Alterra Power Corp. (TSX: AXY) announces that Norðurál Helguvik ehf ("Norðurál") has filed an action in the Supreme Court of British Columbia against Alterra regarding a 2007 power sales contract between Alterra's Icelandic subsidiary, HS Orka hf., and Norðurál. This is the second action filed against Alterra by Norðurál. The first action filed in the Superior Court of California (Monterey County) was dismissed on September 2, 2015. As with the first action, Alterra considers the current action to be without merit.
About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company, operating six power plants totaling 757 MW of generation capacity including the Shannon wind project, British Columbia's largest run-of- river hydro facility and largest wind farm, and two geothermal facilities in Iceland. Alterra owns a 349 MW share of this capacity, generating over 1,600 GWh of clean power annually.
Alterra is also constructing the 62 MW Jimmie Creek run-of-river hydroelectric project in British Columbia, which is expected to be in operation by Q3 2016 (51% owned by Alterra). Upon completion of Jimmie Creek, 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, 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.