such that the aggregate consideration paid to all Alterra shareholders will consist of approximately 25% in cash and 75% in Innergex common shares. Accordingly, an Alterra shareholder may receive both cash and Innergex common shares in exchange for Alterra Shares regardless of the Alterra shareholder's election to receive the Cash Alternative or Share Alternative. All elections and deposits made under the Letter of Transmittal and Election Form are irrevocable.

The election available in respect of the Cash Alternative or the Share Alternative is an investment decision which carries tax consequences. Moreover, Innergex has agreed to make joint elections with eligible Alterra shareholders in respect of the disposition of their Alterra Shares pursuant to Section 85 of the Income Tax Act (Canada) (and any similar provision of any applicable provincial tax legislation) in accordance with the procedures and within the time limits set out in the Arrangement. Holders of Alterra Shares should consult their investment and tax advisors prior to making their election.

Further information regarding the Arrangement is contained in Alterra's management information circular dated November 14, 2017 (the "Circular"). For further information with respect to the election described above, see the following sections of the Circular: "Arrangement Mechanics - Letters of Transmittal and Election Form" and "Arrangement Mechanics - Procedure for Exchange of Alterra Shares".

Closing of Arrangement

Subject to all closing conditions with respect to the Arrangement being satisfied or waived, it is expected that the Arrangement will be completed in the first quarter of 2018.

About Alterra Power Corp.

Alterra Power Corp. is a global renewable energy company that manages operations of nine power plants totalling 836 MW of hydro, wind, geothermal and solar generation capacity in Canada, the USA and Iceland. Alterra owns a 375 MW share of this capacity, generating over 1,500 GWh of clean power annually.

Alterra is also constructing the 200 MW Flat Top wind project in central Texas, which is expected to be in operation in the first half of 2018 (51% owned by Alterra). Upon the completion of Flat Top, Alterra will operate ten power plants totalling 1,036 MW of capacity and will own a 476 MW share of this capacity, generating almost 2,000 GWh of clean power annually. Alterra also has an extensive portfolio of development projects and a skilled team of developers, builders and operators to support its growth plans.

Alterra trades on the Toronto Stock Exchange under the symbol AXY.

ABOUT INNERGEX RENEWABLE ENERGY INC.

Innergex develops, owns and operates run-of-river hydroelectric facilities, wind farms and solar photovoltaic farms and carries out its operations in Quebec, Ontario and British Columbia, Canada, France and Idaho, U.S. Its portfolio of assets currently consists of interests in 54 operating facilities with an aggregate net installed capacity of 1,124 MW (gross 1,845 MW), including 31 hydroelectric facilities, 22 wind farms and one solar farm and prospective projects with an aggregate net capacity totalling 3,560 MW (gross 3,940 MW). Innergex is rated BBB- by S&P.

Innergex's strategy for building shareholder value is to develop or acquire high-quality facilities that generate sustainable cash flows and provide an attractive risk-adjusted return on invested capital and to distribute a stable dividend.

Innergex trades on the Toronto Stock Exchange under the symbol INE.

Cautionary Note regarding Forward-Looking Statements and Information
This press release contains statements that are "forward-looking information" within the meaning of Canadian securities legislation including, but not limited to, expected timing for completion of the Arrangement; expected timing for completion of Flat Top; and estimates of annual generation.

Forward-looking statements are based on certain key expectations and assumptions made by Alterra, including expectations and assumptions concerning: economic and financial conditions; project performance; the timing of receipt of the requisite regulatory and other third-party approvals for the Arrangement; and success and timely completion of construction efforts at the Flat Top project. Although Alterra believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Alterra can give no assurance that they will prove to be correct.

Since forward-looking statements address future events and conditions, they are by their very nature subject to inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the renewable energy industry in general such as execution of strategy; ability to construct Flat Top on time and within budget; ability to develop Innergex's and Alterra's projects on time and within budget; capital resources; derivative financial instruments; current economic and financial condition; hydrology, wind , geothermal and solar resource regimes; construction, design and development of new facilities; performance of existing projects; equipment failure; interest rate and refinancing risk; currency exchange rates, variation in merchant price of electricity, risks associated with the near-term maturity of Alterra's holding company (Sweden) bond; risks associated with recently announced changes to the U.S. federal tax regime; financial leverage and restrictive covenants; and relationship with public utilities.

There are also risks inherent to the Arrangement, including incorrect assessments of the value of Innergex or Alterra; failure to satisfy the closing conditions; exercise of termination rights by Innergex or Alterra; failure to obtain the requisite regulatory and other third-party approvals, including approval by the Federal Energy Regulatory Commission (FERC) and the Federal Trade Commission. Accordingly, there can be no assurance that the Arrangement will occur, or that it will occur on the terms and conditions, or at the time, contemplated in this news release. The Arrangement could be modified, restructured or terminated. There can also be no assurance that the strategic, operational or financial benefits expected to result from the Arrangement will be realized.

If the Arrangement is not completed, and Alterra continues as a separate entity from Innergex, there are risks that the announcement of the Arrangement and the dedication of substantial resources of Alterra to the completion of the Arrangement could have an impact on its business and strategic relationships (including with future and prospective employees, customers, distributors, suppliers and partners), operating results and businesses generally, and could have a material adverse effect on the current and future operations, financial condition and prospects of Alterra. Furthermore, the failure of Alterra to comply with the terms of the arrangement agreement dated October 30, 2017 with Innergex which governs the Arrangement may, in certain circumstances, result in Alterra being required to pay a fee to Innergex, the result of which could have a material adverse effect on Alterra's financial position and results of operations and its ability to fund growth prospects and current operations.

Alterra is relying on certain assumptions that it believes are reasonable at this time, including assumptions as to the timing of receipt of regulatory and other third-party approvals or consents and the time necessary to satisfy the conditions to the closing of the Arrangement. These dates may change for a number of reasons, including inability to secure necessary regulatory or third-party approvals in a timely manner or the need for additional time to satisfy the conditions to the completion of the Arrangement. Accordingly, readers should not place undue reliance on the forward-looking statements contained in this press release concerning these times.

Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the operations or financial results of Alterra are included in Alterra' annual information form filed with applicable Canadian securities regulators and may be accessed through the SEDAR website (www.sedar.com).

The forward-looking statements contained in this press release are made as of the date hereof and Alterra undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.                                                                                    

SOURCE Alterra Power Corp.

VANCOUVER, Dec. 27, 2017 /PRNewswire/ - Alterra Power Corp. and Inovateus Solar LLC are pleased to announce that the 11 MW Spartan solar project commenced full commercial operations on December 21, 2017. The Spartan project is located above 45 acres of carports at the Michigan State University campus in East Lansing, Michigan, covering over 4,500 parking spaces.

Separately, the project's $19.8 million construction loan was retired on December 22 via a $10.2 million 10-year term loan and a $9.7 million tax equity investment, both provided by 1st Source Bank, a subsidiary of 1st Source Corporation (NASDAQ: SRCE). Under an agreement with Inovateus, Alterra now holds a 100% sponsor equity interest in the project.

Alterra will manage the project, which sells 100% of its power under a 25-year agreement with the Board of Trustees of Michigan State University. Inovateus managed the construction of the project and will also provide operation and maintenance services under a long-term contract.

Jon Schintler, VP of Project Finance & Development at Alterra, said, "We're pleased to complete this project within 2017 – with tremendous thanks to our partners at Michigan State University, 1st Source and Inovateus. We're looking forward to further growth of our US solar business and many successful years delivering clean power to MSU."

"We're excited to reach commercial operations at this project, a culmination of hard work by our entire team and each of our partners," said TJ Kanczuzewski, President of Inovateus. 

About Alterra Power Corp.

Alterra Power Corp. is a global renewable energy company that manages operations of nine power plants totalling 836 MW of hydro, wind, geothermal and solar generation capacity in Canada, the USA and Iceland. Alterra owns a 375 MW share of this capacity, generating over 1,500 GWh of clean power annually.

Alterra is also constructing the 200 MW Flat Top wind project in central Texas, which is expected to be in operation in the first half of 2018 (51% owned by Alterra). Upon the completion of Flat Top, Alterra will operate ten power plants totalling 1,036 MW of capacity and will own a 476 MW share of this capacity, generating almost 2,000 GWh of clean power annually. Alterra also has an extensive portfolio of development projects and a skilled team of developers, builders and operators to support its growth plans.

Alterra trades on the Toronto Stock Exchange under the symbol AXY.

Cautionary Note regarding Forward-Looking Statements and Information
This press release contains statements that are "forward-looking information" within the meaning of Canadian securities legislation including, but not limited to, the future success of the Spartan project's operations, growth of our U.S. solar business, expected timing for completion of Flat Top, and estimates of annual generation.

Forward-looking statements are based on certain key expectations and assumptions made by Alterra, including expectations and assumptions concerning: economic and financial conditions (including tax regulation); project performance; and success and timely completion of construction efforts at the Flat Top project. Although Alterra believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Alterra can give no assurance that they will prove to be correct.

Since forward-looking statements address future events and conditions, they are by their very nature subject to inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the renewable energy industry in general; ability to construct Flat Top on time and within budget; current economic and financial condition (including changes thereto); hydro, wind, geothermal and solar resource regime; construction, design and development of new facilities; performance of existing projects; equipment failure; interest rate and refinancing risk; risks associated with recently announced changes to the U.S. federal tax regime; financial leverage and restrictive covenants; and relationships with public entities.

Alterra is relying on certain assumptions that it believes are reasonable at this time, but each of which is subject to change for any number of reasons. Accordingly, readers should not place undue reliance on the forward-looking statements contained in this press release. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the operations or financial results of Alterra are included in Alterra's annual information form and most recently filed quarterly report, each of which is filed with applicable Canadian securities regulators and may be accessed through the SEDAR website (www.sedar.com).

The forward-looking statements contained in this press release are made as of the date hereof and Alterra undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

SOURCE Alterra Power Corp.

VANCOUVER, Dec. 14, 2017 /PRNewswire/ - Alterra Power Corp. ("Alterra") is pleased to announce that its shareholders have voted overwhelmingly to approve the previously announced plan of arrangement whereby Innergex Renewable Energy Inc. ("Innergex") will acquire all of the issued and outstanding common shares of Alterra (the "Arrangement").

99.89% of the Alterra shares represented at Alterra's special meeting of shareholders held today were voted in favour of the special resolution approving the Arrangement. 

Alterra will apply for a final order of the Supreme Court of British Columbia approving the Arrangement on or about Monday December 18, 2017. Alterra is in the process of obtaining various regulatory approvals and key third party consents. Completion of the Arrangement is expected to occur in the first quarter of 2018.

About Alterra Power Corp.

Alterra Power Corp. is a global renewable energy company that manages operations of eight power plants totalling 825 MW of hydro, wind, geothermal and solar generation capacity in Canada, the USA and Iceland. Alterra owns a 364 MW share of this capacity, generating over 1,500 GWh of clean power annually.

Alterra is also constructing the 200 MW Flat Top wind project in central Texas, which is expected to be in operation in the first half of 2018 (51% owned by Alterra). Upon the completion of Flat Top, Alterra will operate nine power plants totalling 1,025 MW of capacity and will own a 465 MW share of this capacity, generating almost 2,000 GWh of clean power annually. Alterra also has an extensive portfolio of development projects and a skilled team of developers, builders and operators to support its growth plans.

Alterra trades on the Toronto Stock Exchange under the symbol AXY.

Cautionary Note regarding Forward-Looking Statements and Information
This press release contains statements that are "forward-looking information" within the meaning of Canadian securities legislation including, but not limited to, court approval of the Arrangement, expected timing for completion of the Arrangement, expected timing for completion of Flat Top, and estimates of annual generation.

Forward-looking statements are based on certain key expectations and assumptions made by Alterra, including expectations and assumptions concerning: economic and financial conditions; project performance; and the timing of receipt of the requisite court, regulatory and other third-party approvals for the Arrangement. Although Alterra believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Alterra can give no assurance that they will prove to be correct.

Since forward-looking statements address future events and conditions, they are by their very nature subject to inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the renewable energy industry in general such as execution of strategy; ability to develop Innergex's and Alterra's projects on time and within budget; capital resources; derivative financial instruments; current economic and financial condition; hydrology and wind regime; geothermal resources and solar irradiation; construction, design and development of new facilities; performance of existing projects; equipment failure; interest rate and refinancing risk; currency exchange rates; variation in merchant price of electricity; risks associated with the near-term maturity of Alterra's holding company (Sweden) bond; risk that Alterra's on-site and off-site early-stage construction activities will not be sufficient to qualify its wind development projects for the full value of the production tax credits (PTCs); risk that rules, regulation or other guidance may be promulgated in the United States that could jeopardize or otherwise impede the effectiveness of such on-site and off-site early-stage construction activities qualifying such projects for the full value of the PTCs and securing tax equity financing on such basis; risks associated with recently announced proposed changes to U.S. federal tax plans; financial leverage and restrictive covenants; and relationship with public utilities.

There are also risks inherent to the Arrangement, including incorrect assessments of the value of Innergex or Alterra; failure to satisfy the closing conditions; exercise of termination rights by Innergex or Alterra; failure to obtain the requisite court, regulatory and other third-party approvals, including approval by the Federal Energy Regulatory Commission (FERC) and the Federal Trade Commission as well as the Toronto Stock Exchange. Accordingly, there can be no assurance that the Arrangement will occur, or that it will occur on the terms and conditions, or at the time, contemplated in this news release. The Arrangement could be modified, restructured or terminated. There can also be no assurance that the strategic, operational or financial benefits expected to result from the Arrangement will be realized.

If the Arrangement is not completed, and Alterra continues as a separate entity, there are risks that the announcement of the Arrangement and the dedication of substantial resources of Alterra to the completion of the Arrangement could have an impact on its business and strategic relationships (including with future and prospective employees, customers, distributors, suppliers and partners), operating results and businesses generally, and could have a material adverse effect on the current and future operations, financial condition and prospects of Alterra. Furthermore, the failure of Alterra to comply with the terms of the arrangement agreement dated October 30, 2017 with Innergex which governs the Arrangement may, in certain circumstances, result in Alterra being required to pay a fee to Innergex, the result of which could have a material adverse effect on Alterra's financial position and results of operations and its ability to fund growth prospects and current operations.

Alterra is relying on certain assumptions that it believes are reasonable at this time, including assumptions as to the timing of receipt of the court, regulatory and other third-party approvals or consents  and the time necessary to satisfy the conditions to the closing of the Arrangement. These dates may change for a number of reasons, including inability to secure necessary regulatory or court approvals in a timely manner or the need for additional time to satisfy the conditions to the completion of the Arrangement. Accordingly, readers should not place undue reliance on the forward-looking statements contained in this press release concerning these times.

Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the operations or financial results of Alterra are included in Alterra' annual information form and most recently filed quarterly report, each of which is filed with applicable Canadian securities regulators and may be accessed through the SEDAR website (www.sedar.com).

The forward-looking statements contained in this press release are made as of the date hereof and Alterra undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

SOURCE Alterra Power Corp.

TSX: AXY

VANCOUVER, Nov. 16, 2017 /PRNewswire/ - Alterra Power Corp. ("Alterra") announces that it has been granted an interim order from the British Columbia Supreme Court authorizing (a) the holding of a special meeting of Alterra shareholders to consider the proposed plan of arrangement (the "Arrangement") whereby Innergex Renewable Energy Inc. ("Innergex") will acquire all of the issued and outstanding shares of Alterra, (b) the mailing of a management information circular and (c) various other matters relating to the Arrangement.

The special meeting of Alterra shareholders to consider the Arrangement will be held on Thursday, December 14, 2017 at 2:00 p.m. (Vancouver time) in the Cristal Room of the Metropolitan Hotel, 645 Howe Street, Vancouver, British Columbia, V6C 2Y9.  Shareholders of record as of the close of business on November 7, 2017 will be eligible to vote at the special meeting. The Arrangement is subject to approval of at least two thirds of Alterra's common shares represented in person or by proxy at the special meeting.

Alterra has prepared a management information circular with respect to the Arrangement which is being mailed today to shareholders of record. The information circular is also available on SEDAR (www.sedar.com) and the Alterra website (www.alterrapower.ca).

Alterra's board of directors, having received a unanimous recommendation from a special committee comprised solely of independent Alterra directors, has unanimously determined that the Arrangement is in the best interests of Alterra and that the consideration to be received by Alterra's shareholders pursuant to the Arrangement is fair.  The board unanimously recommends that shareholders vote for the Arrangement.

About Alterra Power Corp.

Alterra Power Corp. is a global renewable energy company that manages operations of eight power plants totalling 825 MW of hydro, wind, geothermal and solar generation capacity in Canada, the USA and Iceland. Alterra owns a 364 MW share of this capacity, generating over 1,500 GWh of clean power annually.

Alterra is also constructing the 200 MW Flat Top wind project in central Texas, which is expected to be in operation in the first half of 2018 (51% owned by Alterra). Upon the completion of Flat Top, Alterra will operate nine power plants totalling 1,025 MW of capacity and will own a 465 MW share of this capacity, generating almost 2,000 GWh of clean power annually. Alterra also has an extensive portfolio of development projects and a skilled team of developers, builders and operators to support its growth plans.

Alterra trades on the Toronto Stock Exchange under the symbol AXY.

About Innergex Renewable Energy Inc.

Innergex develops, owns and operates run-of-river hydroelectric facilities, wind farms and solar photovoltaic farms and carries out its operations in Quebec, Ontario and British Columbia, Canada, France and Idaho, U.S. Its portfolio of assets currently consists of: (i) interests in 52 operating facilities with an aggregate net installed capacity of 1,078 MW (gross 1,781 MW), including 31 hydroelectric facilities, 20 wind farms and one solar farm; (ii) interests in two projects under construction with a net installed capacity of 46 MW (gross 66 MW), for which power purchase agreements have been secured; and (iii) prospective projects with an aggregate net capacity totalling 3,560 MW (gross 3,940 MW). Innergex is rated BBB- by S&P.

Innergex's strategy for building shareholder value is to develop or acquire high-quality facilities that generate sustainable cash flows and provide an attractive risk-adjusted return on invested capital and to distribute a stable dividend.

Innergex trades on the Toronto Stock Exchange under the symbol INE.

Cautionary Note regarding Forward-Looking Statements and Information
This press release contains statements that are "forward-looking information" within the meaning of Canadian securities legislation including, but not limited to, shareholder approval of the Arrangement.

Forward-looking statements are based on certain key expectations and assumptions made by Alterra, including expectations and assumptions concerning: economic and financial conditions; project performance; and the timing of receipt of the requisite shareholder, court, regulatory and other third-party approvals for the Arrangement. Although Alterra believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Alterra can give no assurance that they will prove to be correct.

Since forward-looking statements address future events and conditions, they are by their very nature subject to inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the renewable energy industry in general such as execution of strategy; ability to develop Innergex's and Alterra's projects on time and within budget; capital resources; derivative financial instruments; current economic and financial condition; hydrology and wind regime; geothermal resources and solar irradiation; construction, design and development of new facilities; performance of existing projects; equipment failure; interest rate and refinancing risk; currency exchange rates; variation in merchant price of electricity, risk associated with the near term maturity of Alterra's holding company (Sweden) bond; financial leverage and restrictive covenants; and relationship with public utilities.

There are also risks inherent to the Arrangement, including incorrect assessments of the value of Innergex or Alterra; failure to satisfy the closing conditions; exercise of termination rights by Innergex or Alterra; failure to obtain the requisite shareholder, court, regulatory and other third-party approvals, including approval by the Competition Bureau, the Federal Energy Regulatory Commission (FERC), the Federal Trade Commission and similar authorities in other jurisdictions, as well as the Toronto Stock Exchange. Accordingly, there can be no assurance that the Arrangement will occur, or that it will occur on the terms and conditions, or at the time, contemplated in this news release. The Arrangement could be modified, restructured or terminated. There can also be no assurance that the strategic, operational or financial benefits expected to result from the Arrangement will be realized.

If the Arrangement is not completed, and Alterra continues as a separate entity, there are risks that the announcement of the Arrangement and the dedication of substantial resources of Alterra to the completion of the Arrangement could have an impact on its business and strategic relationships (including with future and prospective employees, customers, distributors, suppliers and partners), operating results and businesses generally, and could have a material adverse effect on the current and future operations, financial condition and prospects of Alterra. Furthermore, the failure of Alterra to comply with the terms of the arrangement agreement dated October 30, 2017 with Innergex which governs the Arrangement may, in certain circumstances, result in Alterra being required to pay a fee to Innergex, the result of which could have a material adverse effect on Alterra's financial position and results of operations and its ability to fund growth prospects and current operations.

Alterra is relying on certain assumptions that it believes are reasonable at this time, including assumptions as to the timing of receipt of the shareholder, court, regulatory and other third-party approvals or consents  and the time necessary to satisfy the conditions to the closing of the Arrangement. These dates may change for a number of reasons, including inability to secure necessary regulatory or court approvals in a timely manner or the need for additional time to satisfy the conditions to the completion of the Arrangement. Accordingly, readers should not place undue reliance on the forward-looking statements contained in this press release concerning these times.

Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the operations or financial results of Alterra are included in Alterra' annual information form filed with applicable Canadian securities regulators and may be accessed through the SEDAR website (www.sedar.com).

The forward-looking statements contained in this press release are made as of the date hereof and Alterra undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

SOURCE Alterra Power Corp.

(under IFRS and all amounts in US dollars unless otherwise stated)

VANCOUVER, Nov. 9, 2017 /PRNewswire/ - Alterra Power Corp. (TSX: AXY) ("Alterra" or the "Company") is pleased to report its financial and operating results for the quarter ended September 30, 2017. For further information on these results please see Alterra's Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis ("MD&A").

At September 30, 2017, Alterra consolidated 100% of the results of operations from its Icelandic subsidiary HS Orka, while Alterra's interests in the Toba Montrose, Dokie 1, Shannon, Jimmie Creek, and Kokomo renewable power projects were accounted for as equity investments. In certain statements in this news release, Alterra's results are disclosed as Alterra's "net interest", by which the Company means the operating results that the Company would have reported if each of HS Orka (66.6% through July 27, 2017 and 53.9% thereafter), Toba Montrose (40%), Dokie 1 (25.5%), Shannon (50% sponsor equity interest), Jimmie Creek (51%), and Kokomo (90% sponsor equity interest) were reported in the proportional ownership interests shown above. Management believes that net interest reporting, although a non-IFRS measure, provides the clearest view of Alterra's performance. Refer to our MD&A for further information on non-IFRS measures. The Company also has disclosed information below regarding Adjusted EBITDA, another non-IFRS measure. Please refer to the Company's definition of Adjusted EBITDA and further commentary thereto, which is incorporated in the Financial Results table below (note c).

Highlights for the quarter and subsequent period include:

• Improved generation: Quarterly generation was 95.5% of budget, up from 91.9% in the comparative quarter with strong performance from BC projects partially offsetting low winds at Shannon.
  
  
• Revenue and Adjusted EBITDA: Consolidated revenue increased by 19% to $16.8 million in 2017, and net interest revenue increased by 14% to $32.1 million predominantly due to a strengthening Icelandic krona, increased retail sales, an increase in aluminum prices during the quarter (25% of sales at HS Orka are linked to the price of aluminum), plus increased generation at Toba Montrose along with the inclusion of a full quarter of results from Jimmie Creek (comparative quarter only from August 1, 2016) and Kokomo. Consolidated Adjusted EBITDA and net interest Adjusted EBITDA increased by 13% and 9% respectively to $24.2 million and $20.8 million.
  
  
• Geothermal field improvement at Reykjanes: Recent field enhancement efforts (including wellhead cleaning and adjustments to turbine pressure and reservoir levels) have resulted in increased generation. The Company expects further increases in plant output in 2018 from the drilling of planned new wells and well work-overs. Generation at Reykjanes has been above budget all year except for a plant maintenance outage in September, which resulted in lower than forecast generation during the quarter. The plant is currently generating at 76 MW, the highest output level since second quarter 2016.
  
  
• Completion of Flat Top financing:
  
  
• Project financing completed: On July 19, the Company closed a $287.2 million non-recourse credit facility for Flat Top supplied by Citi, Santander and the Royal Bank of Canada, consisting of a $216.7 million construction loan plus $70.5 million in letters of credit. The loan facility is expected to be retired by a $221.1 million tax equity investment to be supplied by subsidiaries of Berkshire Hathaway Energy and Citi (subject to typical conditions precedent). Alterra's total equity contribution for its 51% equity stake was $43.2 million.
  
  
• New partner: On July 19, the Company entered into a partnership agreement under which a fund managed by BlackRock Real Assets acquired a 49% interest in the project.  Alterra owns 51% and will continue to manage the project.
  
  
• Construction update: Construction continues on schedule and on budget.  Access road construction, excavation and concrete work for turbine foundations, construction of the operations and maintenance building, and delivery and installation of the main power transformer are complete.  Construction of the transmission line is 75% complete, and construction of the substation is expected to be completed by the end of November.  Turbine erection is now underway.  The Company expects commercial operations to commence in the first half of 2018.
  
  
• Acquisition of Jawbone: In September, the Company acquired Jawbone, a 40 MW wind development project located in Kern County, California that is fully zoned for wind-powered generation. The Company commenced construction of the project's main power transformer in 2016 in anticipation of acquiring the asset, and expects the project to qualify for federal production tax credits ("PTC"s) at the full rate. New meteorological towers have been installed on the site.
  
  
• Spartan acquisition and financing completed:
  
  
• Project financing completed: In August, the Company secured a non-recourse project financing for Spartan, an 11 MW solar project under construction in East Lansing, Michigan. The financing features a $19.8 million construction loan, which will be retired upon commercial operations by a $10.2 million term loan and a $9.7 million tax equity investment provided by 1st Source Bank, a subsidiary of 1st Source Corporation, subject to typical conditions precedent and other factors.
  
  
• Initial tax equity funding: On November 6, the first segment of the project achieved mechanical completion, resulting in payment of the first installment of tax equity funding ($1.9 million), which was used to partially repay the construction loan.
  
  
• Construction update: Construction for the project continues on schedule and on budget, with approximately 90% of overall construction complete.  Commissioning and performance testing is expected to occur throughout November to early December.  The project is expected to achieve commercial operations in December, at which point the 25 year power purchase agreement term will commence.
  
  
• $119 million financing completed at HS Orka: On September 14, HS Orka executed a $133.2 million (€112.0 million) corporate loan, subsequently revised down to $119.4 million. The new loan, provided by Arion Bank hf., carries an initial term of five years with options to extend the loan's term up to 18 years. Primary uses of loan proceeds include construction of the Brúarvirkjun project, drilling and other field development activities at Reykjanes, and the retirement of €40.5 million of HS Orka's previously outstanding loans (completed later in September).
  
  
• Settlement of $71 million Icelandic bond: On July 27, the Company's subsidiary Magma Energy Sweden A.B. ("Magma Sweden") settled and extinguished the $70.8 million liability associated with the Reykjanesbær bond. Under the settlement, Magma Sweden also delivered the bond collateral (a 12.7% ownership stake in HS Orka) to the bondholder Fagfjárfestasjóðurinn ORK. The Company recorded a gain of $32.0 million on the debt settlement of which $8.0 million was recorded in the statement of operations and the remaining $24.0 million was recorded directly in equity.
  
  
• Expansion of AMP loan facility: On July 19, the Company received $21.1 million of new funding related to an expansion of its North American holding company loan (provided by affiliates of AMP Capital Investors Limited). The proceeds funded a portion of Alterra's equity contribution for Flat Top. The interest rate for the new tranche is LIBOR plus 5.75% and in conjunction with funding the loan expansion, the interest rate for existing two tranches of the facility was reduced from CDOR plus 6.5% to CDOR plus 5.75%.
  
  
• Distributions: The Company received project distributions during the quarter of C$7.2 million and another C$1.6 million subsequent to quarter-end. The company also received a dividend of $2.3 million that had been declared by HS Orka in 2016.
  
  
• Shareholder dividends: On September 15, the Company paid its regular quarterly cash dividend of C$0.0125 per common share, and subsequent to the quarter approved the next regular dividend (also C$0.0125 per common share), which will be distributed in cash on or about December 15, 2017 to common shareholders of record as of the close of business on November 30, 2017. The Company's dividends are designated as eligible dividends for the purposes of the Income Tax Act (Canada), unless otherwise notified.
  
  
• Acquisition by Innergex Renewable Energy Inc.:  On October 30, 2017, the Company announced that it had entered into an arrangement agreement with Innergex Renewable Energy Inc.  ("Innergex") pursuant to which Innergex is offering to acquire all of the issued and outstanding common shares of the Company ("Alterra Common Shares") by way of a plan of arrangement.  Alterra shareholders will receive, at the election of each such shareholder, either (i) C$8.25 in cash or (ii) 0.5563 common shares of Innergex ("Innergex Common Shares") for each Alterra Common Share, subject in each case to proration, such that the aggregate consideration paid to Alterra shareholders will consist of approximately 25% in cash and 75% in Innergex Common Shares.  The price of C$8.25 per Alterra Common Share represents a premium of 58% to Alterra's 20-day volume weighted average price of C$5.21 on the Toronto Stock Exchange as of October 27, 2017.
  
  Completion of the transaction with Innergex is subject to approval of at least 66.7% of the Alterra Common Shares represented in person or by proxy at a special meeting of the Company's shareholders to be called to consider the transaction (expected to be held on December 14, 2017), and satisfaction of other customary approvals, including key third party consents, regulatory, stock exchange and court approvals. The transaction is expected to close in the first quarter of 2018.
  
  More detailed information concerning the transaction and the special meeting of the Company's shareholders will be included in a management information circular expected to be mailed to Alterra's shareholders on or about November 16, 2017.

Financial Results

The following table shows Alterra's net interest in select operating and financial results for the quarter, in addition to key financial information extracted from the consolidated results ($000):

Consolidated Results

Revenue was $16.8 million for the quarter, up 19% from the comparative quarter predominantly due to foreign exchange, with the Icelandic Krona strengthening in the quarter, in addition to increased retail sales and an increase in aluminum prices.

The Company recorded net income of $51.6 million (comparative quarter $10.4 million), primarily due to the  gain from the sale of 49% of Flat Top, as well as changes in the fair value of derivatives and foreign exchange movements.

Consolidated cash and cash equivalents at September 30, 2017 were $14.0 million of which $6.1 million is held in the Company's Icelandic subsidiary ($31.6 million and $0.3 million, respectively at December 31, 2016). The decrease in consolidated cash is primarily a result of the significant development and construction activities undertaken by the Company during the period.

The Company's consolidated working capital deficit at September 30, 2017 was $51.3 million compared to a working capital deficit of $62.3 million at December 31, 2016. Excluding HS Orka, the Company's consolidated working capital deficit at September 30, 2017 is $35.0 million, resulting primarily from one of the holding company bonds (Sweden) valued at $38.2 million being classified as current at September 30, 2017. Subsequent to the quarter, HS Orka received $8.9 million in additional funding from the $119.4 million Arion loan which was used in part to repay a portion of the short-term credit facility.

Net Interest Results

Alterra's net interest revenue increased by 14% to $32.1 million and net interest Adjusted EBITDA increased 9% to $20.8 million in the current quarter primarily due to increased generation at Toba Montrose and Dokie 1, as well as inclusion of Jimmie Creek generation for the full quarter.

The net interest cash position at September 30, 2017 was $26.6 million.

Operating Results

The Company achieved fleet-wide generation of 95.5% of its budgeted generation (net interest) for the current quarter.

"This is a very exciting time for the Company with the announcement of the acquisition by Innergex and the continued progress of our construction and development projects," said Lynda Freeman, Alterra's CFO. "With Spartan nearly complete and Flat Top well underway, our success of bringing projects in on time and on budget looks set to continue."

Cautionary Note Regarding Forward-Looking Statements and Information

Certain of the statements and information included in this news release constitute forward-looking statements and information within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements or information. This information may involve known and unknown risks, assumptions and uncertainties, and other factors which may cause the Company's actual results, performance or achievements to be materially different from the future results, performance or achievements implied by such statements or information. Specifically, forward-looking statements within this news release relate to, among other things: successful development, financing (including construction debt, tax equity and sponsor interest sales) and construction of all of our pre-operational projects and properties, Alterra's successful acquisition from or partnership with the owners of projects currently owned by other developers, marketing of power and ability to secure power purchase or offtake agreements in respect of the same and the expected timing to implement such agreements; successful development, construction and financing (or achievement of conditions precedent related to equity funding thereto) of the Flat Top wind project, the Spartan solar project, and the Brúarvirkjun hydro project, and the timing of each of the same, timing for commercial operations for the Flat Top, Brúarvirkjun and Spartan projects, the equity ownership expectations of the Spartan project, Alterra's continued management of the Flat Top project, potential to increase production resulting from deep drilling, programs to upgrade, return capacity and develop the Company's geothermal resources, including expectations for further field and plant output improvements and the continued success thereof, estimates of recoverable geothermal energy resources or power generation capacities, the success of Alterra's project acquisition, development and expansion programs and greenfield development efforts, whether the wind development projects actually or ultimately qualify for all, or a portion of, the production tax credits, the number of projects and generation capacity that may ultimately achieve commercial operations, all statements regarding the Company's plans and expectations for the declaration of future dividends, including the timing and amount thereof, the timing of HS Orka distributions, refinancing, repayment or the return of collateral of other the holding company bonds, all statements relating to the potential sale or retention of the Blue Lagoon, including the purchase price in respect thereof, if any, all statements relating to the successful closing of the Innergex Transaction, including the timing, effect, results and completion thereof, the timing of the Company's special meeting and the mailing of the related management information circular, and the final pro-ration of the consideration paid to shareholders upon closing, prospective generation, and management's assumptions related to, and all instances of, forward-looking financial information.

These statements and information reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include, among others, the expected power generation from our operations, the success and timely completion of financing efforts (including satisfaction of conditions precedent to release of capital related thereto), the success and timely completion of planned development, expansion and construction programs, and modeling and budgeting based on historical trends, whether Alterra's on-site and off-site early-stage construction activities will be sufficient to qualify the wind development projects for the full value of the PTCs; rules, regulation or other guidance may be promulgated pursuant to the Internal Revenue Code of 1986 (as the same may be amended, updated or otherwise modified from time to time) that could jeopardize or otherwise impede the effectiveness of such on-site and off-site early-stage construction activities qualifying such projects for the full value of the PTCs and securing tax equity financing on such basis, risks associated with the recently announced proposed changes to the U.S. federal tax plan, including prospective reduction in the corporate tax rate and reduction, retroactive repeal and/or modification of the PTC program, specifically, under certain proposed tax changes this could result in less valuable project capital investment deductions, reduction in tax equity investment appetite and/or a reduction in PTC value for wind projects not yet under construction, each of which could have a material effect on Alterra's financial position and results of operations and its ability to fund growth prospects, that third party transmission infrastructure will be operational within projected timelines, the expected timing for realizing the output capacity of the well, if any, due to the conceptual nature of the deep drilling preliminary output potential, the risk that there has been insufficient testing to define geothermal resource, assumptions concerning temperature and underground fluids, that the Company and its partners will continue to retain the Blue Lagoon, that the Innergex Transaction will proceed to closing as anticipated, including timely receipt of shareholder, court, regulatory and other third party approvals, liquidity risks associated with the near term maturity of the holding company bond (Sweden) and the refinancing or retirement thereof and the failure of the Innergex Transaction to close, expectations and assumptions concerning availability of capital  resources, current conditions and expected future developments. Forward-looking statements and information also involve known and unknown risks that may cause actual results to differ materially from those expressed by such statements or information, and the Company has made assumptions and estimates based on or related to many of these factors. These risks include volatility of renewable energy resources, inherent risks in operating and constructing power plants and development programs related to the same, contractual risks related to credit facilities, partnership and power purchase agreements, prospective power, currency and commodity price fluctuations, the implementation of lower corporate tax rates may impede our ability to obtain sufficient amounts of tax equity investment or achieve desired economic returns, successful development of each of the wind development projects, including the financing thereof and if applicable, completion of third party infrastructure, within a timeframe that permits Alterra to obtain the value of such PTCs with respect to each project, future issuances of equity securities, future declarations of dividends and the amounts thereof, risks related to the financing or refinancing of holding company bonds, health, safety, social and environmental risks, risks inherent to the Innergex Transaction, including satisfaction of the closing conditions thereto, receipt of shareholder, court, regulatory and other third party approvals, whether assessments of value made by Alterra and Innergex are ultimately correct, realization of any strategic, operational or financial benefits from the Innergex Transaction, and timing thereof, risks related to the announcement of the Innergex Transaction and devotion of Company resources to completion of the same, capital resources, derivative financial instruments, interest and exchange rates, financial leverage and restrictive covenants, and risks related to reliance on, and relationships with, third parties (including with respect to transmission). Additional risks, assumptions and influential factors are set out in the Company's management discussion analysis and Alterra's most recent annual information form, copies of which are available on SEDAR at www.sedar.com.

Although the Company has attempted to identify important factors that could cause actual results to differ materially, given the inherent uncertainties in such forward-looking statements and information, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against undue reliance on any such forward-looking statements or information, which apply only as of their dates. Other than as specifically required by law, Alterra undertakes no obligation to update any forward-looking statements or information to reflect new information.

SOURCE Alterra Power Corp.

VANCOUVER, Oct. 27, 2017 /PRNewswire/ - Alterra Power Corp. (TSX: AXY) announces that its results for the quarter ended September 30, 2017 will be released on Thursday, November 9, 2017 after market close. A conference call and live audio webcast to discuss the results will be held on Friday, November 10, 2017 at 12:00 pm ET (9:00 am PT).

Conference Call and Webcast Information for September 30, 2017 Third Quarter Results

SOURCE Alterra Power Corp.

VANCOUVER, Sept. 18, 2017 /PRNewswire/ - Alterra Power Corp. ("Alterra") is pleased to announce the acquisition of Jawbone, a 40 MW wind development project in Kern County, California that is fully zoned for wind-powered generation.

Following a collaborative effort that began over a year ago, Alterra acquired the project from Jawbone Wind Energy, LLC, which is principally owned by Philip and Daniel Rudnick, who will continue to work with Alterra to complete development of the project. Alterra also commenced construction of the Project's main power transformer in 2016, and expects the project to qualify for federal production tax credits (PTCs) at the full rate.

John Carson, Alterra's CEO, said "We're extremely pleased to acquire Jawbone, representing one of the few viable opportunities to build new wind generation in California. We expect to contract the facility over the next twelve months, and begin delivering power in 2020. Our thanks go to the Rudnicks for entrusting their project to Alterra."

About Alterra Power Corp.

Alterra Power Corp. is a global renewable energy company that manages operations of eight power plants totaling 825 MW of hydro, wind, geothermal and solar generation capacity in Canada, the USA and Iceland. Alterra owns a 363 MW share of this capacity, generating over 1,500 GWh of clean power annually.

Alterra is also constructing the 200 MW Flat Top wind project in central Texas, which is expected to be in operation by 1H 2018 (51% owned by Alterra). Upon the completion of Flat Top, Alterra will operate nine power plants totaling 1,025 MW of capacity and will own a 465 MW share of this capacity, generating almost 2,000 GWh of clean power annually. Alterra also has an extensive portfolio of development projects and a skilled team of developers, builders and operators to support its growth plans.

Alterra trades on the Toronto Stock Exchange under the symbol AXY.

Cautionary Note Regarding Forward-Looking Information
Certain statements and information included in this news release are "forward-looking information" within the meaning of applicable securities laws that involve risks and uncertainties. Forward-looking information relates to future events or future performance and reflects management's expectations and beliefs regarding future events as of the date hereof. Examples of forward-looking information in this news release include the successful completion of development milestones and project financing for Jawbone, successful construction of, and achievement of commercial operations by, the Jawbone and Flat Top projects (the "Projects"), satisfaction of conditions precedent to the Flat Top tax equity investment, whether the Projects ultimately qualify for the full portion of PTCs, management's expectations with respect to wind development in California, and Alterra's projected generation. Forward-looking information is based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. Alterra cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking information. Material risk factors and assumptions include: that no tax-related or other rule, regulation or other guidance or government action is promulgated that would jeopardize or otherwise impede the effectiveness of such PTC-qualifying activities (and securing tax equity financing on such basis); whether such activities will be sufficient to qualify Jawbone for the full value of the PTCs; whether actual power generation from our operations meets our expectations; the success and timely completion of construction efforts at the Projects and completion of development milestones at Jawbone; and whether the Jawbone project is placed into service in sufficient time to receive full PTC value; as well as others set out in the management's discussion and analysis section of Alterra's most recent annual and quarterly reports and in Alterra's Annual Information Form for the year ended December 31, 2016. Although Alterra has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate and undue reliance should not be placed on forward-looking information. Except as required by law, Alterra undertakes no obligation to provide subsequent updates with respect to forward-looking information.

SOURCE Alterra Power Corp.

VANCOUVER, Sept. 15, 2017 /PRNewswire/ - Alterra Power Corp. (TSX: AXY) is pleased to announce the execution of a US$133 million (€112 million) refinancing of the corporate loans at its Icelandic subsidiary, HS Orka hf. Primary uses of loan proceeds include construction of the 9.9 MW Brúarvirkjun hydro project, drilling and other field development activities at the Reykjanes geothermal operation, and the retirement of €52 million of currently outstanding loans.

The new loan, provided by Arion Bank, carries an initial term of five years with options for HS Orka to extend the loan's term up to 18 years, subject to meeting certain extension conditions. The loan will be secured by the assets of HS Orka and is non-recourse to Alterra. The loan will fund in tranches upon the fulfillment of certain conditions precedent.

"We are pleased to complete this refinancing, keeping us on track for our planned hydro and geothermal growth in Iceland," said Lynda Freeman, Alterra's CEO. "The new loan will also enable increased dividends to Alterra and HS Orka's other shareholders beginning in 2019."

About Alterra Power Corp.

Alterra Power Corp. is a global renewable energy company that manages operations of eight power plants totaling 825 MW of hydro, wind, geothermal and solar generation capacity in Canada, the USA and Iceland. Alterra owns a 363 MW share of this capacity, generating over 1,500 GWh of clean power annually.

Alterra is also constructing the 200 MW Flat Top wind project in central Texas, which is expected to be in operation by 1H 2018 (51% owned by Alterra). Upon the completion of Flat Top, Alterra will operate nine power plants totaling 1,025 MW of capacity and will own a 465 MW share of this capacity, generating almost 2,000 GWh of clean power annually. Alterra also has an extensive portfolio of development projects and a skilled team of developers, builders and operators to support its growth plans.

Alterra trades on the Toronto Stock Exchange under the symbol AXY.

About HS Orka hf

Alterra owns 53.9% of HS Orka, the largest privately owned power company in Iceland. HS Orka supplies 7% of the country's power needs and approximately 11% of the country's heating needs. Our Svartsengi and Reykjanes power plants comprise 174 MW of geothermal power capacity. We also generate 190 MW of thermal energy for district heating, and we own a 30% interest in the Blue Lagoon, a tourist resort that adjoins our Svartsengi power plant.

About Arion Bank

Arion Bank is a leading Icelandic bank offering universal financial services to companies, institutional investors and individuals. These services include corporate and retail banking, investment banking, capital markets services, treasury services, asset management and comprehensive wealth management for private banking clients.

Cautionary Note Regarding Forward-Looking Information

Certain statements and information included in this news release are "forward-looking information" within the meaning of applicable securities laws that involve risks and uncertainties. Forward-looking information relates to future events or future performance and reflects management's expectations and beliefs regarding future events as of the date hereof. Examples of forward-looking information in this news release include successful achievement of the conditions precedent to fully fund the refinancing; the retirement of the existing loans at HS Orka; the scheduling and successful completion of the Company's expansion and development efforts in respect of the programs funded under the refinancing; the expected use of loan proceeds; the distribution of increased dividends to HS Orka's shareholders beginning in 2019; and Alterra's projected generation. Forward-looking information is based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. Alterra cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking information. Material risk factors and assumptions include whether the actual power generation from our operations meets our expectations; the Company's ability to successfully satisfy the conditions to the full funding of the refinancing; the scheduling and successful completion of the Company's expansion and development efforts in respect of the programs funded under the refinancing; the successful development, permitting, construction and financing of the Brúarvirkjun hydro project; the potential for expansion and development of the Reykjanes facility; the successful satisfaction of regulatory requirements related to any such plans; whether the Company's efforts to further increase generation at the Reykjanes facility will be successful; the ability of HS Orka to disseminate increased dividends to its shareholders beginning in 2019, as well as others set out in the management's discussion and analysis section of Alterra's most recent annual and quarterly reports and in Alterra's Annual Information Form for the year ended December 31, 2016. Although Alterra has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate and undue reliance should not be placed on forward-looking information. Except as required by law, Alterra undertakes no obligation to update any forward-looking information to reflect new information, subsequently or otherwise.

SOURCE Alterra Power Corp.

VANCOUVER, Aug. 8, 2017 /PRNewswire/ - Alterra Power Corp. (TSX: AXY) ("Alterra") and Inovateus Solar LLC ("Inovateus") are pleased to announce the closing of a $19.9 million construction loan facility (all amounts USD) for the Spartan solar project, an 11 MW solar project located on the Michigan State University campus in East Lansing, Michigan.

The loan facility is supplied by 1st Source Bank, a subsidiary of 1st Source Corporation (NASDAQ: SRCE) ("1st Source") and consists of a $19.8 million construction loan plus a $500,000 letter of credit. Concurrently with the construction loan, 1st Source will provide a $9.7 million tax equity investment commitment and a $10.2 million term loan commitment, both of which will be used to retire the construction loan facility upon achievement of commercial operations (each subject to typical conditions precedent). The term loan will have a balloon payment based on a 6-year maturity and 20-year amortization.

Separately, Alterra completed a partnership agreement with Inovateus, under which Alterra will manage the project and hold a majority interest of at least 85% (final partnership allocations are subject to final project economics and other factors).

Alterra expects the Spartan project (currently under construction) to achieve commercial operations in December 2017. Spartan is contracted under a 25-year power purchase agreement with the Board of Trustees of Michigan State University for 100% of plant output. Construction is being managed by Inovateus, who will also provide operations and maintenance services.

"We're pleased to complete this second project with our solar partner Inovateus, and to complete another financing with 1st Source," said Jon Schintler, VP of Project Finance & Development at Alterra. "We look forward to serving Michigan State University for many years and hopefully expanding our Midwest solar operations.

"We are very proud of our entire team on the development of the Spartan project. A special thank you to Michigan State University, along with our partners 1st Source Bank and Alterra for joining us in building a brilliant tomorrow," said TJ Kanczuzewski, President of Inovateus.

About Alterra Power Corp.

Alterra Power Corp. is a global renewable energy company that manages operations of eight power plants totaling 825 MW of hydro, wind, geothermal and solar generation capacity in Canada, the USA and Iceland. Alterra owns a 363 MW share of this capacity, generating over 1,500 GWh of clean power annually.

In addition to Spartan, Alterra is also constructing the 200 MW Flat Top wind project in central Texas, which is expected to be in operation by 1H 2018 (51% owned by Alterra). Upon the completion of Flat Top, Alterra will operate nine power plants totaling 1,025 MW of capacity and will own a 465 MW share of this capacity, generating almost 2,000 GWh of clean power annually. Alterra also has an extensive portfolio of development projects and a skilled team of developers, builders and operators to support its growth plans.

Alterra trades on the Toronto Stock Exchange under the symbol AXY.

About Inovateus Solar

Inovateus Solar is one of the leading solar development, EPC (engineering, procurement and construction) and supply companies in the Midwest United States. Headquartered in South Bend, Indiana, the company has developed and built more than 311 MW of utility, commercial and industrial, and microgrid solar systems in the U.S., the Caribbean and Latin America. With strong roots in the communities it serves, Inovateus is passionately committed to Building A Brilliant Tomorrow™ through the wide-scale deployment of advanced solar and clean energy technologies.

About 1st Source Bank

In a short time since its initial solar investment, 1st Source has already financed over 60 MW_DC of solar power throughout the US, providing developers with both debt and equity financing. 1st Source values partnerships with forward-looking organizations like Alterra and Inovateus as a vital component of its solar strategy. Since 1863, 1st Source, with $5.5 billion in assets, has been committed to the success of the communities it serves with its comprehensive consumer and commercial banking operations in northern Indiana and southwestern Michigan and its specialized financing operations in private and cargo aircraft, construction equipment, and trucks on a national scale.

Cautionary Note Regarding Forward-Looking Information

Certain statements and information included in this news release are "forward-looking information" within the meaning of applicable securities laws that involve risks and uncertainties. Forward-looking information relates to future events or future performance and reflects management's expectations and beliefs regarding future events as of the date hereof. Examples of forward-looking information in this news release include the successful construction of, and achievement of commercial operations by, the Spartan and Flat Top projects; satisfaction of conditions precedent to the tax equity investment and Alterra's projected generation. Forward-looking information is based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. Alterra cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking information. Material risk factors and assumptions include whether the actual power generation from our operations meets our expectations; the success and timely completion of construction efforts at the Spartan and Flat Top projects; achievement of commercial operations at the Spartan and Flat Top projects; Alterra's ability to successfully satisfy the conditions precedent to the tax equity investment; as well as others set out in the management's discussion and analysis section of Alterra's most recent annual and quarterly reports and in Alterra's Annual Information Form for the year ended December 31, 2016. Although Alterra has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate and undue reliance should not be placed on forward-looking information. Except as required by law, Alterra undertakes no obligation to update any forward-looking information to reflect new information, subsequently or otherwise.

SOURCE Alterra Power Corp.

VANCOUVER, Aug. 3, 2017 /PRNewswire/ - Alterra Power Corp. (TSX: AXY) announces that its subsidiary, HS Orka hf, has ended the process regarding the potential sale of HS Orka's 30% ownership interest in the Blue Lagoon tourist resort. Alterra had previously announced that the subsidiary was considering strategic alternatives for the ownership stake, up to and including a full sale. During the sales process, several viable offers were received and HS Orka entered into an exclusivity agreement with a preferred bidder who valued the stake in excess of €90 million (multiple bids were received with valuations above €90 million). Although Alterra was prepared to sell under this preferred offer, Alterra's partner at HS Orka, Jarðvarmi slhf, whose consent was required, decided against selling the stake at this time. HS Orka may revisit the process at a later date.

About Alterra Power Corp.

Alterra Power Corp. is a global renewable energy company that manages eight power plants totaling 825 MW of hydro, wind, geothermal and solar generation capacity in Canada, the USA and Iceland. Following the recently announced adjustment of Alterra's ownership of HS Orka to 53.9%, Alterra will own a 363 MW share of this capacity, generating over 1,500 GWh of clean power annually.

Alterra is also constructing the 200 MW Flat Top wind project in central Texas, which is expected to be in operation by 1H 2018 (51% owned by Alterra). Upon the completion of Flat Top, Alterra will operate nine power plants totaling 1,025 MW of capacity and will own a 465 MW share of this capacity, generating almost 2,000 GWh of clean power annually. Alterra also has an extensive portfolio of development projects and a skilled team of developers, builders and operators to support its growth plans.

Alterra trades on the Toronto Stock Exchange under the symbol AXY and OTC in the United States as MGMXF.

Cautionary Note Regarding Forward-Looking Information
Certain statements and information included in this news release are "forward-looking information" within the meaning of applicable securities laws that involve risks and uncertainties. Forward-looking information relates to future events or future performance and reflects management's expectations and beliefs regarding future events as of the date hereof. Examples of forward-looking information in this news release include annual projected generation at Alterra's power plants. Forward-looking information is based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. Alterra cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking information. Material risk factors and assumptions include those set out in the management's discussion and analysis section of Alterra's most recent annual and quarterly reports and in Alterra's Annual Information Form for the year ended December 31, 2016. Although Alterra has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate and undue reliance should not be placed on forward-looking information. Except as required by law, Alterra undertakes no obligation to update any forward-looking information to reflect new information, subsequently or otherwise.

SOURCE Alterra Power Corp.

TSX : AXY

VANCOUVER, July 28, 2017 /PRNewswire/ - Alterra Power Corp. ("Alterra" or the "Company") announces that its subsidiary, Magma Energy Sweden ("MES"), has entered into an agreement to settle its US$71.3 million non-recourse bond (valued as at June 30). The collateral under the bond, comprising a 12.7% ownership stake of Alterra's Icelandic subsidiary HS Orka hf ("HS Orka"), will be delivered to the bondholder Fagfjárfestasjóðurinn ORK in full and final settlement of MES's obligations under the bond. Completion of the agreement is subject to certain conditions to be satisfied within 60 days and upon completion Alterra's ownership stake in HS Orka will be reduced from 66.6% to 53.9%. Alterra, through MES, will continue managing HS Orka and consolidating its financial results.

Update to Outlook for Years Ended December 31, 2017 and 2018

In conjunction with its release of financial and operating results for the year ended December 31, 2016, Alterra provided an outlook on expected financial and operating results for 2017 and 2018. Following the change in ownership of HS Orka, management expects the following changes to the Company's outlook (all provided on a net interest¹ basis, tabular amounts expressed in thousands of US dollars, except generation).

The revised forecasts reflect the ownership change in HS Orka as of July 2017, including 66.6% HS Orka ownership in the first half of 2017 and 53.9% HS Orka ownership in the second half of 2017 and all of 2018. Results of HS Orka include Adjusted EBITDA from the Blue Lagoon (30% owned by HS Orka) which was also revised following the ownership change in HS Orka. All other assumptions remain unchanged.

About Alterra Power Corp.

Alterra Power Corp. is a global renewable energy company that manages eight power plants totaling 825 MW of hydro, wind, geothermal and solar generation capacity in Canada, the USA and Iceland. Following the transaction, Alterra owns a 363 MW share of this capacity, generating over 1,500 GWh of clean power annually.

Alterra is also constructing the 200 MW Flat Top wind project in central Texas, which is expected to be in operation by 1H 2018 (51% owned by Alterra). Upon the completion of Flat Top, Alterra will operate nine power plants totaling 1,025 MW of capacity and will own a 465 MW share of this capacity, generating almost 2,000 GWh of clean power annually. Alterra also has an extensive portfolio of development projects and a skilled team of developers, builders and operators to support its growth plans.

Alterra trades on the Toronto Stock Exchange under the symbol AXY.

Cautionary Note Regarding Forward-Looking Information
Certain statements and information included in this news release are "forward-looking information" within the meaning of applicable securities laws that involve risks and uncertainties. Forward-looking information relates to future events or future performance and reflects management's expectations and beliefs regarding future events as of the date hereof. Examples of forward-looking information in this news release include the successful completion of the agreement, including satisfaction of the conditions thereunder, annual generation estimates, Alterra's continued management and consolidation of HS Orka's results, the successful construction of, and achievement of commercial operations for, the Flat Top and Spartan projects, satisfaction of conditions precedent to the tax equity investments thereto and all information provided under the Outlook heading. Forward-looking information is based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. Alterra cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking information. Material risk factors and assumptions include the risk that a final settlement of the bond cannot be reached and those set out in the management's discussion and analysis section of Alterra's most recent annual and quarterly reports and in Alterra's Annual Information Form for the year ended December 31, 2016.

Although Alterra has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate and undue reliance should not be placed on forward-looking information. Except as required by law, Alterra undertakes no obligation to update any forward-looking information to reflect new information, subsequently or otherwise.

Cautionary Note Regarding Forward-Looking Financial Information
The information provided in the "Outlook" section of this news release constitutes forward-looking financial information within the meaning of applicable securities laws. Management has provided this information as of the date of this news release in order to assist readers to better understand the expected results and impact of the Company's operating and construction projects expected to be commissioned in the near term. Readers are cautioned that this information may not be appropriate for any other purpose, including investment purposes, and consequently, should not place undue reliance on this information. Forward-looking financial information also constitutes forward-looking statements within the context of applicable securities laws and as such, is subject to the same risks, uncertainties and assumptions as are set out above.

SOURCE Alterra Power Corp.

VANCOUVER, July 26, 2017 /PRNewswire/ - Alterra Power Corp. (TSX: AXY) announces that its results for the quarter ended June 30, 2017 will be released on Thursday, August 10, 2017 after market close. A conference call and live audio webcast to discuss the results will be held on Friday, August 11, 2017 at 11:30 am ET (8:30 am PT).

Conference Call and Webcast Information for June 30, 2017 Second Quarter Results  

SOURCE Alterra Power Corp.

VANCOUVER, July 20, 2017 /PRNewswire/ - Alterra Power Corp. ("Alterra") is pleased to announce the completion of financing for the 200 MW Flat Top wind project and the concurrent advancement of the project into the final phase of construction. Key components of the financing include:

1. Sponsor-Partner Investment: A fund managed by BlackRock Real Assets has acquired a 49% sponsor-partner interest in the project, and will co-own the project with Alterra. Alterra will continue to own 51% of the sponsor equity.
2. $287 Million Construction Loan Facility: Affiliates of Citi, Santander and the Royal Bank of Canada supplied the facility, consisting of a $217 million loan plus letters of credit totaling $71 million (all amounts USD). The facility is secured by project assets and supported by a tax equity investor commitment.
3. $221 Million Commitment from Tax Equity Partners: Subsidiaries of Berkshire Hathaway Energy and Citi have committed to a $221 million investment which will be realized when the project achieves commercial operations, subject to typical conditions precedent. The tax equity investment will retire the construction loan facility.
4. $21 Million Expansion of Holding Company Loan: Alterra has satisfied the final conditions precedent to funding of its expanded loan facility with affiliates of AMP Capital Investors Limited. The proceeds ($21.1 million, gross) funded a portion of Alterra's sponsor equity contribution for the project.

"We're extremely pleased to have our Shannon financing partners join us again at Flat Top, and to welcome a strong, new partner in BlackRock," said John Carson, Alterra's CEO. "We anticipate that the Flat Top project will serve our stakeholders and the State of Texas well, delivering a large amount of clean power into a lesser served portion of the state for years to come."

The 200 MW Flat Top project, located in central Texas is contracted to sell the majority of its power under a 13-year power hedge with an affiliate of Citi. Blattner Energy, Inc. is already mobilized on site and will provide services for the primary construction phase, while an affiliate of Vestas-American Wind Technology, Inc. is supplying the project's wind turbines. The project is expected to achieve commercial operations in the first half of 2018. Alterra originally 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 several wind projects that are currently operating.

About Alterra Power Corp.

Alterra Power Corp. is a global renewable energy company that manages eight power plants totaling 825 MW of hydro, wind, geothermal and solar generation capacity in Canada, the USA and Iceland. Alterra owns a 363 MW share of this capacity, generating over 1,500 GWh of clean power annually.

Alterra is also constructing the 200 MW Flat Top wind project in central Texas, which is expected to be in operation by 1H 2018 (51% owned by Alterra). Upon the completion of Flat Top, Alterra will operate nine power plants totaling 1,025 MW of capacity and will own a 465 MW share of this capacity, generating almost 2,000 GWh of clean power annually. Alterra also has an extensive portfolio of development projects and a skilled team of developers, builders and operators to support its growth plans.

Alterra trades on the Toronto Stock Exchange under the symbol AXY.

Cautionary Note Regarding Forward-Looking Information

Certain statements and information included in this news release are "forward-looking information" within the meaning of applicable securities laws that involve risks and uncertainties. Forward-looking information relates to future events or future performance and reflects management's expectations and beliefs regarding future events as of the date hereof. Examples of forward-looking information in this news release include the successful construction of, and achievement of commercial operations for, the Flat Top project, satisfaction of conditions precedent to the tax equity investment and Alterra's projected generation. Forward-looking information is based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. Alterra cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking information. Material risk factors and assumptions include whether the actual power generation from our operations meets our expectations; the success and timely completion of construction efforts at the Flat Top project; achievement of commercial operations at the Flat Top project; Alterra's ability to successfully satisfy the conditions precedent to the tax equity investment; as well as others set out in the management's discussion and analysis section of Alterra's most recent annual and quarterly reports and in Alterra's Annual Information Form for the year ended December 31, 2016. Although Alterra has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate and undue reliance should not be placed on forward-looking information. Except as required by law, Alterra undertakes no obligation to update any forward-looking information to reflect new information, subsequently or otherwise.

SOURCE Alterra Power Corp.

VANCOUVER, July 13, 2017 /PRNewswire/ - Alterra Power Corp. (TSX: AXY) announces that its subsidiary, Magma Energy Sweden, is in the process of negotiating a final settlement of its US$71.3 million non-recourse bond (valued as at June 30), which matures on July 16, 2017. The collateral under the bond will be delivered to the bondholder (formerly the municipality of Reykjanesbær), a consortium of Icelandic pension funds (Fagfjárfestasjóðurinn ORK) and consists solely of shares of Alterra's Icelandic subsidiary, HS Orka hf comprising a 12.7% ownership stake. Once delivered, Alterra's ownership stake in HS Orka hf will reduce accordingly to 53.9%, and Alterra, through Magma Energy Sweden, will continue managing HS Orka hf and consolidating its financial results.

About Alterra Power Corp.

Alterra Power Corp. is a global renewable energy company that manages eight power plants totaling 825 MW of hydro, wind, geothermal and solar generation capacity in Canada, the USA and Iceland. Following this transaction, Alterra will own a 363 MW share of this capacity, generating over 1,500 GWh of clean power annually. Alterra also has an extensive portfolio of development projects and a skilled team of developers, builders and operators to support its growth plans.

Alterra trades on the Toronto Stock Exchange under the symbol AXY and OTC in the United States as MGMXF.

Cautionary Note Regarding Forward-Looking Information
Certain statements and information included in this news release are "forward-looking information" within the meaning of applicable securities laws that involve risks and uncertainties. Forward-looking information relates to future events or future performance and reflects management's expectations and beliefs regarding future events as of the date hereof. Examples of forward-looking information in this news release include annual generation estimates, Alterra's continued management and consolidation of HS Orka hf's results and Magma Energy Sweden's plans to deliver the collateral as settlement under its Icelandic bond. Forward-looking information is based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. Alterra cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking information. Material risk factors and assumptions include the risk that a final settlement of the bond cannot be reached and those set out in the management's discussion and analysis section of Alterra's most recent annual and quarterly reports and in Alterra's Annual Information Form for the year ended December 31, 2016. Although Alterra has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate and undue reliance should not be placed on forward-looking information. Except as required by law, Alterra undertakes no obligation to update any forward-looking information to reflect new information, subsequently or otherwise.

SOURCE Alterra Power Corp.

VANCOUVER, June 28, 2017 /PRNewswire/ - Alterra Power Corp. (TSX: AXY) is pleased to announce the expansion of its loan facility with affiliates of AMP Capital Investors Limited. The net proceeds, approximately US$20.6 million, will be used as part of Alterra's sponsor equity contribution for the Flat Top wind project. The expanded facility will be secured by and supported by cash flows from Alterra's projected 51% ownership stake in the Flat Top project, in addition to security and cash flow support the facility currently receives from Alterra's interests in the Toba Montrose, Jimmie Creek and Dokie projects. The loan expansion will fund in conjunction with the completion of the Flat Top project financing, which Alterra expects to occur within the next few weeks. Alterra also expects to sell down a 49% interest in the project to a sponsor-partner.

The 200 MW Flat Top project, located in central Texas is contracted to sell the majority of its power under a 13-year power hedge with an affiliate of Citi. The project has previously contracted with affiliates of Vestas-American Wind Technology, Inc. for turbine supply and maintenance and Blattner Energy, Inc. for construction services. The project is expected to achieve commercial operations in the first half of 2018.

About Alterra Power Corp.

Alterra Power Corp. is a global renewable energy company that manages eight power plants totaling 825 MW of hydro, wind, geothermal and solar generation capacity in Canada, the USA and Iceland. Alterra owns a 385 MW share of this capacity, generating over 1,700 GWh of clean power annually. Alterra also has an extensive portfolio of development projects and a skilled team of developers, builders and operators to support its growth plans.

Alterra trades on the Toronto Stock Exchange under the symbol AXY and OTC in the United States as MGMXF.

Cautionary Note Regarding Forward-Looking Information
Certain statements and information included in this news release are "forward-looking information" within the meaning of applicable securities laws that involve risks and uncertainties. Forward-looking information relates to future events or future performance and reflects management's expectations and beliefs regarding future events as of the date hereof. Examples of forward-looking information in this news release include the successful development and financing (including construction debt, tax equity and sponsor interest sales) of the Flat Top project, successful achievement of the Flat Top financial closing (and effectiveness of the power hedge), release of the AMP loan facility expansion funds, and commercial operations for the Flat Top project and prospective generation. Forward-looking information is based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. Alterra cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking information. Material risk factors and assumptions include whether the actual power generation from our operations meets our projections; the success and timely completion of financing efforts (including construction debt, tax equity and sponsor interest sales) of the Flat Top project; the success and timely completion of planned development and construction efforts at the Flat Top project; Alterra's ability to successfully satisfy the conditions precedent to the Flat Top project financing, power hedge and the AMP loan facility expansion; the timeline for development, financing, construction and commercial operations of the Flat Top project; as well as others set out in the management's discussion and analysis section of Alterra's most recent annual and quarterly reports and in Alterra's Annual Information Form for the year ended December 31, 2016. Although Alterra has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate and undue reliance should not be placed on forward-looking information. Except as required by law, Alterra undertakes no obligation to update any forward-looking information to reflect new information, subsequently or otherwise.

SOURCE Alterra Power Corp.

VANCOUVER, May 26, 2017 /PRNewswire/ - Alterra Power Corp. (TSX: AXY) is pleased to announce the signing, via a wholly-owned project subsidiary, of a 13-year power hedge agreement with an affiliate of Citi for its 200 MW Flat Top wind project. Alterra expects the financing and partnership arrangements for the project to be completed within the next few weeks, marking commencement of the project's primary construction phase. The project is expected to achieve commercial operations in the first half of 2018.

The project, located in central Texas, has previously contracted with affiliates of Vestas-American Wind Technology, Inc. for turbine supply and maintenance and Blattner Energy, Inc. for construction services.

About Alterra Power Corp.

Alterra Power Corp. is a global renewable energy company that manages eight power plants totaling 825 MW of hydro, wind, geothermal and solar generation capacity in Canada, the USA and Iceland. Alterra owns a 385 MW share of this capacity, generating over 1,700 GWh of clean power annually. Alterra also has an extensive portfolio of development projects and a skilled team of developers, builders and operators to support its growth plans.

Alterra trades on the Toronto Stock Exchange under the symbol AXY and OTC in the United States as MGMXF.

Cautionary Note Regarding Forward-Looking Information
Certain statements and information included in this news release are "forward-looking information" within the meaning of applicable securities laws that involve risks and uncertainties. Forward-looking information relates to future events or future performance and reflects management's expectations and beliefs regarding future events as of the date hereof. Examples of forward-looking information in this news release include the successful development and financing (including construction debt, tax equity and sponsor interest sales) of the Flat Top project, successful achievement of financial closing (and effectiveness of the power hedge) and commercial operations for the Flat Top project and prospective generation. Forward-looking information is based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. Alterra cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking information. Material risk factors and assumptions include whether the expected power generation from our operations; the success and timely completion of financing efforts (including construction debt, tax equity and sponsor interest sales) of the Flat Top project; the success and timely completion of planned development and construction efforts at the Flat Top project; Alterra's ability to successfully satisfy the conditions precedent to the power hedge; the timeline for development, financing, construction and commercial operations of the Flat Top project; as well as others set out in the management's discussion and analysis section of Alterra's most recent annual and quarterly reports and in Alterra's Annual Information Form for the year ended December 31, 2016. Although Alterra has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate and undue reliance should not be placed on forward-looking information. Except as required by law, Alterra undertakes no obligation to update any forward-looking information to reflect new information, subsequently or otherwise.

SOURCE Alterra Power Corp.

Vancouver, May 16, 2017 /PRNewswire/ - Alterra Power Corp. (TSX: AXY) announces that following several unsolicited expressions of interest, its subsidiary HS Orka hf will examine strategic alternatives for its 30% ownership interest in the Blue Lagoon tourist resort, up to and including a full sale.

Ross Beaty, Alterra's Executive Chairman, said "The Blue Lagoon has grown substantially over the last several years, attracting significant investor attention from Iceland and elsewhere. Since the asset does not comprise a core part of our renewable power business, we think it's time to look at our options."

Stöplar Advisory in Iceland (www.stoplar.com) has been engaged to communicate with potential investors and administer the process.

About Alterra Power Corp.
Alterra Power Corp. is a global renewable energy company that manages eight power plants totaling 825 MW of hydro, wind, geothermal and solar generation capacity in Canada, the USA and Iceland. Alterra owns a 385 MW share of this capacity, generating over 1,700 GWh of clean power annually. Alterra also has an extensive portfolio of development projects and a skilled team of developers, builders and operators to support its growth plans.

Alterra trades on the Toronto Stock Exchange under the symbol AXY.

About HS Orka hf
Alterra owns 66.6% of HS Orka, the largest privately owned energy company in Iceland. HS Orka supplies 7% of the country's power needs and approximately 11% of the country's heating needs. Installed geothermal power capacity is 174 MW from the Svartsengi and Reykjanes power plants. In addition, HS Orka generates 190 MW of thermal energy for district heating. The Blue Lagoon resort, 30%-owned by HS Orka, adjoins our Svartsengi power plant in Iceland.

Cautionary Note Regarding Forward-Looking Information

Certain statements and information included in this news release are "forward-looking information" within the meaning of applicable securities laws that involve risks and uncertainties. Forward-looking information relates to future events or future performance and reflects management's expectations and beliefs regarding future events as of the date hereof. Examples of forward-looking information in this news release include the possibility of HS Orka hf effecting a full sale of the 30% Blue Lagoon interest. Forward-looking information is based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. Alterra cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking information. Material risk factors and assumptions include whether HS Orka hf will be successful in pursuing strategic alternatives around the Blue Lagoon interest, in addition to those set out in the management's discussion and analysis section of Alterra's most recent annual and quarterly reports and in Alterra's Annual Information Form for the year ended December 31, 2016. Although Alterra has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate and undue reliance should not be placed on forward-looking information. Except as required by law, Alterra undertakes no obligation to update any forward-looking information to reflect new information, subsequently or otherwise.

SOURCE Alterra Power Corp.

(under IFRS and all amounts in US dollars unless otherwise stated)

VANCOUVER, May 11, 2017 /PRNewswire/ - Alterra Power Corp. (TSX: AXY) ("Alterra" or the "Company") is pleased to report its financial and operating results for the quarter ended March 31, 2017. For further information on these results please see Alterra's Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis ("MD&A").

At March 31, 2017, Alterra consolidated 100% of the results of operations from its Icelandic subsidiary HS Orka, while Alterra's interests in the Toba Montrose, Dokie 1, Shannon, Jimmie Creek, and Kokomo renewable power projects were accounted for as equity investments. In certain statements in this news release, Alterra's results are disclosed as Alterra's "net interest", by which the Company means the effective portion of operating results that the Company would have reported if each of HS Orka (66.6%), Toba Montrose (40%), Dokie 1 (25.5%), Shannon (50% sponsor equity interest), Jimmie Creek (51%), and Kokomo (90% sponsor equity interest). Management believes that net interest reporting, although a non-IFRS measure, provides the clearest view of Alterra's performance. Refer to our MD&A for further information on non-IFRS measures. The Company also has disclosed information below regarding Adjusted EBITDA, another non-IFRS measure. Please refer to the Company's definition of Adjusted EBITDA and further commentary thereto, which is incorporated in the Financial Results table below.

Highlights for the quarter and subsequent period include:

• Revenue and Adjusted EBITDA: Consolidated revenue increased by 22% to $18.2 million in 2017, and net interest revenue increased by 19% to $16.6 million, predominantly due to increased retail sales and an increase in aluminum prices during the quarter at HS Orka (21% of sales at HS Orka are linked to the price of aluminum), and increased unit pricing received at Shannon under its power hedge. Adjusted EBITDA increased over 2% on a consolidated and net interest basis to $6.6 million and $4.4 million, respectively, primarily due to increased unit pricing at Shannon.
  
  
• Fleet generation: The Company achieved fleet-wide generation of 97.0% of its budgeted generation (net interest) for the current quarter. 
  
  
• Geothermal field improvement at Reykjanes: Field enhancement efforts (including well venting and turbine pressure adjustments) have achieved positive results, arresting the previous generation decline and resulting in increased generation compared to the fourth quarter of 2016.  The Company expects further field and plant output improvement from the drilling of planned new wells, well work-overs, and potentially from the recent deep drilling project well drilled in Iceland.
  
  
• Completion of potential high output well at Reykjanes field: A deep drilling program at Reykjanes was completed in January 2017 ("IDDP 2"), reaching a depth of 4,650 meters, making it the deepest well drilled in Iceland. Initial well readings (427^oC temperature, 340 bars pressure) indicate supercritical conditions at the base of the well. Based on these early readings, if IDDP 2 is able to be utilized for electric production, it may produce as much as 30-50 MW of electrical output at the Reykjanes plant. The final production potential for the well will not be known until late 2018 after further tests and research are completed.
  
  
• 200 MW Flat Top wind project:
  
  
• Offtake: The Company is currently negotiating a power hedge as Flat Top's primary revenue contract and anticipates the agreement to be finalized in the second quarter of 2017.
  
  
• Project financing: The Company has agreed to terms and entered exclusivity with lenders and tax equity providers to provide 100% of the Flat Top project financing, and the drafting of definitive documents for the financing is nearly complete. The Company also plans on selling a 49% project partnership interest in conjunction with closing project financing, and has advanced to late-stage negotiations with select parties.
  
  
• Acquisition of Boswell Springs:
  
  
• In April, the Company acquired a 320 MW portfolio of wind development projects located in Albany County, Wyoming. The Company expects the project to achieve commercial operations in 2020, selling 100% of its output under a 20-year power purchase agreement with Rocky Mountain Power. The Company commenced construction of the project's main power transformers in 2016 in anticipation of closing the acquisition in 2017, and the project is expected to qualify for production tax credits at the full rate. 
  
  
• The Company anticipates capital costs to be in-line with current industry standard for a project of this size and will be advancing the project in the normal course, with permitting, transmission and other customary project development-related work still to be completed.  The Company expects that the project will generate approximately $20.0 million of Adjusted EBITDA per year over the first five full years of operations. This estimate of Adjusted EBITDA constitutes a "forward-looking statement" and "forward-looking financial information", subject to the cautionary notes discussed herein. Readers are cautioned that actual results may vary materially from this forward-looking financial information.
  
  
• Advancement of other USA wind projects: The Company continued advancement of several other wind projects in its USA development portfolio (comprised of projects that are owned and projects subject to cooperation with other developers), including resource and transmission studies, submissions into offtake requests for proposals and other development activities.
  
  
• Spartan: Preliminary construction for the 13.5MW_DC solar project in East Lansing, Michigan ("Spartan") commenced in March 2017, and commercial operations are expected to commence in the fourth quarter.  The project will sell 100% of its power to Michigan State University for 25 years.  Alterra will co-own the project with Inovateus Solar, LLC on completion of project financing, which is expected in mid-2017.  The Company anticipates owning at least 85% of the project at closing.
  
  
• Distributions: The Company received distributions during the quarter from equity investments of $1.7 million and another $0.2 million subsequent to quarter-end. HS Orka declared a dividend of which the Company's share is $2.5 million and is expected to be paid in 2017.
  
  
• Shareholder dividends: A quarterly cash dividend of C$0.0125 per common share was paid on March 15, 2017.  Subsequent to March 31, 2017, the Company approved a quarterly dividend in the amount of C$0.0125 per common share.  The cash dividend will be distributed on or about June 15, 2017, to holders of record of common shares as of the close of business on May 31, 2017.

Financial Results

The following table shows Alterra's net interest in select operating and financial results for the quarter, in addition to key financial information extracted from the consolidated results.

Consolidated Results

Revenue was $18.2 million for the quarter, up 22% from the comparative quarter predominantly due to increased retail sales, an increase in aluminum prices during the quarter at HS Orka and favourable exchange rate movements.

The Company recorded a net loss of $0.3 million (comparative quarter $2.0 million loss), primarily due to non-cash changes including changes in the fair value of derivatives and bonds payable, and income tax expense along with finance costs.

Consolidated cash and cash equivalents at March 31, 2017 were $21.5 million of which $1.4 million is held in the Company's Icelandic subsidiary ($31.6 million and $0.3 million, respectively at December 31, 2016).  The decrease in consolidated cash is primarily a result of development and construction activities.

The Company's consolidated working capital deficit at March 31, 2017 was $77.5 million compared to a working capital deficit of $62.3 million at December 31, 2016. Excluding HS Orka, the Company's consolidated working capital deficit at March 31, 2017 was $55.4 million compared to a working capital deficit of $43.3 million at December 31, 2016, resulting primarily from one of the holding company bonds (Sweden) valued at $64.7 million being classified as current at March 31, 2017 ($60.0 million at December 31, 2016) and the Flat Top contingent developer fee of $9.9 million, which is expected to be paid at financial close with proceeds from project financing. Excluding the impact of these items, the Company would have had a positive working capital balance of $19.2 million at March 31, 2017.

Net Interest Results

Alterra's net interest revenue increased by $2.7 million to $16.6 million and net interest Adjusted EBITDA increased 2.2% to $4.4 million primarily due to increased retail sales and an increase in aluminum prices during the quarter, and increased unit pricing received at Shannon under its power hedge (the comparative quarter output received merchant pricing which was exceptionally low due to historically low natural gas prices) partially offset by the low generation at Toba Montrose.

The net interest cash position at March 31, 2017 was $28.0 million.

Operating Results

The Company achieved fleet-wide generation of 97.0% of its budgeted generation (net interest) for the current quarter. 

• Budgeted amounts include planned maintenance outages.

"While generation was down against the comparative quarter, resource utilization from our operating assets remained strong," said Lynda Freeman, CFO of Alterra. "2017 continues to be a year of growth, and we are looking forward to the next phase with Flat Top and Spartan expected to close project financing shortly"

Results of Annual General and Special Meeting

Alterra is also pleased to announce that, at its annual general and special meeting of shareholders held on May 11, 2017 (the "Meeting"), all nominees listed in the management information circular dated March 29, 2017, were re-elected as directors of the Company. The report of the vote by ballot is as follows:

By a majority vote, PricewaterhouseCoopers LLP was also re-appointed as the Company's auditors at the Meeting.

By a majority vote, the shareholders approved changes to the Company's stock option plan, all as more particularly described in the Company's management information circular dated March 29, 2017.

A formal report on voting results from the Meeting will be filed on Alterra's public profile at www.sedar.com in due course.

Cautionary Note Regarding Forward-Looking Statements and Information

Certain of the statements and information included in this news release constitute forward-looking statements and information within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements or information. This information may involve known and unknown risks, assumptions and uncertainties, and other factors which may cause the Company's actual results, performance or achievements to be materially different from the future results, performance or achievements implied by such statements or information. Specifically, forward-looking statements within this news release relate to, among other things: successful development, financing (including construction debt, tax equity and sponsor interest sales) and construction of our pre-operational projects and properties, Alterra's successful acquisition from or partnership with the owners of projects currently owned by other developers, marketing of power and ability to secure power purchase or offtake agreements in respect of the same and the expected timing to implement such agreements; successful development, construction and financing of the Flat Top wind project, the Spartan solar project and the Boswell Springs wind project, and the timing of each of the same, potential to increase production resulting from deep drilling, programs to upgrade and develop the Company's geothermal resources, including expectations for further field and plant output improvements and the continued success thereof, estimates of recoverable geothermal energy resources or power generation capacities, the success of Alterra's project acquisition, development and expansion programs and greenfield development efforts, all statements regarding the Company's plans and expectations for the declaration of future dividends, including the timing and amount thereof, whether the wind development projects actually or ultimately qualify for all, or a portion of, the production tax credits, the number of projects and generation capacity that may ultimately achieve commercial operations, Alterra's successful acquisition from or partnership with the owners of projects currently owned by other developers, the success of Alterra's project acquisition and greenfield development efforts, prospective generation, and management's assumptions related to, and all instances of, forward-looking financial information.

These statements and information reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include, among others, the expected power generation from our operations, the success and timely completion of financing efforts, the success and timely completion of planned development, expansion and construction programs, and modeling and budgeting based on historical trends, whether Alterra's on-site and off-site early-stage construction activities will be sufficient to qualify the wind development projects for the full value of the PTCs; rules, regulation or other guidance may be promulgated pursuant to the Internal Revenue Code of 1986 (as the same may be amended, updated or otherwise modified from time to time) that could jeopardize or otherwise impede the effectiveness of such on-site and off-site early-stage construction activities qualifying such projects for the full value of the PTCs and securing tax equity financing on such basis, our use of proceeds from any equity financings is as currently forecasted, that third party transmission infrastructure will be operational within projected timelines, the expected timing for realizing the output capacity of the well, if any, due to the conceptual nature of the deep drilling preliminary output potential, the risk that there has been insufficient testing to define geothermal resource, assumptions concerning temperature and underground fluids, current conditions and expected future developments. Forward-looking statements and information also involve known and unknown risks that may cause actual results to differ materially from those expressed by such statements or information, and the Company has made assumptions and estimates based on or related to many of these factors. These risks include volatility of renewable energy resources, inherent risks in operating and constructing power plants and development programs related to the same, contractual risks related to credit facilities, partnership and power purchase agreements, prospective power, currency and commodity price fluctuations, the implementation of lower corporate tax rates may impede our ability to obtain sufficient amounts of tax equity investment or achieve desired economic returns, successful closing of the acquisition of certain of the wind development projects including without limitation successful completion of due diligence on such projects, negotiation of definitive purchase agreements, satisfaction or waiver of all conditions precedent thereto and the approval of Alterra's Board of Directors, future issuances of equity securities, health, safety, social and environmental risks and risks related to reliance on third parties (including with respect to transmission).  Additional risks, assumptions and influential factors are set out in the Company's management discussion analysis and Alterra's most recent annual information form, copies of which are available on SEDAR at www.sedar.com.

Although the Company has attempted to identify important factors that could cause actual results to differ materially, given the inherent uncertainties in such forward-looking statements and information, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against undue reliance on any such forward-looking statements or information, which apply only as of their dates. Other than as specifically required by law, Alterra undertakes no obligation to update any forward-looking statements or information to reflect new information.

Cautionary Note Regarding Forward-Looking Financial Information

Certain information provided in this press release constitutes forward-looking financial information within the meaning of applicable securities laws. Management has provided this information as of the date of this document in order to assist readers to better understand the expected results and impact of Alterra's operating, construction and development projects. Readers are cautioned that this information may not be appropriate for any other purpose, including investment purposes, and consequently, should not place undue reliance on this information. Readers are further cautioned to review the full description of risks, uncertainties and management's assumption in the Company's most recent Management's Discussion and Analysis available on SEDAR at www.sedar.com. Forward-looking financial information also constitutes forward-looking statements within the context of applicable securities laws and as such, is subject to the same risks, uncertainties and assumptions as are set out in the cautionary note above.

SOURCE Alterra Power Corp.

VANCOUVER, May 2, 2017 /PRNewswire/ - Alterra Power Corp. (TSX: AXY) announces that its results for the quarter ended March 31, 2017 will be released on Thursday, May 11, 2017 after market close. A conference call and live audio webcast to discuss the results will be held on Friday, May 12, 2017 at 11:30 am ET (8:30 am PT).

Conference Call and Webcast Information for March 31, 2017 First Quarter Results

SOURCE Alterra Power Corp.

VANCOUVER, April 19, 2017 /PRNewswire/ - Alterra Power Corp. ("Alterra") is pleased to announce the acquisition of the Boswell Springs wind project, a 320 MW portfolio of wind development projects located in Albany County, Wyoming (the "Project").

Alterra expects the Project to achieve commercial operations in 2020, selling 100% of its output under 20-year power purchase agreements with Rocky Mountain Power, a division of PacifiCorp.

Alterra commenced construction of the Project's main power transformers in 2016, and expects the Project to qualify for US renewable electricity production tax credits (PTCs) at the full rate.

Alterra acquired the Project from Intermountain Wind, LLC ("Intermountain Wind"), along with certain of its partners and affiliates. Intermountain was advised in the transaction by Houlihan Lokey, Inc.

Paul Rapp, Alterra's VP of Project Development, said, "We're pleased to complete this next major step in our growth plans, culminating over a year of cooperation with the original developer, Intermountain Wind. This acquisition further establishes our USA growth trajectory and the realization of our wind project PTC qualification plans."

Paul Martin, President of Intermountain Wind, said "After over ten years of development, we are excited to have identified Alterra as the right partner to facilitate the completion of the Project. When operational, it will provide clean, cost effective power to consumers in the Rocky Mountain region while producing significant tax revenues and other economic benefits for Wyoming." Mr. Martin will continue to provide service and support for the Project over the next two years while continuing to develop the Intermountain Wind project portfolio.

About Alterra Power Corp.

Alterra Power Corp. is a global renewable energy company that manages eight power plants totaling 825 MW of hydro, wind, geothermal and solar generation capacity in Canada, the USA and Iceland. Alterra owns a 385 MW share of this capacity, generating over 1,700 GWh of clean power annually. Alterra also has an extensive portfolio of development projects and a skilled team of developers, builders and operators to support its growth plans.

Alterra trades on the Toronto Stock Exchange under the symbol AXY and OTC in the United States as MGMXF.

About Intermountain Wind, LLC

Intermountain Wind, LLC is a developer of electrical generation and transmission projects. Based in Boulder, Colorado, the company is developing several projects with a potential of approximately 1,000 MW of generation capacity and more than 500 miles of high voltage transmission lines.

Cautionary Note Regarding Forward-Looking Information
Certain statements and information included in this news release are "forward-looking information" within the meaning of applicable securities laws that involve risks and uncertainties. Forward-looking information relates to future events or future performance and reflects management's expectations and beliefs regarding future events as of the date hereof. Examples of forward-looking information in this news release include whether the Project actually or ultimately qualifies (and whether Alterra's other projects ultimately qualify) for all, or a portion of, the PTCs, whether the power purchase agreements are accepted by the Wyoming Public Service Commission, the benefits Wyoming realizes from the Project's operations, and whether and when the Project ultimately achieves commencement of construction, commercial operations, and the sale of power under the power purchase agreements for the full 320 MW projected capacity. Statements regarding Intermountain Wind's activities and future projects also contain forward-looking information, for which Alterra is not responsible. Forward-looking information is based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. Alterra cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking information. Material risk factors and assumptions include whether Alterra's off-site construction activities will be sufficient to qualify the Project for the full value of the PTCs; that no rule, regulation or other guidance is promulgated pursuant to the Internal Revenue Code of 1986 (as the same may be amended, updated or otherwise modified from time to time) that would jeopardize or otherwise impede the effectiveness of such on-site and off-site project activities qualifying the Project for the full value of the PTCs and securing tax equity financing on such basis; that no other government action is taken that could result, directly or indirectly, in the same effect on Alterra's qualification of the Project for PTCs; the accuracy of current estimated generation capacity, the sufficiency of the wind resource for each such project and the satisfactory completion of development milestones, including remaining permitting work, acquisition of property rights and third party transmission-related activities, within a timeframe that permits Alterra to obtain the full value of PTCs; as well as others set out in the management's discussion and analysis section of Alterra's most recent annual and quarterly reports and in Alterra's Annual Information Form for the year ended December 31, 2015. Although Alterra has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate and undue reliance should not be placed on forward-looking information. Except as required by law, Alterra undertakes no obligation to update any forward-looking information to reflect new information, subsequently or otherwise.

SOURCE Alterra Power Corp.

(under IFRS and all amounts in US dollars unless otherwise stated)

VANCOUVER, March 15, 2017 /PRNewswire/ - Alterra Power Corp. (TSX: AXY) ("Alterra" or the "Company") is pleased to report its financial and operating results for the year ended December 31, 2016. For further information on these results please see Alterra's Consolidated Financial Statements and Management's Discussion and Analysis ("MD&A").

At December 31, 2016, Alterra consolidated 100% of the results of operations from its Icelandic subsidiary HS Orka, while Alterra's interests in the Toba Montrose, Jimmie Creek, Dokie 1, Shannon and Kokomo renewable power projects were accounted for as equity investments. In certain statements in this news release, Alterra's results are disclosed as Alterra's "net interest", by which the Company means the effective portion of operating results that the Company would have reported if each of HS Orka (66.6%), Toba Montrose (40%), Jimmie Creek (51%), Dokie 1 (25.5%), Shannon (50% sponsor equity interest), Kokomo (93.8% sponsor equity interest), and Soda Lake (100% until Soda Lake was sold on January 30, 2015) had been reported in accordance with Alterra's actual share of ownership at December 31, 2016 and for the year then ended. Management believes that net interest reporting, although a non-IFRS measure, provides the clearest view of Alterra's performance. Refer to our MD&A for further information on non-IFRS measures. The Company also has disclosed information below regarding Adjusted EBITDA, another non-IFRS measure. Please refer to the Company's definition of Adjusted EBITDA and further commentary thereto, which is incorporated in the Financial Results table below.

Highlights for the year and subsequent period include:

• Revenue and Adjusted EBITDA: Consolidated revenue increased by 5% to $60.8 million and net interest revenue increased by 12% to $80.1 million due to the addition of the Shannon and Jimmie Creek projects as well as foreign exchange. Adjusted EBITDA increased by 5% on a consolidated and net interest basis to $48.5 million and $39.0 million respectively, primarily due to the addition of the Shannon and Jimmie Creek projects.
  
  
• Reduced resource in 2016: Hydro generation was well above plan again in 2016; however, significantly lower than average wind speeds across much of North America affected the Shannon and Dokie 1 projects, combined with reduced resource availability at the Reykjanes field, resulted in net interest generation of 92.7% of budget.
  
  
• Iceland results:
  
  
  • Potential high output well at Reykjanes field: A deep drilling program at Reykjanes was completed in January 2017, reaching a depth of 4,650 meters, making it the deepest drilled well in Iceland. Based on initial well readings, if the well is able to be utilized for electric production, it may produce as much as 30-50 MW of output, which would be directed to the Reykjanes plant. The final potential will not be known until late 2018, following further tests and research.
  • Favourable arbitration results: In November 2016, HS Orka received positive results from an arbitration concerning the validity of a power purchase agreement with Norðurál Helguvík ehf. The arbitration panel determined that the power purchase agreement has lapsed due to certain circumstances, and therefore is at an end. HS Orka is now free to develop other projects and sell generation under new PPAs.
  • Financing activities:
    • Extension of holding company bond: In July 2016, the Company reached an agreement with the bondholders of an ISK-denominated bond ($60.0 million as of December 31) to extend the maturity of the bond by one year to July 2017, with an increase in coupon from 3.5% to 5.0%.
    • Refinancing of OR bond: In October, the Company refinanced the $71.7 million bond originally held by Reykjavik Energy ("OR") into two tranches. In the first tranche, held by OR, the principal was reduced to $36.0 million, with an increase in coupon from 1.5% to 5%, and maturity was extended to April 2018. The second $35.7 million tranche, maturing in 2021, was issued to Alterra's Executive Chairman, Ross J. Beaty, and carries an 8.5% coupon. Both tranches carry no amortization and have no recourse to the Company, with security consisting solely of approximately 17% and 15% of the outstanding shares of HS Orka respectively.
    • Retirement of other bonds: In December, the Company retired two smaller bonds held by Icelandic municipalities totaling $2.5 million.
      
      
• Jimmie Creek commercial operations achieved: Jimmie Creek commenced commercial operations on August 1 on time and under budget by approximately $4.0 million. The project is now selling 100% of its power to the British Columbia Hydro and Power Authority under a 40-year power purchase agreement ("PPA") that expires in 2056.
  
  
• Kokomo commercial operations achieved: On December 29, the 7 MW_DC Kokomo solar project commenced commercial operations and is now selling 100% of its output under a 20-year PPA with Duke Energy Indiana, Inc. Alterra owned 93.8% of the project at December 31 along with its partner, a subsidiary of Inovateus Solar, LLC ("Inovateus").
  
  
• 200 MW Flat Top wind project:
  
  
  • Turbine purchase / service agreement: Alterra completed agreements with Vestas Systems A/s ("Vestas") under which Vestas will supply 100 V110-2.0 MW wind turbines and provide maintenance services for 10 years.
  • Construction contractor: The Company completed a construction services agreement with Blattner Energy, Inc., a top-tier EPC contractor with local area familiarity.
  • Offtake: Alterra is currently negotiating a power hedge as Flat Top's primary revenue contract, and anticipates agreement on terms shortly.
  • Project financing: The Company has agreed to terms and entered exclusivity with three lenders and a tax equity provider to provide 100% of the Flat Top project financing. The Company also plans on selling a 49% project partnership interest in conjunction with closing project financing, and has advanced to late-stage negotiations with select parties.
  • Interconnection security: In 2016, the Company placed a total of $7.6 million in security deposits in preparation for construction of the project substation (with the same transmission service provider as Shannon).
  • Commencement of construction: In December 2016, the Company commenced certain on- and off-site construction activities designed to qualify the project for production tax credits ("PTCs").
    
    
• 13.5 MW_DC Spartan PV 1 solar project: In October 2016, the Company and Inovateus completed a partnership agreement to develop a 13.5 MW_DC solar project in East Lansing, Michigan ("Spartan PV 1"), with Alterra expected to hold a minimum ownership of 85%. Spartan PV 1 will sell 100% of its power to the Board of Trustees of Michigan State University for 25 years. The project commenced preliminary construction in March 2017 and is expected to achieve commercial operations later in the year.
  
  
• USA wind projects: In 2016, the Company commenced on-site and off-site early-stage construction activities intended to qualify several wind projects for PTCs, with the estimated generation capacity for the qualifying projects between 1,200-1,700 MW, including Flat Top. The group of projects consist of projects fully owned by Alterra as well as projects owned by other wind developers with whom Alterra is working toward project acquisition or partnership.
  
  
• Completion of equity financings: In October, the Company completed two equity financings, consisting of a bought deal and concurrent private placement, issuing 11,322,463 common shares at a price of C$6.00 per share, with gross proceeds of C$67.9 million.
  
  
• Distributions: The Company received distributions during the year from equity investments of $15.1 million and another C$2.1 million subsequent to year end.
  
  
• Commencement of dividends to shareholders: The Company's Board of Directors approved a shareholder dividend plan in August 2016, under which the Company plans to issue C$0.05 per common share each year, on a quarterly basis (C$0.0125 per share per quarter). The first quarterly dividend was paid in December, and the second dividend has been approved for payment on or about March 15, 2017 (record date: February 28, 2017).

Financial Results

The following table shows Alterra's net interest in select operating and financial results for the year, in addition to key financial information extracted from the consolidated results.

Consolidated Results

Revenue was $60.8 million for the year, up 5% from the comparative year predominantly due to foreign exchange movements.

The Company recorded a net loss of $1.1 million, an improvement from the comparative year ($17.3 million loss), primarily due to non-cash changes including the fair value of derivatives, foreign exchange and tax expense.

Consolidated cash and cash equivalents at December 31, 2016 was $31.6 million of which $0.3 million is held in the Company's Icelandic subsidiary ($10.3 million and $6.4 million, respectively at December 31, 2015).  The increase in consolidated cash was primarily due to funds raised from the October 2016 equity financings and operating earnings, partially offset by development spend and repayment of loans at HS Orka.

The Company's consolidated working capital deficit at December 31, 2016 was $62.3 million compared to a working capital deficit of $123.3 million at December 31, 2015.  The working capital deficit was primarily due to a $60.0 million ISK denominated holding company bond being classified as short-term (the bond is set to mature in July) and a $9.8 million developer fee for the Flat Top project, which is expected to be payable at financial close with proceeds from project financing.  Excluding these items, the Company would have had a positive working capital balance of $7.5 million at December 31, 2016. The Company has retained an advisor and is currently in refinancing discussions for the ISK denominated holding company bond.  Should the Company be unable or elect not to refinance the bond, and returns the shares held as collateral, the Company would own 53.9% of HS Orka and would continue to consolidate its results.

Net Interest Results

Alterra's net interest revenue increased by $8.5 million to $80.1 million primarily due to generation from Shannon and Jimmie Creek, and foreign exchange movements. Net interest Adjusted EBITDA increased 5% to $39.0 million primarily due to earnings from Shannon and Jimmie Creek.

The net interest cash position at December 31, 2016 was $44.4 million.

Operating Results

The Company achieved 92.7% of its budgeted generation for the year (99.6% in 2015), reflecting lower resource availability across the assets in 2016.

Outlook

For the 2017 and 2018, management expects the Company to achieve (net interest):

"Though lower resource availability was a headwind for us last year, we were pleased to continue our company growth by commencing operations at Jimmie Creek and completing our first full year at Shannon" said John Carson, Alterra's CEO. "We plan to continue this rapid growth in 2017, as we expect to begin primary construction for Flat Top and other projects and we continue to advance our other development assets."

Cautionary Note Regarding Forward-Looking Statements and Information

Certain of the statements and information included in this news release constitute forward-looking statements and information within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements or information. This information may involve known and unknown risks, assumptions and uncertainties, and other factors which may cause the Company's actual results, performance or achievements to be materially different from the future results, performance or achievements implied by such statements or information. Specifically, forward-looking statements within this news release relate to, among other things: successful development, financing (including construction debt, tax equity and sponsor interest sales) and construction of our pre-operational projects and properties, Alterra's successful acquisition from or partnership with the owners of projects currently owned by other developers, the success of Alterra's project acquisition, development and expansion programs and greenfield development efforts, all statements regarding the Company's plans and expectations for the declaration of future dividends, including the timing and amount thereof, whether the wind development projects actually or ultimately qualify for all, or a portion of, the production tax credits, prospective generation, results of operations, and financial position, and the information found under the heading "Outlook".

These statements and information reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include, among others, the expected power generation from our operations, the success and timely completion of planned development, expansion and construction programs, and modeling and budgeting based on historical trends, whether Alterra's on-site and off-site early-stage construction activities will be sufficient to qualify the wind development projects for the full value of the PTCs; rules, regulation or other guidance may be promulgated pursuant to the Internal Revenue Code of 1986 (as the same may be amended, updated or otherwise modified from time to time) that could jeopardize or otherwise impede the effectiveness of such on-site and off-site early-stage construction activities qualifying such projects for the full value of the PTCs and securing tax equity financing on such basis, our use of proceeds from any equity financings is as currently forecasted, the expected timing for realizing the output capacity of the well, if any, due to the conceptual nature of the deep drilling preliminary output potential, the risk that there has been insufficient testing to define geothermal resource, assumptions concerning temperature and underground fluids, current conditions and expected future developments. Forward-looking statements and information also involve known and unknown risks that may cause actual results to differ materially from those expressed by such statements or information, and the Company has made assumptions and estimates based on or related to many of these factors. These risks include volatility of renewable energy resources, inherent risks in operating and constructing power plants and development programs related to the same, contractual risks related to credit facilities, partnership and power purchase agreements, prospective power, currency and commodity price fluctuations, the implementation of lower corporate tax rates may impede our ability to obtain sufficient amounts of tax equity investment or achieve desired economic returns, successful closing of the acquisition of certain of the wind development projects including without limitation successful completion of due diligence on such projects, negotiation of definitive purchase agreements, satisfaction or waiver of all conditions precedent thereto and the approval of Alterra's Board of Directors, future issuances of equity securities, health, safety, social and environmental risks and risks related to reliance on third parties.  Additional risks, assumptions and influential factors are set out in the Company's management discussion analysis and Alterra's most recent annual information form, copies of which are available on SEDAR at www.sedar.com.

Although the Company has attempted to identify important factors that could cause actual results to differ materially, given the inherent uncertainties in such forward-looking statements and information, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against undue reliance on any such forward-looking statements or information, which apply only as of their dates. Other than as specifically required by law, Alterra undertakes no obligation to update any forward-looking statements or information to reflect new information.

Cautionary Note Regarding Forward-Looking Financial Information

The information provided in the "Outlook" section of this news release constitutes forward-looking financial information within the meaning of applicable securities laws. Management has provided this information as of the date of this news release in order to assist readers to better understand the expected results and impact of the Company's operating and construction projects expected to be commissioned in the near term. Readers are cautioned that this information may not be appropriate for any other purpose, including investment purposes, and consequently, should not place undue reliance on this information. Forward-looking financial information also constitutes forward-looking statements within the context of applicable securities laws and as such, is subject to the same risks, uncertainties and assumptions as are set out above.

SOURCE Alterra Power Corp.

VANCOUVER, Feb. 27, 2017 /PRNewswire/ - Alterra Power Corp. (TSX: AXY) ("Alterra") announces that its 66.6% owned Icelandic subsidiary, HS Orka hf, today released audited financial and operating results for the year ended December 31, 2016. HS Orka's financial statements are prepared in accordance with International Financial Reporting Standards (as adopted by the European Union), are reported in Icelandic krónur (ISK), and can be found at http://www.hsorka.is.

Highlights for the year ended December 31, 2016 include (all amounts in US$):

• Generation: HS Orka fleet generation decreased 9% to 1,122,418 MWh primarily due to the previously announced generation decrease at the Reykjanes field, which is being mitigated through a field re-injection program and other means. Generation has stabilized over the last quarter of the year.
  
  
• EBITDA: $19.8 million of Adjusted EBITDA (and $9.4 million of gross profit) in 2016 (2015: $22.3 million and $15.0 million, respectively), with the decline primarily related to an increased cost of sales per power purchases undertaken in light of the lower output at Reykjanes.
  
  
• Revenue: Increased by 6% to $58.9 million due to strong retail sales and favorable exchange rates, partially offset by lower aluminum based contract sales and lower sales of geothermal water due to unusually warm weather in 2016.
  
  
• Net income: Increased to $25.7 million (2015: net loss of $1.9 million) primarily due to an increase in aluminum futures price which drove a non-cash gain of $20.2 million in the fair value of the embedded derivative in power purchase agreements (2015: non-cash loss of $24.7 million). 
  
  
• Research and development expense: $2.1 million of costs were associated with the deep drilling program at Reykjanes. Drilling was completed in January 2017 reaching a depth of 4,650 meters, making it the deepest well drilled in Iceland. Initial well readings (427ºC temperature, 340 bars pressure) indicate supercritical conditions at the base of the well, comprising significantly higher energy content versus conventional high-temperature geothermal steam. The well will undergo further temperature, pressure and other tests for approximately 12 to 24 months.
  
  
• Dividends received: HS Orka received a dividend of $3.3 million in the year from Blue Lagoon ehf. (2015: $2.7 million).
  
  
• Blue Lagoon: HS Orka's share of income from associates (primarily related to Blue Lagoon ehf.) decreased to $7.8 million (2015 - $8.9 million) due to the recognition of a $2.0 million dilution gain in 2015. Excluding the dilution gain, equity income increased by 13% from the prior year. 
  
  
• Debt paydown: HS Orka continues to use cash from operating activities to pay down loans and borrowings, with repayments of $18.2 million in 2016 (2015: $17.5 million) and a loan balance outstanding at year-end of $59.3 million. HS Orka is currently in late stage negotiations with potential lenders for a loan to more fully accommodate working capital needs plus provide expansion capital.

Summary financial information with respect to the operations of HS Orka is as follows:

Alterra will include the results of HS Orka together with all applicable fair value adjustments applied as a result of its acquisition of control of HS Orka in August 2010, in its consolidated results to be released on March 15, 2017.

About HS Orka

Alterra owns 66.6% of HS Orka, the largest privately owned energy company in Iceland. HS Orka supplies 7% of the country's power needs and approximately 11% of the country's heating needs. Installed geothermal power capacity is 174 MW from the Svartsengi and Reykjanes power plants. In addition, HS Orka generates 190 MW of thermal energy for district heating. HS Orka also owns a 30% interest in the Blue Lagoon, a tourist resort that adjoins our Svartsengi power plant in Iceland.

About Alterra Power Corp.

Alterra Power Corp. is a leading global renewable energy company, operating eight power plants totaling 825 MW of generation capacity including British Columbia's largest run-of-river hydro facility, a wind farm in Northern British Columbia, the recently completed Shannon and Jimmie Creek projects, two geothermal facilities in Iceland and a solar facility in Indiana. Alterra owns a 385 MW share of this capacity, generating over 1,700 GWh of clean power annually. Alterra also has an extensive portfolio of exploration and development projects and a skilled team of developers, builders and operators to support its growth plans.

Alterra trades on the Toronto Stock Exchange under the symbol AXY.

Cautionary Note regarding Forward-Looking Statements and Information

Certain statements and information included in this news release are "forward-looking information" within the meaning of applicable securities laws that involve risks and uncertainties. Forward-looking information relates to future events or future performance and reflects management's expectations and beliefs regarding future events as of the date hereof. Examples of forward-looking information in this news release include the success of the field re-injection program, fluctuations in retail sales and exchange rates, results of the deep drilling program, HS Orka's successful closing on a working and expansion capital loan, HS Orka's business prospects and growth opportunities and the annual generation of our projects. Forward-looking information is based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. Alterra cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking information. Material risk factors and assumptions include the expected timing for realizing favourable results of the re-injection and deep drilling programs, the imprecise nature of estimation of renewable power resources or power generation output and recoveries, including the difficulty in assessment until a geothermal resource is actually accessed and tested by production wells, assumptions concerning and fluctuations related to, temperature and composition of underground fluids, risks and assumptions related to fluctuations in commodity and exchange rates, risks related to additional financing to achieve growth and development, in addition to those set out in the management's discussion and analysis section of Alterra's most recent annual and quarterly reports and in Alterra's Annual Information Form for the year ended December 31, 2015. Although Alterra has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate and undue reliance should not be placed on forward-looking information. Except as required by law, Alterra undertakes no obligation to update any forward-looking information to reflect new information, subsequently or otherwise.

SOURCE Alterra Power Corp.

VANCOUVER, Feb. 21, 2017 /PRNewswire/ - Alterra Power Corp. (TSX: AXY) ("Alterra" or the "Company") will release its audited results for the year ended December 31, 2016 on Wednesday, March 15, 2017 after market close. A conference call and live audio webcast to discuss the results will be held on Thursday, March 16, 2017 at 11:30 am ET (8:30 am PT).

Separately, the Board of Directors has approved a quarterly cash dividend in the amount of C$0.0125 per common share. The cash dividend will be distributed on or about Wednesday, March 15, 2017, to holders of record of common shares as of the close of business on Tuesday, February 28, 2017. Alterra's dividends are designated as eligible dividends for the purposes of the Income Tax Act (Canada), unless otherwise notified.

Conference Call and Webcast Information for December 31, 2016 Year End Results

About Alterra Power Corp.

Alterra Power Corp. is a leading global renewable energy company, operating eight power plants totaling 825 MW of generation capacity including British Columbia's largest run-of-river hydro facility, a wind farm in northern British Columbia, the recently completed Shannon and Jimmie Creek projects, two geothermal facilities in Iceland and a solar facility in Indiana. Alterra owns a 385 MW share of this capacity, generating over 1,700 GWh of clean power annually. Alterra also has an extensive portfolio of exploration and development projects and a skilled team of developers, builders and operators to support its growth plans.

Alterra trades on the Toronto Stock Exchange under the symbol AXY.

Cautionary Note Regarding Forward-Looking Information                                     

Certain statements and information included in this news release are "forward-looking information" within the meaning of Canadian securities laws that involve risks and uncertainties. Forward-looking information relates to future events or future performance and reflects management's expectations and beliefs regarding future events as of the date hereof. Examples of forward-looking information in this news release include statements regarding, plans or expectations for the declaration of future dividends and the amount thereof, the timing and success of our growth and development programs, and the annual generation of Alterra's projects. Forward-looking information is based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. Alterra cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking information. Material risk factors and assumptions include the expected power generation and resource availability from our operations is as estimated, our ability or inability to obtain financing or refinancing to pursue our growth strategy and business plans on favourable terms, project operating risks, availability of future cash flows, ability to meet corporate law requirements and board approval of, future dividends, as well as those set out in the management's discussion and analysis section of Alterra's most recent annual and quarterly reports and in Alterra's Annual Information Form for the year ended December 31, 2015. Although Alterra has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate and undue reliance should not be placed on forward-looking information. Except as required by law, Alterra undertakes no obligation to update any forward-looking information to reflect new information, subsequently or otherwise.

SOURCE Alterra Power Corp.

VANCOUVER, Feb. 9, 2017 /PRNewswire/ - Alterra Power Corp. is pleased to announce successful completion of the deep drilling program at its Icelandic subsidiary HS Orka's Reykjanes geothermal field. Hole IDDP2 was completed at a record depth of 4,650 meters. Initial well readings (427°C temperature, 340 bars pressure) indicate supercritical conditions at the base of the well, comprising significantly higher energy content versus conventional high-temperature geothermal steam.

Based on these early readings, if the well is able to be utilized for electric production, it may produce as much as 30-50 MW of output, which would be directed to HS Orka's Reykjanes plant. The final production potential for the well will not be known until late 2018 after further tests and research.

Ásgeir Margeirsson, CEO of HS Orka, said, "We're pleased to complete this well with such remarkable early-stage results. We expect the final down-well temperatures to be much higher than 427°C, which could lead to production capacity of several regular geothermal wells."

Ross Beaty, Alterra's Executive Chairman, said, "I congratulate our strong Icelandic team and their partners for this successful landmark program. This deep drilling program has profound significance for our own energy output and growth opportunities at Reykjanes and for other geothermal operations in Iceland and elsewhere."

HS Orka led the deep drilling program in collaboration and joint funding with Statoil, two other Icelandic power companies and the Icelandic National Energy Authority. Grants for the program were also received from the European Union and others.

Further information about the Iceland deep drilling project is available on the HS Orka and Alterra websites.

About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company, operating eight power plants totaling 825 MW of generation capacity including British Columbia's largest run-of-river hydro facility and largest wind farm, the recently completed Shannon and Jimmie Creek projects, two geothermal facilities in Iceland and a solar facility in Indiana. Alterra owns a 385 MW share of this capacity, generating over 1,700 GWh of clean power annually. Alterra also has an extensive portfolio of exploration and development projects and a skilled team of developers, builders and operators to support its growth plans.

Alterra trades on the Toronto Stock Exchange under the symbol AXY.

About HS Orka hf
Alterra owns 66.6% of HS Orka, the largest privately owned energy company in Iceland. HS Orka supplies 7% of the country's power needs and approximately 11% of the country's heating needs. Installed geothermal power capacity is 174 MW from the Svartsengi and Reykjanes power plants. In addition, HS Orka generates 190 MW of thermal energy for district heating. HS Orka also owns a 30% interest in the Blue Lagoon, a tourist resort that adjoins our Svartsengi power plant in Iceland.

Cautionary Note Regarding Forward-Looking Information

Certain statements and information included in this news release are "forward-looking information" within the meaning of applicable securities laws that involve risks and uncertainties. Forward-looking information relates to future events or future performance and reflects management's expectations and beliefs regarding future events as of the date hereof. Examples of forward-looking information in this news release include the potential for and amount of future power output from the newly drilled well, the ability to successfully tie such potential power into the Reykjanes plant, the expectation of higher down-well temperatures, the potential impact on future drilling programs and growth opportunities. Forward-looking information is based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. Alterra cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking information. Material risk factors and assumptions include the expected timing for realizing the output capacity of the well, if any, the imprecise nature of estimation of renewable power resources or power generation output and recoveries, including the difficulty in assessment until a geothermal resource is actually accessed and tested by production wells, assumptions concerning and fluctuations related to, temperature and composition of underground fluids, risks related to additional financing to achieve growth and development, in addition to those set out in the management's discussion and analysis section of Alterra's most recent annual and quarterly reports and in Alterra's Annual Information Form for the year ended December 31, 2015. Although Alterra has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate and undue reliance should not be placed on forward-looking information. Except as required by law, Alterra undertakes no obligation to update any forward-looking information to reflect new information, subsequently or otherwise.

SOURCE Alterra Power Corp.

VANCOUVER, Feb. 1, 2017 /PRNewswire/ - Alterra Power Corp. ("Alterra") is pleased to announce the dismissal of the British Columbia action filed by Norðurál Helguvik ehf ("Norðurál") against Alterra regarding the 2007 power sales contract between Alterra's Icelandic subsidiary, HS Orka hf and Norðurál. The action was dismissed on January 27 by agreement of the parties.

John Carson, CEO of Alterra, commented: "The dismissal of this action, combined with the favorable arbitration results we received in late 2016, closes the final chapter in this longstanding dispute between the parties and significantly expands our growth capabilities in Iceland."

About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company, operating eight power plants totaling 825 MW of generation capacity including British Columbia's largest run-of-river hydro facility and largest wind farm, the recently completed Shannon and Jimmie Creek projects, two geothermal facilities in Iceland and a solar facility in Indiana. Alterra owns a 385 MW share of this capacity, generating over 1,700 GWh of clean power annually. Alterra also has an extensive portfolio of exploration and development projects and a skilled team of developers, builders and operators to support its growth plans.

Alterra trades on the Toronto Stock Exchange under the symbol AXY.

About HS Orka
Alterra owns 66.6% of HS Orka, the largest privately owned energy company in Iceland. HS Orka supplies 7% of the country's power needs and approximately 11% of the country's heating needs. Installed geothermal power capacity is 174 MW from the Svartsengi and Reykjanes power plants. In addition, HS Orka generates 190 MW of thermal energy for district heating. HS Orka also owns a 30% interest in the Blue Lagoon, a tourist resort that adjoins our Svartsengi power plant in Iceland.

Cautionary Note Regarding Forward-Looking Information
Certain statements and information included in this news release are "forward-looking information" within the meaning of applicable securities laws that involve risks and uncertainties. Forward-looking information relates to future events or future performance and reflects management's expectations and beliefs regarding future events as of the date hereof. Examples of forward-looking information in this news release include management's expectations regarding any expansion of our growth capabilities in Iceland and the annual generation of our projects. Forward-looking information is based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. Alterra cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking information. Material risk factors and assumptions include those risks customarily associated with litigation, risk that growth in Iceland does not occur as planned as well as others set out in the management's discussion and analysis section of Alterra's most recent annual and quarterly reports and in Alterra's Annual Information Form for the year ended December 31, 2015. Although Alterra has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate and undue reliance should not be placed on forward-looking information. Except as required by law, Alterra undertakes no obligation to update any forward-looking information to reflect new information, subsequently or otherwise.

SOURCE Alterra Power Corp.

VANCOUVER, Jan. 11, 2017 /PRNewswire/ - Alterra Power Corp. ("Alterra") is pleased to announce that in 2016 it commenced on-site and off-site project activities intended to qualify several wind projects for USA renewable tax incentives (production tax credits, or "PTCs"), including the 200 MW Flat Top project.

The estimated generation capacity for the qualifying projects is between 1,200-1,700 MW, with intended project locations in multiple states. The group of projects consist of projects fully owned by Alterra as well as projects owned by other wind developers with whom Alterra is working toward project acquisition or partnership.

"We've made significant progress this year stocking our pipeline with early and late-stage development projects," said John Carson, Alterra's CEO. "We intend to continue our project acquisition and greenfield development efforts in 2017."

About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company, operating eight power plants totaling 825 MW of generation capacity including British Columbia's largest run-of-river hydro facility and largest wind farm, the recently completed Shannon and Jimmie Creek projects, two geothermal facilities in Iceland and a solar facility in Indiana. Alterra owns a 385 MW share of this capacity, generating over 1,700 GWh of clean power annually. Alterra also has an extensive portfolio of exploration and development projects and a skilled team of developers, builders and operators to support its growth plans.

Alterra trades on the Toronto Stock Exchange under the symbol AXY.

Cautionary Note Regarding Forward-Looking Information
Certain statements and information included in this news release are "forward-looking information" within the meaning of applicable securities laws that involve risks and uncertainties. Forward-looking information relates to future events or future performance and reflects management's expectations and beliefs regarding future events as of the date hereof. Examples of forward-looking information in this news release include whether the projects actually or ultimately qualify for all, or a portion of, the PTCs, the number of projects and generation capacity that may ultimately achieve commercial operations, Alterra's successful acquisition from or partnership with the owners of the projects currently owned by other developers, and the success of Alterra's project acquisition and greenfield development efforts in 2017. Forward-looking information is based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. Alterra cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking information. Material risk factors and assumptions include whether Alterra's on-site and off-site project activities will be sufficient to qualify the aforementioned projects for the full value of the PTCs; that no rule, regulation or other guidance is promulgated pursuant to the Internal Revenue Code of 1986 (as the same may be amended, updated or otherwise modified from time to time) that would jeopardize or otherwise impede the effectiveness of such on-site and off-site project activities qualifying such projects for the full value of the PTCs and securing tax equity financing on such basis; that no other government action is taken that could result, directly or indirectly, in the same effect on Alterra's qualification of such projects for the PTCs; the implementation of lower corporate tax rates may impede our ability to obtain sufficient amounts of tax equity investment; the accuracy of current estimated generation capacity, the sufficiency of the wind resource for each such project and the satisfactory resolution of related development milestones; successful closing of the acquisition of certain of the aforementioned projects including without limitation successful completion of due diligence on such projects, negotiation of definitive purchase agreements, satisfaction of all conditions precedent thereto and the approval of Alterra's board of directors; successful development of each of the aforementioned projects, including the financing thereof, within a timeframe that permits Alterra to obtain the value of such PTCs with respect to each project; whether wind resources are sufficient to generate enough electricity to support completion of the projects; the success of Alterra's growth and development programs; Alterra's discretion in the use of proceeds from any equity financings; as well as others set out in the management's discussion and analysis section of Alterra's most recent annual and quarterly reports and in Alterra's Annual Information Form for the year ended December 31, 2015. Although Alterra has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate and undue reliance should not be placed on forward-looking information. Except as required by law, Alterra undertakes no obligation to update any forward-looking information to reflect new information, subsequently or otherwise.

SOURCE Alterra Power Corp.

VANCOUVER, Jan. 5, 2017 /PRNewswire/ - Alterra Power Corp. (TSX: AXY) is pleased to announce the execution of several project contracts at Flat Top, a 200 MW wind development project in central Texas. Contracts executed within the last week include:

• Turbine supply agreement with Vestas-American Wind Technology, Inc. to supply 100 V110-2.0 MW wind turbines, which are part of the Vestas 2 MW turbine platform, one of the most well-proven turbines in the industry;
• 10-year service and maintenance agreement with Vestas, which provides similar services at Alterra's Dokie wind farm; and
• Construction services agreement with Blattner Energy, Inc., a top-tier EPC contractor that built the nearby Logan's Gap wind farm.

Alterra is also currently negotiating a power hedge as Flat Top's primary revenue contract.

Paul Rapp, Alterra's VP of Wind said, "The execution of these contracts positions us well to finance Flat Top and enter the primary construction phase later this year. We look forward to working with Vestas and Blattner as strong partners to ensure the project comes online successfully in the first half of 2018."

About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company, managing eight power plants totaling 825 MW of generation capacity including British Columbia's largest run-of-river hydro facility and largest wind farm, the recently completed Shannon and Jimmie Creek projects, and two geothermal facilities in Iceland and a solar facility in Indiana. Alterra owns a 385 MW share of this capacity, generating over 1,700 GWh of clean power annually. Alterra also has an extensive portfolio of exploration and development projects and a skilled team of developers, builders and operators to support its growth plans.

Alterra trades on the Toronto Stock Exchange under the symbol AXY.

Cautionary Note Regarding Forward-Looking Information
Certain statements and information included in this news release are "forward-looking information" within the meaning of applicable securities laws that involve risks and uncertainties. Forward-looking information relates to future events or future performance and reflects management's expectations and beliefs regarding future events as of the date hereof. Examples of forward-looking information in this news release include expectations regarding the future performance of the Vestas V100-2.0 MW wind turbines, Alterra's ability to successfully secure financing and a power hedge for the Flat Top project, each on satisfactory terms, including the timing thereof, Alterra's ability to successfully satisfy the respective conditions precedent thereto, the timeline for development, construction and commercial operations of the Flat Top project and management's expectations regarding Alterra's annual generation. Forward-looking information is based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. Alterra cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking information. Material risk factors and assumptions include Alterra's ability to execute a suitable revenue contract at the Flat Top project and obtain project financing, as well as those set out in the management's discussion and analysis section of Alterra's most recent annual and quarterly reports and in Alterra's Annual Information Form for the year ended December 31, 2015. Although Alterra has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate and undue reliance should not be placed on forward-looking information. Except as required by law, Alterra undertakes no obligation to update any forward-looking information to reflect new information, subsequently or otherwise.

SOURCE Alterra Power Corp.

VANCOUVER, Jan. 4, 2017 /PRNewswire/ - Alterra Power Corp. (TSX: AXY) and Inovateus Solar LLC are pleased to announce that their 7 MW_DC Kokomo solar project commenced full commercial operations on December 29, 2016.

Following the start of commercial operations, on December 30, 2016, a previously announced $8.9 million construction loan was repaid via a $5.0 million 10-year term loan and $4.0 million tax equity investment, both provided by 1st Source Bank, a subsidiary of 1st Source Corporation (NASDAQ: SRCE).

Alterra will hold a majority interest of at least 85% in the project, with final partnership allocation adjustments to occur in the first quarter of 2017.

Alterra will manage the project, located in Kokomo, Indiana, which sells 100% of its power under a 20-year agreement with Duke Energy Indiana. Inovateus managed the construction of the project and also provides operations and maintenance services under a long-term contract. The project provides 7 MW_DC of clean power capacity to the community and is located on a remediated Superfund parcel of land.

John Carson, Alterra's CEO said "We're pleased with this achievement and the opportunity to work with our project partners Inovateus, 1st Source, and Duke Energy Indiana. We're looking forward to further growth of our US solar business in 2017."

"The Kokomo Project marks Inovateus' first investment and ownership in a project, and it's been an honor to work with our partners Alterra and 1st Source Bank," said TJ Kanczuzewski, President of Inovateus.

Alterra and Inovateus are also co-developing Spartan PV I, a 13.5 MW_DC site solar project in Michigan that is expected to enter construction in 2017.

About Alterra Power Corp.

Alterra Power Corp. is a leading global renewable energy company, managing eight power plants totaling 825 MW of generation capacity including British Columbia's largest run-of-river hydro facility and largest wind farm, the recently completed Shannon and Jimmie Creek projects, two geothermal facilities in Iceland and Kokomo Solar. Alterra owns a 385 MW share of this capacity, generating over 1,700 GWh of clean power annually. Alterra also has an extensive portfolio of exploration and development projects and a skilled team of developers, builders and operators to support its growth plans.

Alterra trades on the Toronto Stock Exchange under the symbol AXY.

About Inovateus Solar

Inovateus Solar is one of the leading solar development, EPC (engineering, procurement and construction), supply and operating companies in the Midwest United States. Headquartered in South Bend, Indiana, the company has developed and built more than 250 MW of utility, commercial and industrial, and microgrid solar systems in the U.S., the Caribbean and Latin America. With strong roots in the communities it serves, Inovateus is passionately committed to Building A Brilliant Tomorrow^TM through the wide-scale deployment of advanced solar and clean energy technologies.

Cautionary Note Regarding Forward-Looking Information

Certain statements and information included in this news release are "forward-looking information" within the meaning of applicable securities laws that involve risks and uncertainties. Forward-looking information relates to future events or future performance and reflects management's expectations and beliefs regarding future events as of the date hereof. Examples of forward-looking information in this news release include the development and addition of future projects, including in respect of Alterra's US solar business and the timing thereof, expected partnership allocation and adjustments thereof in respect of the Kokomo project, the timing of development and construction for the Michigan project, Alterra's acquisition of an ownership interest in the Michigan project, expected ownership share and execution of a partnership agreement in respect thereof, and management's expectations regarding Alterra's generation capacity. Forward-looking information is based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. Alterra cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking information. Material risk factors and assumptions include the expected timing for commencement of construction of the Michigan project, in addition to those set out in the management's discussion and analysis section of Alterra's most recent annual and quarterly reports and in Alterra's Annual Information Form for the year ended December 31, 2015. Although Alterra has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate and undue reliance should not be placed on forward-looking information. Except as required by law, Alterra undertakes no obligation to update any forward-looking information to reflect new information, subsequently or otherwise.

SOURCE Alterra Power Corp.

VANCOUVER, Dec. 22, 2016 /PRNewswire/ - Alterra Power Corp. (TSX: AXY) ("Alterra") and Inovateus Solar LLC ("Inovateus") are pleased to announce the execution of an amended and restated power purchase agreement under which Spartan PV 1, LLC (the "Project") is expected to sell power to the Board of Trustees of Michigan State University ("MSU"). Under the agreement, the Project, a 15.5MW_DC (10.1MW_AC) solar power plant to be located on carports on the Michigan State University campus, will sell 100% of its power to MSU for 25 years on substantially the same commercial terms as the original agreement, except that the required date for the full project to enter operations has been extended to the end of 2017. Alterra and Inovateus intend to jointly own the Project under their previously announced agreement, commence construction in early 2017 and achieve commencement of commercial operations later in the year. In conjunction with the amendment, Inovateus has placed a $500,000 security supporting delivery under the power purchase agreement.

Jon Schintler, Alterra's VP of Project Finance, said "We're pleased to hit this next milestone to grow our solar portfolio with Inovateus, and to provide renewable power to Michigan State University for years to come."

About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company, managing eight power plants totaling 825 MW of generation capacity including British Columbia's largest run-of-river hydro facility and largest wind farm, the recently completed Shannon and Jimmie Creek projects, and two geothermal facilities in Iceland and a solar facility in Indiana. Alterra owns a 385 MW share of this capacity, generating over 1,700 GWh of clean power annually. Alterra also has an extensive portfolio of exploration and development projects and a skilled team of developers, builders and operators to support its growth plans.

Alterra trades on the Toronto Stock Exchange under the symbol AXY.

About Inovateus Solar
Inovateus Solar is one of the leading solar development, EPC (engineering, procurement and construction) and supply companies in the Midwest United States. Headquartered in South Bend, Indiana, the company has developed and built more than 250 MW of utility, commercial and industrial, and microgrid solar systems in the U.S., the Caribbean and Latin America. With strong roots in the communities it serves, Inovateus is passionately committed to "Building a Brilliant Tomorrow"_TM through the wide-scale deployment of advanced solar and clean energy technologies.

Cautionary Note Regarding Forward-Looking Information
Certain statements and information included in this news release are "forward-looking information" within the meaning of applicable securities laws that involve risks and uncertainties. Forward-looking information relates to future events or future performance and reflects management's expectations and beliefs regarding future events as of the date hereof. Examples of forward-looking information in this news release include management's expectations regarding Alterra's generation capacity, including the Project's expected capacity, the Project's future production of power, the timeline for construction and commercial operations of the Project, Alterra's acquisition of an ownership interest in the Project, expected ownership share and execution of a partnership agreement in respect thereof, of the Project, the date the Indiana solar facility achieves commercial operations and commences selling power commercially, and expectations regarding future growth of Alterra's development portfolio. Forward-looking information is based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. Alterra cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking information. Material risk factors and assumptions include the ability of the Partners to complete and finance the Project, as well as those set out in the management's discussion and analysis section of Alterra's most recent annual and quarterly reports and in Alterra's Annual Information Form for the year ended December 31, 2015. Although Alterra has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate and undue reliance should not be placed on forward-looking information. Except as required by law, Alterra undertakes no obligation to update any forward-looking information to reflect new information, subsequently or otherwise.

SOURCE Alterra Power Corp.

VANCOUVER, Dec. 15, 2016 /PRNewswire/ - Alterra Power Corp. (TSX: AXY) is pleased to announce that payment of the Company's inaugural quarterly dividend has been completed today. The dividend payment ($0.0125 per common share) is part of the plan approved by the Board in August 2016 under which shareholders would receive $0.05 per common share annually. Today's dividend was paid to those shareholders who were owners of record as of November 30, 2016, and has been designated as an eligible dividend for the purposes of the Income Tax Act (Canada).

Ross Beaty, Executive Chairman of the Company, said, "This maiden dividend is an important milestone in Alterra's growth. It marks our first return of capital to our shareholders and we will target higher future dividends as we build out our great pipeline of growth assets."

About Alterra Power Corp.

Alterra Power Corp. is a leading global renewable energy company, operating seven power plants totaling 819 MW of generation capacity including British Columbia's largest run-of-river hydro facility and largest wind farm, the recently completed Shannon and Jimmie Creek projects, and two geothermal facilities in Iceland. Alterra owns a 381 MW share of this capacity, generating over 1,700 GWh of clean power annually. Alterra also has an extensive portfolio of exploration and development projects and a skilled team of developers, builders and operators to support its growth plans.

The company trades on the Toronto Stock Exchange under the symbol AXY.

Cautionary Note Regarding Forward-Looking Information

Certain statements and information included in this news release are "forward-looking information" within the meaning of Canadian securities laws that involve risks and uncertainties. Forward-looking information relates to future events or future performance and reflects management's expectations and beliefs regarding future events as of the date hereof. Examples of forward-looking information in this news release include statements regarding, plans or expectations for the declaration of future dividends and the amount thereof, the timing and success of our growth and development programs, and the annual generation of Alterra's projects. Forward-looking information is based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. Alterra cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking information. Material risk factors and assumptions include the expected power generation and resource availability from our operations is as estimated, our ability or inability to obtain financing or refinancing to pursue our growth strategy and business plans on favourable terms, project operating risks, availability of future cash flows, ability to meet corporate law requirements and board approval of, future dividends, as well as those set out in the management's discussion and analysis section of Alterra's most recent annual and quarterly reports and in Alterra's Annual Information Form for the year ended December 31, 2015. Although Alterra has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate and undue reliance should not be placed on forward-looking information. Except as required by law, Alterra undertakes no obligation to update any forward-looking information to reflect new information, subsequently or otherwise.

SOURCE Alterra Power Corp.

VANCOUVER, Dec. 7, 2016 /PRNewswire/ - Alterra Power Corp. ("Alterra") and funds managed by Axium Infrastructure Inc. ("Axium") are pleased to announce they have extended the service contract for the 144 MW Dokie wind farm. Vestas has been providing operations and maintenance services at the wind farm since commencement of operations in 2011. The extension renews the project service agreement through 2031 and will provide comparable service standards at a cost savings to the project of nearly two million dollars per year.

Paul Rapp, Alterra's VP of Wind said "We are pleased to enter into this new contract. We have enjoyed a great partnership with Vestas over the past five years and are pleased to continue this relationship into the future."

"We are honored to reaffirm our service partnership with Alterra and Axium, and look forward to continuing to maximize the performance of the V90 fleet at Dokie Wind," said Peter Wells, Vice President of Vestas Service in North America.

About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company, operating seven power plants totaling 819 MW of generation capacity including British Columbia's largest run-of-river hydro facility and largest wind farm, the recently completed Shannon and Jimmie Creek projects, and two geothermal facilities in Iceland. Alterra owns a 381 MW share of this capacity, generating over 1,700 GWh of clean power annually. Alterra also has an extensive portfolio of exploration and development projects and a skilled team of developers, builders and operators to support its growth plans.

Alterra trades on the Toronto Stock Exchange under the symbol AXY.

About Axium Infrastructure Inc.
Axium Infrastructure is an independent portfolio management firm dedicated to generating long-term investment returns through investing in core infrastructure assets. Axium Infrastructure manages dedicated infrastructure funds having $1.6 billion in assets under management as well as approximately $1.0 billion in co-investments. The firm benefits from the capabilities of a group of specialists with decades of experience acquiring, developing, financing, operating and managing infrastructure assets.

Cautionary Note Regarding Forward-Looking Information
Certain statements and information included in this news release are "forward-looking information" within the meaning of applicable securities laws that involve risks and uncertainties. Forward-looking information relates to future events or future performance and reflects management's expectations and beliefs regarding future events as of the date hereof. Examples of forward-looking information in this news release include management's expectations regarding future savings from the Dokie service contract and the annual generation of Alterra's projects. Forward-looking information is based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. Alterra cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking information. Material risk factors and assumptions include those set out in the management's discussion and analysis section of Alterra's most recent annual and quarterly reports and in Alterra's Annual Information Form for the year ended December 31, 2015. Although Alterra has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate and undue reliance should not be placed on forward-looking information. Except as required by law, Alterra undertakes no obligation to update any forward-looking information to reflect new information, subsequently or otherwise.

SOURCE Alterra Power Corp.

VANCOUVER, Dec. 1, 2016 /PRNewswire/ - Alterra Power Corp. (TSX: AXY) is pleased to report that its 66%-owned subsidiary HS Orka hf ("HS Orka") has received positive results from the arbitration concerning the validity of a power purchase agreement between HS Orka and Norðurál Helguvík ehf ("Norðurál").

The arbitration panel determined that the power purchase agreement has lapsed due to certain circumstances, and therefore is at an end. The panel further determined that the ending of the contract was not due to any fault on the part of HS Orka, and that all counterclaims advanced by Norðurál in the arbitration have been denied.

Ásgeir Margeirsson, CEO of HS Orka, said, "We are pleased to have this longstanding issue behind us. This award will enable us to freely pursue new contractual opportunities in Iceland as new power becomes available to us."

About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company, operating seven power plants totaling 819 MW of generation capacity including British Columbia's largest run-of-river hydro facility and largest wind farm, the recently completed Shannon and Jimmie Creek projects, and two geothermal facilities in Iceland. Alterra owns a 381 MW share of this capacity, generating over 1,700 GWh of clean power annually. Alterra also has an extensive portfolio of exploration and development projects and a skilled team of developers, builders and operators to support its growth plans.

Alterra trades on the Toronto Stock Exchange under the symbol AXY.

About HS Orka
HS Orka is the largest privately owned energy company in Iceland, producing 7% of the country's power needs and approximately 11% of the country's heating needs. Installed geothermal power capacity is 174 MW from the Svartsengi and Reykjanes power plants. In addition, HS Orka generates 190 MW of thermal energy for district heating. HS Orka also owns a 30% interest in the Blue Lagoon, a tourist resort that adjoins our Svartsengi power plant in Iceland.

SOURCE Alterra Power Corp.

(under IFRS and all amounts in US dollars unless otherwise stated)

VANCOUVER, Nov. 8, 2016 /PRNewswire/ - Alterra Power Corp. (TSX: AXY) ("Alterra" or the "Company") is pleased to report its financial and operating results for the three and nine months ended September 30, 2016. For further information on these results please see Alterra's Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis ("MD&A").

At September 30, 2016, Alterra consolidated 100% of the results of operations from its Icelandic subsidiary HS Orka, while Alterra's interests in the Toba Montrose, Jimmie Creek, Dokie 1 and Shannon renewable power projects were accounted for as equity investments. In certain statements in this news release, Alterra's results are disclosed as Alterra's "net interest", by which the Company means the effective portion of operating results that the Company would have reported if each of HS Orka (66.6%), Toba Montrose (40%), Jimmie Creek (51%), Dokie 1 (25.5%), and Shannon (50% sponsor equity interest) had been reported in accordance with Alterra's actual share of ownership at September 30, 2016 and for the three and nine months then ended. Management believes that net interest reporting, although a non-IFRS measure, provides the clearest view of Alterra's performance. Refer to our MD&A for further information on non-IFRS measures.

Highlights for the quarter and subsequent period include:

• Fleet Generation: Lower resource availability across the fleet drove generation to 91.9% of its budgeted generation (net interest) for the current quarter, and 95.4% year to date at September 30, 2016.
  
  
• Strong generation at Jimmie Creek: Following commencement of operations on August 1, Jimmie Creek achieved 106% of plan in the current quarter.
  
  
• Record drilling depth achieved at Reykjanes field: The deep drilling program at the Reykjanes plant in Iceland is underway to test the geothermal resources below the current field. Drilling has progressed beyond 3,850 meters of the 5,000 meter target depth, with the objective of increased production from this well. This is the deepest drilled well in Iceland and currently has an estimated well bottom temperature of approximately 400^oC.
  
  
• Jimmie Creek commercial operations achieved: Jimmie Creek commenced commercial operations on August 1 on time and under budget by approximately $4 million. The 62 MW project is now selling 100% of its power to the British Columbia Hydro and Power Authority under a 40-year power purchase agreement ("PPA") that expires in 2056. In September the C$176.5 million Jimmie Creek construction loan was converted to a 40 year term loan.
  
  
• Advancement of the 200 MW Flat Top wind project:
  • Turbine selection: Turbine technology for the project has been selected and the Company is close to finalizing the project's turbine supply agreement.
  • Construction provider: A proposals process for project construction has been completed, and the Company has selected a contractor with local area familiarity.
  • Offtake: Alterra is in discussions with multiple potential counterparties on a hedge, PPA or combined offtake solution for the project.
  • Project financing: The Company is advancing project financing discussions with certain financing parties including tax equity and construction financing providers.
  • Interconnection security: On September 29, the Company placed a second security deposit of approximately $6.1 million with the local transmission provider.
  • Other: All required land for the project has been secured, and the Company is working on select parcels with the goal of further optimizing project layout.
    
    
• Construction commences on the 7 MW_DC Kokomo solar project: On October 11, the Company announced the closing of a $8.9 million construction loan facility for the Kokomo project, located in Kokomo, Indiana. Concurrently, the Company completed a partnership agreement with Inovateus Solar LLC to co-own the project and is actively developing a second solar project, a 13 MW_DC project located in East Lansing, Michigan. Construction of Kokomo is well underway with all panels and inverters on site.
  
  
• Completion of upsized equity financings: On October 26, the Company completed two equity financings with gross proceeds of approximately C$67.9 million (upsized from an originally announced amount of C$50.0 million).
  
  
• Refinancing of US dollar Sweden holding company bond: In October, the Company refinanced into two tranches the $71.7 million bond originally held by Reykjavik Energy ("OR"). In the first tranche, held by OR, the principal has been reduced to $36.0 million, with an increase in coupon from 1.5% to 5%, and maturity has been extended to April 2018. The second $35.7 million tranche was issued to Alterra's Executive Chairman, Ross J. Beaty. The second tranche carries an 8.5% coupon and matures in October 2021. Both tranches carry no amortization and have no recourse to the Company, with security consisting solely of approximately 17% and 15% of the outstanding shares of HS Orka respectively.
  
  
• Revenue and Adjusted EBITDA: Consolidated revenue increased by 15% to $14.1 million and net interest revenue increased by 26% to $28.1 million (from the comparative quarter of 2015) predominantly due to strengthening of the Icelandic Krona and revenue generated by the Company's new projects (Shannon and Jimmie Creek). Consolidated and net interest Adjusted EBITDA increased by 21% and 24% to $21.4 million and $19.0 million respectively, primarily due to foreign exchange gains and EBITDA generated by Shannon and Jimmie Creek.
  
  
• Distributions: The Company received distributions during the quarter from equity investments of C$7.6 million from Toba Montrose, C$1.8 million from Dokie 1 and $0.4 million from Shannon.
  
  
• Dividend approved: The Board of Directors of the Company has approved a quarterly cash dividend in the amount of C$0.0125 per common share. The cash dividend will be distributed on or about Thursday, December 15, 2016, to holders of record of common shares as of the close of business on Wednesday, November 30, 2016. Alterra's dividends are designated as eligible dividends for the purposes of the Income Tax Act (Canada), unless otherwise notified.
  
  
• Common share consolidation: Effective September 6, 2016 the Company consolidated all of its issued and outstanding common shares on the basis of one (new) post-consolidation common share for each ten (old) pre-consolidation common shares.

Financial Results

The following table shows Alterra's net interest in select operating and financial results for the quarter, in addition to key financial information extracted from the consolidated results.

Consolidated Results

Revenue was $14.1 million for the quarter, up 15% from the comparative quarter predominantly due to the strengthening of the Icelandic Krona.

The Company recorded net income of $10.4 million, up from the comparative quarter ($2.3 million), primarily due to changes in non-cash items such as the share of results of equity investments, change in the fair value of the holding company bonds (Sweden) and embedded derivatives as well as foreign exchange.

Consolidated cash and cash equivalents at September 30, 2016 was $6.8 million of which $4.3 million is held in the Company's Icelandic subsidiary ($10.3 million and $6.4 million, respectively at December 31, 2015).

The Company's consolidated working capital deficit at September 30, 2016 was $165.3 million compared to a working capital deficit of $123.3 million at December 31, 2015.  The working capital deficit was primarily due to the fair value of the holding company bonds (Sweden) being classified as short-term (the bonds were all set to mature within twelve months). Had the OR bond refinancing been completed at September 30, 2016, the working capital deficit would have been reduced to approximately $92.4 million.

Net Interest Results

Alterra's net interest revenue increased by $5.8 million to $28.1 million primarily due to generation from Shannon and Jimmie Creek, and the strengthening of the Icelandic Krona. Net interest Adjusted EBITDA increased 24% to $19.0 million primarily due to generation from Shannon and Jimmie Creek which were not operational in the comparative quarter.

The net interest cash position at September 30, 2016 was $15.0 million.

Operating Results

The Company achieved 91.9% of its budgeted generation for the quarter, led by Toba Montrose.

"With the inclusion of Jimmie Creek and Shannon, we have increased our operating capacity by 48%," said Lynda Freeman, CFO of Alterra. "We are looking forward to the next phase of growth, and through the successful completion of our equity raise in October, Alterra is well positioned to further advance Flat Top and our other development assets".

Cautionary Note Regarding Forward-Looking Statements and Information
Certain of the statements and information included in this news release constitute forward-looking statements and information within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements or information. This information may involve known and unknown risks, assumptions and uncertainties, and other factors which may cause the Company's actual results, performance or achievements to be materially different from the future results, performance or achievements implied by such statements or information. Specifically, forward-looking statements within this news release relate to, among other things: success of the deep drilling program at Reykjanes, successful development, financing, and construction of our pre-operational projects and properties, including Flat Top and our solar development portfolio, and the timing of the same, successful completion of financing, turbine supply, offtake and other material components of the development of the Flat Top project, the use of proceeds from the Company's recent equity financings, marketing of power and ability to secure power purchase or offtake agreements in respect of the same; success, timing and receipt of future payments and financial milestones, and plans or expectations for the declaration of future dividends.

These statements and information reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include, among others, the expected power generation from our operations, the success and timely completion of planned development, expansion and construction programs, and modeling and budgeting based on historical trends, our ability or inability to obtain financing or refinancing to pursue our growth strategy and business plans, project operating risks, availability of future cash flows, ability to meet corporate law requirements and board approval of, future dividends, current conditions and expected future developments. Forward-looking statements and information also involve known and unknown risks that may cause actual results to differ materially from those expressed by such statements or information, and the Company has made assumptions and estimates based on or related to many of these factors. These risks include volatility of renewable energy resources, inherent risks in operating and constructing power plants and development programs related to the same, contractual risks related to credit facilities, partnership and power purchase agreements, prospective power, currency and commodity price fluctuations, health, safety, social and environmental risks and risks related to reliance on third parties, availability of capital and future cash flows, project operating risks, the Company's future growth plans.  Additional risks, assumptions and influential factors are set out in the Company's management discussion analysis and Alterra's most recent annual information form, copies of which are available on SEDAR at www.sedar.com.

Although the Company has attempted to identify important factors that could cause actual results to differ materially, given the inherent uncertainties in such forward-looking statements and information, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against undue reliance on any such forward-looking statements or information, which apply only as of their dates. Other than as specifically required by law, Alterra undertakes no obligation to update any forward-looking statements or information to reflect new information.

SOURCE Alterra Power Corp.

VANCOUVER, Oct. 28, 2016 /PRNewswire/ - Alterra Power Corp. (TSX: AXY) announces that its results for the quarter ended September 30, 2016 will be released on Tuesday, November 8, 2016 after market close. A conference call and live audio webcast to discuss the results will be held on Wednesday, November 9, 2016 at 11:30 am ET (8:30 am PT).

Conference Call and Webcast Information for September 30, 2016 Third Quarter Results  

Date:   Wednesday, November 9, 2016

Time:   11:30 am Eastern Time / 8:30 am Pacific Time

Dial-In Numbers:
            North American toll-free number: 1-888-390-0546
            Switzerland toll-free number:  0-800-312-635
            UAE toll-free number: 8000-357-036-32
            United Kingdom toll-free number: 0-800-652-2435
            Other international: 1-416-764-8688

Conference ID:
            83023975           

Audio Webcast:
            A live audio webcast can be accessed at:
            http://event.on24.com/r.htm?e=1300851&s=1&k=979B89875BB74AE61E1AA1CC9985F641

Playback Available for One Week Following the Call:
            North American toll-free and international: 1-888-390-0541 / 1-416-764-8677
            Replay PIN: 023975 #

SOURCE Alterra Power Corp.

VANCOUVER, Oct. 25, 2016 /PRNewswire/ - Alterra Power Corp. (TSX: AXY) ("Alterra") is pleased to announce the completion of the refinancing the $72 million bond (all amounts USD) formerly held by Reykjavik Energy (Orkuveita Reykjavíkur, or "OR"). The principal under the original bond held by OR has been reduced to $36 million, and maturity has been extended to April 2018. A second bond for approximately $36 million, held by Alterra's Executive Chairman, Ross J. Beaty, will mature in October 2021. Both bonds are issued by a subsidiary of Alterra, and have no recourse to Alterra. All previously announced terms of the bonds remain in place.

About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company, operating seven power plants totaling 819 MW of generation capacity including British Columbia's largest run-of-river hydro facility and largest wind farm, the recently completed Shannon and Jimmie Creek projects, and two geothermal facilities in Iceland. Alterra owns a 381 MW share of this capacity, generating over 1,700 GWh of clean power annually. Alterra also has an extensive portfolio of exploration and development projects and a skilled team of developers, builders and operators to support its growth plans.

Alterra trades on the Toronto Stock Exchange under the symbol AXY.

Cautionary Note Regarding Forward-Looking Information

Certain statements and information included in this news release are "forward-looking information" within the meaning of applicable securities laws that involve risks and uncertainties. Forward-looking information relates to future events or future performance and reflects management's expectations and beliefs regarding future events as of the date hereof. Examples of forward-looking information in this news release include management's expectations regarding future refinancings and the annual generation of Alterra's projects. Forward-looking information is based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. Alterra cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking information. Material risk factors and assumptions include those set out in the management's discussion and analysis section of Alterra's most recent annual and quarterly reports and in Alterra's Annual Information Form for the year ended December 31, 2015. Although Alterra has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate and undue reliance should not be placed on forward-looking information. Except as required by law, Alterra undertakes no obligation to update any forward-looking information to reflect new information, subsequently or otherwise.

SOURCE Alterra Power Corp.

VANCOUVER, Oct. 11, 2016 /PRNewswire/ - Alterra Power Corp. (TSX: AXY) ("Alterra") and Inovateus Solar LLC ("Inovateus") are pleased to announce the closing of a $8.9 million construction loan facility (all amounts USD) for the Kokomo solar project, an approximately 7 MW_DC solar project located in Kokomo, Indiana (the "Project"). 

The facility is supplied by 1st Source Bank, a subsidiary of 1st Source Corporation (NASDAQ: SRCE) ("1st Source") and consists of a $8.9 million construction loan plus a $150,000 letter of credit. Concurrently with the construction loan closing, 1^st Source is providing a $4.0 million tax equity investment commitment and a $5.0 million term loan takeout which will be used to repay the construction loan upon commencement of commercial operations (each subject to typical conditions precedent). The term loan will have a balloon payment based on a 10-year maturity and 18-year amortization. The term loan proceeds will be used to pay for the portion of remaining Project costs not paid by the tax equity investment.

Separately, Alterra completed its previously announced partnership agreement with Inovateus. Alterra will hold a majority interest of 75% or more in the project, though the final partnership allocations are subject to change under certain circumstances prior to term loan conversion.

The Kokomo solar project is currently under construction in Kokomo, Indiana and is expected to begin commercial operations in December 2016. The Project is contracted under a 20-year power purchase agreement with Duke Energy Indiana for 100% of plant output. Construction is being managed by Inovateus, who will also provide operations and maintenance services under a long-term contract. Alterra will manage and administer the Project. The Kokomo solar project will provide 7 MW_DC of clean power capacity and economic benefit to the Indiana community and is located on a remediated Superfund parcel of city-owned land.

"Closing the financing for the Project marks another step toward bringing more renewable energy to Indiana and the greater Midwest region," said TJ Kanczuzewski, President of Inovateus. "We look forward to operating and maintaining the Project and the Michigan project now in development."

Alterra and Inovateus are actively developing a second solar project, a 13 MW_DC site located in Michigan, which is expected to enter construction in 2017. The Michigan solar project is contracted under a 25-year, investment-grade power purchase agreement.

"We're pleased to complete the Kokomo financing on commercially favorable terms with 1st Source and Inovateus," said Jon Schintler, VP of Project Finance at Alterra, "and we look forward to building the Michigan solar project next year. We look forward to advancing these relationships as we develop and build further projects together."

About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company, operating seven power plants totaling 819 MW of generation capacity including British Columbia's largest run-of-river hydro facility and largest wind farm, the recently completed Shannon and Jimmie Creek projects, and two geothermal facilities in Iceland. Alterra owns a 381 MW share of this capacity, generating over 1,700 GWh of clean power annually. Alterra also has an extensive portfolio of exploration and development projects and a skilled team of developers, builders and operators to support its growth plans.

Alterra trades on the Toronto Stock Exchange under the symbol AXY.

About Inovateus Solar
Inovateus Solar is one of the leading solar development, EPC (engineering, procurement and construction) and supply companies in the Midwest United States. Headquartered in South Bend, Indiana, the company has developed and built more than 250 MW of utility, commercial and industrial, and microgrid solar systems in the U.S., the Caribbean and Latin America. With strong roots in the communities it serves, Inovateus is passionately committed to Building A Brilliant Tomorrow^TM through the wide-scale deployment of advanced solar and clean energy technologies.

Cautionary Note Regarding Forward-Looking Information

Certain statements and information included in this news release are "forward-looking information" within the meaning of applicable securities laws that involve risks and uncertainties. Forward-looking information relates to future events or future performance and reflects management's expectations and beliefs regarding future events as of the date hereof. Examples of forward-looking information in this news release include the date the Kokomo project will achieve commercial operations, closing of the Kokomo tax equity investment and term loan conversion, the development and addition of future projects, and the timing of development and construction of the Michigan project. Forward-looking information is based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. Alterra cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking information. Material risk factors and assumptions include the fulfillment of conditions precedent for the financings, in addition to those set out in the management's discussion and analysis section of Alterra's most recent annual and quarterly reports and in Alterra's Annual Information Form for the year ended December 31, 2015. Although Alterra has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate and undue reliance should not be placed on forward-looking information. Except as required by law, Alterra undertakes no obligation to update any forward-looking information to reflect new information, subsequently or otherwise.

SOURCE Alterra Power Corp.

VANCOUVER, Oct. 3, 2016 /PRNewswire/ - Alterra Power Corp. ("Alterra") is pleased to announce the completion of arrangements to refinance the $72 million bond (all amounts USD) held by Reykjavik Energy (Orkuveita Reykjavíkur, or "OR"), which matures in December 2016. The $36 million second tranche of the refinancing ("Tranche 2") will be supplied by Alterra's Executive Chairman and shareholder, Ross J. Beaty. An agreement for the first $36 million tranche ("Tranche 1") was executed with OR last week, as previously announced.

The Tranche 2 arrangements provide for a five-year maturity with no amortization, annual interest payments made at an 8.50% fixed coupon, and a 2.0% up-front fee that is recoverable under certain circumstances. As with Tranche 1, the new bond is issued from an Alterra subsidiary and is non-recourse to Alterra, with security consisting solely of 15% of the outstanding shares of Alterra's Icelandic subsidiary, HS Orka. The Tranche 2 terms are commercially reasonable, superior to all offers sourced from third parties and have been approved by Alterra's independent directors. The loan is subject to customary conditions precedent, including approval of the Toronto Stock Exchange. Both tranches of the refinancing are expected to be completed by mid-October.

John Carson, Alterra's CEO noted "We have structured both of the bond tranches with no prepayment penalties, as we expect to move this financing to a more optimal, combined facility in the future. Nonetheless we are pleased to complete these arrangements, which we've been actively pursuing for several months."

About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company, operating seven power plants totaling 819 MW of generation capacity including British Columbia's largest run-of-river hydro facility and largest wind farm, the recently completed Shannon and Jimmie Creek projects, and two geothermal facilities in Iceland. Alterra owns a 381 MW share of this capacity, generating over 1,700 GWh of clean power annually. Alterra also has an extensive portfolio of exploration and development projects and a skilled team of developers, builders and operators to support its growth plans.

Alterra trades on the Toronto Stock Exchange under the symbol AXY.

Cautionary Note Regarding Forward-Looking Information

Certain statements and information included in this news release are "forward-looking information" within the meaning of Canadian securities laws that involve risks and uncertainties. Forward-looking information relates to future events or future performance and reflects management's expectations and beliefs regarding future events as of the date hereof. Examples of forward-looking information in this news release include all statements regarding the refinancing of the bond originally issued to OR by Alterra's subsidiary, Magma Energy Sweden AB, including the timing of closing for the two bond tranches and management's expectations regarding future refinancings. Forward-looking information is based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. Alterra cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking information. Material risk factors and assumptions include the fulfillment of conditions precedent, obtaining approval for the loan from the Toronto Stock Exchange, and Alterra's ability to refinance these amounts in the future, in addition to those set out in the management's discussion and analysis section of Alterra's most recent annual and quarterly reports and in Alterra's Annual Information Form for the year ended December 31, 2015. Although Alterra has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate and undue reliance should not be placed on forward-looking information. Except as required by law, Alterra undertakes no obligation to update any forward-looking information to reflect new information, subsequently or otherwise.

SOURCE Alterra Power Corp.

VANCOUVER, Sept. 30, 2016 /PRNewswire/ - Alterra Power Corp. ("Alterra") is pleased to announce it has reached agreement to refinance a portion of the approximately $72 million bond (all amounts USD) held by Reykjavik Energy (Orkuveita Reykjavíkur, or "OR"), which was scheduled to mature in December 2016.

Under the agreement, OR will continue to hold 50% of the outstanding principal (approximately $36 million). The extended bond, issued from an Alterra subsidiary, will have substantially the same terms as the bond it replaces, except for the reduced principal, a maturity of 18 months, and a revised coupon of 5.0%.  The extended bond is non-recourse to Alterra, with security consisting solely of approximately 17% of the outstanding shares of Alterra's Icelandic subsidiary, HS Orka.

The refinancing is subject to customary conditions precedent, including OR Board approval and repayment of 50% of the outstanding principal. Alterra is in advanced discussions with a second lender to provide the remaining $36 million payment to complete the refinancing. Alterra expects this second stage of the refinancing to be agreed and executed next week, and the full refinancing to be completed by mid-October 2016. 

About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company, operating seven power plants totaling 819 MW of generation capacity including British Columbia's largest run-of-river hydro facility and largest wind farm, the recently completed Shannon and Jimmie Creek projects, and two geothermal facilities in Iceland. Alterra owns a 381 MW share of this capacity, generating over 1,700 GWh of clean power annually. Alterra also has an extensive portfolio of exploration and development projects and a skilled team of developers, builders and operators to support its growth plans.

Alterra trades on the Toronto Stock Exchange under the symbol AXY.

Cautionary Note Regarding Forward-Looking Information

Certain statements and information included in this news release are "forward-looking information" within the meaning of Canadian securities laws that involve risks and uncertainties. Forward-looking information relates to future events or future performance and reflects management's expectations and beliefs regarding future events as of the date hereof. Examples of forward-looking information in this news release include all statements regarding the refinancing of the bond issued to OR, including the issuance of the extended bond, OR board approval, Alterra's subsidiary, Magma Energy Sweden AB, obtaining financing for repayment of 50% of the original OR bond and the timing of closing. Forward-looking information is based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. Alterra cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking information. Material risk factors and assumptions include the fulfillment of conditions precedent, in addition to those set out in the management's discussion and analysis section of Alterra's most recent annual and quarterly reports and in Alterra's Annual Information Form for the year ended December 31, 2015. Although Alterra has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate and undue reliance should not be placed on forward-looking information. Except as required by law, Alterra undertakes no obligation to update any forward-looking information to reflect new information, subsequently or otherwise.

SOURCE Alterra Power Corp.

VANCOUVER, Sept. 21, 2016 /PRNewswire/ - Alterra Power Corp. ("Alterra") and funds managed by Axium Infrastructure Inc. ("Axium") are pleased to announce the conversion of the $176.5 million Jimmie Creek construction loan to a term loan.

The non-recourse loan facility is priced at an all-in rate of 5.26% and will amortize over 40 years, except for the final 10% of principal which will be paid at maturity in 2056. The project lender group consists of The Manufacturers Life Insurance Company (administrative agent and lead arranger), Sun Life Assurance Company of Canada, The Canada Life Assurance Company, Industrial Alliance Insurance and Financial Services Inc. and The Great-West Life Assurance Company.

The Jimmie Creek project began commercial operations on August 1, 2016 and provides 62 MW of clean power capacity to southwest British Columbia. The Jimmie Creek project is now selling 100% of its renewable power under a 40-year energy purchase agreement with BC Hydro that expires in 2056. Alterra and Axium own 51% and 49% of the project, respectively, which is operated by Alterra in cooperation with our partners, Klahoose First Nation, Tla'amin Nation and shíshálh Nation.

Jay Sutton, Alterra's VP Hydro, said, "This is a huge milestone for the project, completing the transition from construction into the initial 40-year operations phase. Jimmie Creek has come out of the gate strongly, generating at 110% of plan in August and 121% of plan so far in September."

About Alterra Power Corp.

Alterra Power Corp. is a leading global renewable energy company, operating seven power plants totaling 819 MW of generation capacity including British Columbia's largest run-of-river hydro facility and largest wind farm, the recently completed Shannon and Jimmie Creek projects, and two geothermal facilities in Iceland. Alterra owns a 381 MW share of this capacity, generating over 1,700 GWh of clean power annually. Alterra also has an extensive portfolio of exploration and development projects and a skilled 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 MGMXD.

About Axium Infrastructure Inc.

Axium Infrastructure is an independent portfolio management firm dedicated to generating long-term investment returns through investing in core infrastructure assets. Axium Infrastructure manages dedicated infrastructure funds having $1.5 billion in assets under management as well as approximately $1.0 billion in co-investments.  The firm benefits from the capabilities of a group of specialists with decades of experience acquiring, developing, financing, operating and managing infrastructure assets.

Cautionary Note Regarding Forward-Looking Information

Certain statements and information included in this news release are "forward-looking information" within the meaning of Canadian securities laws that involve risks and uncertainties. Forward-looking information relates to future events or future performance and reflects management's expectations and beliefs regarding future events as of the date hereof. Examples of forward-looking information in this news release include statements regarding the length of the operations, expected power generation, revenue and financial results of the Jimmie Creek project, and the annual generation of Alterra's projects. Forward-looking information is based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. Alterra cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking information. Material risk factors and assumptions are set out in the management's discussion and analysis section of Alterra's most recent annual and quarterly reports and in Alterra's Annual Information Form for the year ended December 31, 2015. Although Alterra has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate and undue reliance should not be placed on forward-looking information. Except as required by law, Alterra undertakes no obligation to update any forward-looking information to reflect new information, subsequently or otherwise.

SOURCE Alterra Power Corp.

VANCOUVER, Sept. 7, 2016 /PRNewswire/ - Alterra Power Corp. ("Alterra" or the "Company") announced today that the previously announced consolidation of the Company's issued and outstanding common shares on the basis of one (new) post consolidation common share for each ten (old) pre-consolidation common shares (the "Consolidation") is effective September 6, 2017.  The Consolidation has been approved by the Toronto Stock Exchange (the "TSX") and a related bulletin was issued by the TSX on September 7, 2016.  Alterra's common shares are expected to begin trading on a consolidated basis on the TSX when markets open on September 9, 2016.

Prior to the Consolidation, the Company had approximately 469.3 million common shares issued and outstanding. As a result of the Consolidation, the Company has approximately 46.9 million common shares issued and outstanding. The Company's shares will continue to trade on the TSX under the existing symbol "AXY". 

The exercise price and the number of common shares issuable under any of the Company's outstanding options will be proportionately adjusted to reflect the Consolidation in accordance with their respective terms. No fractional shares will be issued as a result of the Consolidation. Fractional interests will be rounded down to the nearest whole number of common shares. 

A letter of transmittal will be mailed to registered shareholders on September 8, 2016 providing instructions to surrender the certificates evidencing common shares held in exchange for replacement certificates or Direct Registration Advice representing the number of common shares to which they are entitled as a result of the Consolidation. Until surrendered, each certificate representing common shares prior to the Consolidation will be deemed for all purposes to represent the number of whole common shares to which the holder thereof is entitled as a result of the Consolidation.

Shareholders who hold their common shares in brokerage accounts or in "street name" are not required to take any action to surrender for exchange common shares held.

About Alterra Power Corp.

Alterra Power Corp. is a leading global renewable energy company, operating seven power plants totaling 819 MW of generation capacity including British Columbia's largest run-of-river hydro facility and largest wind farm, the recently completed Shannon and Jimmie Creek projects, and two geothermal facilities in Iceland. Alterra owns a 381 MW share of this capacity, generating over 1,700 GWh of clean power annually. Alterra also has an extensive portfolio of exploration and development projects and a skilled 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.

Cautionary Note Regarding Forward-Looking Information

Certain statements and information included in this news release are "forward-looking information" within the meaning of Canadian securities laws that involve risks and uncertainties. Forward-looking information relates to future events or future performance and reflects management's expectations and beliefs regarding future events as of the date hereof. Examples of forward-looking information in this news release include all statements regarding when the common shares are expected to begin trading on the TSX on a consolidated basis and the mailing of the letters of transmittal in connection with the Consolidation and the annual generation of the Company's projects. Forward-looking information is based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. Alterra cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking information. Material risk factors and assumptions include potential delay in timing for trading on a post-Consolidation basis and operating risks, as well as those set out in the management's discussion and analysis section of Alterra's most recent annual and quarterly reports and in Alterra's Annual Information Form for the year ended December 31, 2015. Although Alterra has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate and undue reliance should not be placed on forward-looking information. Except as required by law, Alterra undertakes no obligation to update any forward-looking information to reflect new information, subsequent or otherwise.

SOURCE Alterra Power Corp.

VANCOUVER, Aug. 30, 2016 /PRNewswire/ -  Alterra Power Corp. ("Alterra") is pleased to announce that its Board of Directors has approved plans for an annual cash dividend of $0.005 per common share, payable quarterly commencing in the fourth quarter of 2016. The record date and other details will be announced separately.

Additionally, Alterra's Board of Directors has approved a consolidation of its issued and outstanding common shares on the basis of one (new) post-consolidation common share for each ten (old) pre-consolidation common shares, subject to approval of the Toronto Stock Exchange. Upon completion of the consolidation the annual dividend will be adjusted to $0.05 per common share.

John Carson, Alterra's CEO, said, "This inaugural dividend reflects the recent completion and incremental cash flow of the Shannon and Jimmie Creek projects, but is sized modestly for now to accommodate the substantial growth we anticipate over the next four years. We will target regular increases of the dividend as we bring new projects on line. The share consolidation brings us into line with many of our peer independent power producers and will provide better access to the company's shares for certain investors. I am pleased with our recent successes and our strong position for further growth in the USA."

About Alterra Power Corp.

Alterra Power Corp. is a leading global renewable energy company, operating seven power plants totaling 819 MW of generation capacity including British Columbia's largest run-of-river hydro facility and largest wind farm, the recently completed Shannon and Jimmie Creek projects, and two geothermal facilities in Iceland. Alterra owns a 381 MW share of this capacity, generating over 1,700 GWh of clean power annually. Alterra also has an extensive portfolio of exploration and development projects and a skilled 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.

SOURCE Alterra Power Corp.

(under IFRS and all amounts in US dollars unless otherwise stated)

VANCOUVER, Aug. 9, 2016 /PRNewswire/ - Alterra Power Corp. (TSX: AXY) ("Alterra" or the "Company") is pleased to report its financial and operating results for the three and six months ended June 30, 2016. For further information on these results please see Alterra's Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis.

At June 30, 2016, Alterra consolidated 100% of the results of operations from its Icelandic subsidiary HS Orka, while Alterra's interests in the Toba Montrose, Dokie 1 and Shannon renewable power projects were accounted for as equity investments. In certain statements in this news release, Alterra's results are disclosed as Alterra's "net interest", by which the Company means the effective portion of operating results that the Company would have reported if each of HS Orka (66.6%), Toba Montrose (40%), Dokie 1 (25.5%), and Shannon (50% sponsor equity interest) had been reported in accordance with Alterra's actual share of ownership at June 30, 2016 and for the three and six months then ended. Management believes that net interest reporting provides the clearest view of Alterra's performance.

Highlights for the quarter and subsequent period include:

• Continued strong generation at Toba Montrose: Toba Montrose achieved record second quarter generation at 121% of budget, an increase from the comparative quarter (118% of budget).
• Deep drilling project at HS Orka: The last major contract was signed for a 5,000 meter deep drilling program at the Reykjanes plant in Iceland. The rig has been deployed to site and drilling will commence in August.
• Jimmie Creek project completion: Construction of the 62 MW hydro project was completed on time and within budget with first test power generated on June 10, 2016. Jimmie Creek commenced commercial operations on August 1 and began selling power to the British Columbia Hydro and Power Authority under a 40-year power purchase agreement.
• Flat Top wind development project: On June 15, 2016 the Company acquired the 200 MW Flat Top wind project for consideration of $0.9 million, with further payments to be made on completion of agreed milestones. The project, located in the counties of Comanche and Mills in Texas, is currently under development with construction expected to begin in late 2016 or early 2017. Concurrent with closing, the Company placed a $1.5 million security deposit with the project's transmission service provider.
• Solar development portfolio: In July the Company reached an agreement to acquire an 80% ownership interest in a two-project 20 MW_DC portfolio of solar farms under development in the Midwestern USA. Both projects are contracted under long-term, investment-grade power purchase agreements.
• Distributions: The Company received distributions during the quarter from equity investments of $3.6 million from Shannon and Blue Lagoon hf (plus a separate $0.3 million return of capital from Shannon). Subsequent to the quarter, the Company received distributions of C$9.4 million from Toba Montrose GP and Dokie GP and $0.4 million from Shannon.
• Adjusted EBITDA and revenue: Consolidated revenue increased by 2% to $13.8 million and net interest revenue increased by 5% to $18.5 million, respectively. The increase in revenue is primarily due to increased generation at Dokie 1, generation from Shannon and the strengthening of the Icelandic Krona. Consolidated and net interest Adjusted EBITDA decreased by 8% to $10.8 million and 10% to $8.5 million, respectively, primarily due to increased development spend on new early-stage projects and the weakening of the Canadian dollar.

Financial Results

The following table shows Alterra's net interest in select operating and financial results for the quarter, in addition to key financial information extracted from the consolidated results.