Alterra Power Corp. (TSX: AXY) has announced that the Toba Montrose General Partnership ('TMGP') has exercised a one-time right in its energy purchase agreement with B.C. Hydro to increase its firm energy allotment by 10%. This increase is effective June 1, 2011.
The exercise of the right does not require the delivery of more power, but because the firm energy allotment is the highest priced tranche of the energy purchase agreement, the increase in power priced under that allotment is expected to result in an average annualized net revenue increase from TMGP of 2.4%. Further financial details were not disclosed.
The Toba Montrose General Partnership (TMGP) is a 60/40 partnership between GE Energy Financial Services and Alterra Power Corp in relation to the Toba Montrose hydroelectric project, located near Powell River, B.C. on the traditional lands of the Klahoose, Sliammon and Sechelt First Nations.
The TMGP plants at East Toba River and Montrose Creek have a combined capacity of 236 MW and are expected to generate an average net annual energy of 710-730 GWh, sold to B.C. Hydro under a 35-year EPA.
Alterra Power Corp, a leading global renewable energy company, was formed earlier this year through the merger of Magma Energy Corp and Plutonic Power Corp.
The company operates six power plants totaling 571 MW of capacity, including the only two privately-owned 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.
Its 315 MW share of production generates 1,575 GWh of clean power annually. With an extensive portfolio of exploration and development projects, a skilled international team of explorers, builders and operators as well as the strong financial capacity to support our aggressive growth plans, Alterra Power is an innovator to watch.