Alterra Power Update Regarding Wind Project Qualification
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.
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