Vancouver, BC, Canada, June 29, 2012 – Alterra Power Corp. (TSX: AXY) announces that it has received an unsolicited offer from a private Icelandic entity for the purchase of Alterra’s interest in HS Orka hf, an Iceland geothermal power company owned 66.6% by Alterra and 33.4% by a syndicate of Icelandic pension funds. Alterra has signed a non-binding term sheet to pursue such a transaction conditional on reaching a definitive agreement, obtaining necessary approvals from the Icelandic government and other customary conditions.
Alterra’s VP Corporate Relations, Anders Kruus, stated, “Exploring this transaction does not change Alterra’s focus on expanding and optimizing its clean energy operations in Iceland. However, we felt we should consider this unsolicited proposal if it maximizes value for Alterra shareholders and is supported by Icelandic stakeholders.”
About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company. We operate six power plants totalling 567 MW of capacity, including two geothermal facilities in Iceland, a geothermal plant in Nevada, British Columbia's largest run-of-river hydro facilities and the province's largest wind farm. Our 298 MW share of production capacity generates approximately 1,400 GWh of clean power annually. We have an extensive portfolio of exploration and development projects, a skilled international team of developers, explorers, builders and operators and the financial capacity to support our growth plans.
The company trades on the Toronto Stock Exchange under the symbol AXY and OTC in the United States as MGMXF.