Alterra Power Announces Execution of Project Contracts for Flat Top Wind Farm
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.
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