Alterra Power Corp. (TSX: AXY) announces that the drilling campaign for the Mariposa geothermal project in Chile has been rescheduled for late 2016. Energy Development Corporation (EDC), the managing partner for the joint venture, decided to postpone the drilling in response to lower commodity prices which have negatively impacted near-term project economics. The drilling was previously scheduled to begin in October of this year. In the meantime, Alterra and its partner, Energy Development Corporation, will continue developing the project through engineering work for the power plant and transmission interconnection, proceeding with an environmental impact assessment, and other development activities. Under the joint venture agreement, EDC is currently funding all project activities up to a total of US$58.3 million.
John Carson, Alterra's Chief Executive Officer, said "In spite of this delay, we remain very positive about the Mariposa project and long-term prospects in Chile. We are continuing our work on a solar project in Chile and other opportunities in Latin America and Iceland, in addition to our core development focus on North American renewable projects."
About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company, operating five power plants totaling 553 MW of generation capacity, including British Columbia's largest run-of-river hydro facility and largest wind farm, and two geothermal facilities in Iceland. Alterra owns a 247 MW share of this capacity, generating over 1,250 GWh of clean power annually. Alterra has an extensive portfolio of exploration and development projects and a skilled international team of developers, explorers, builders and operators to support its growth plans. Alterra also has two new projects under construction:
Shannon – 204 MW wind project located in Clay County Texas; expected to be in operation by Q4 2015 or Q1 2016; 50% owned by Alterra
Jimmie Creek – 62 MW run-of-river hydro project adjacent to the existing Toba Montrose facility; expected to be in operation by Q3 2016; 51% owned by Alterra
Upon completion of these two projects Alterra will operate seven power plants totaling 819 MW of capacity and will own a 381 MW share of this capacity, generating over 1,700 GWh of clean power annually.
Alterra has an extensive portfolio of exploration and development projects and a skilled international team of developers, explorers, 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.