|By PR Newswire||
|December 13, 2012 11:41 AM EST||
VANCOUVER, BC, Canada, Dec. 13, 2012 /PRNewswire/ - Alterra Power Corp. (TSX: AXY) announces that a large naturally-occurring rockslide near its 88 MW Montrose hydroelectric facility caused significant damage yesterday to a 200-300 metre section of the five kilometer penstock which supplies water from the water intake to the power generating plant. The intake and power plant were not affected and there were no injuries. The cost of needed repairs is currently being assessed, and the repairs may require the Montrose plant to be off line for several months. Property damage and business interruption are expected to be fully insured and it is hoped that repairs can be carried out during the winter months when water flows and power generation are minimal. The nearby 146 MW Toba hydroelectric plant was not affected and remains in operation.
About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company. Alterra operates six power plants totaling 567 MW of capacity, including two geothermal facilities in Iceland, a geothermal plant in Nevada, British Columbia's largest run-of-river hydro facility and the province's largest wind farm. The company's 298 MW share of production capacity generates approximately 1,400 GWh of clean power annually. Alterra also has an extensive portfolio of exploration and development projects, a skilled international team of developers, explorers, builders and operators to support its growth plans.
Cautionary Note regarding Forward-Looking Statements and Information
This news release contains certain "forward-looking information" within the meaning of Canadian securities laws, which may include, but is not limited to, statements with respect to future events or future performance, the fulfillment of all conditions precedent to the obligation of the parties under the agreements, required consents and third party approvals. This news release also contains statements with respect to our plans to expand our operations, management's expectations regarding our growth, business prospects and opportunities and energy generation capacities. Such forward-looking information reflects management's current beliefs and is based on information currently available to management.
SOURCE Alterra Power Corp.
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