|Traded as||TSX: AXY
OTC Pink: MGMXF
Donald McInnes, Executive Vice Chairman
John Carson, CEO
Alterra Power Corp. is a diversified renewable power generation company based in Vancouver, British Columbia, Canada. It was formed in 2011 through the merger of Magma Energy Corp. and Plutonic Power Corp. It develops geothermal, hydroelectric, wind, and solar energy projects. The company is listed under AXY on the Toronto Stock Exchange, and has a secondary listing OTC in the USA under MGMXF:US.
On 7 March 2011, it was announced that Magma Energy and Plutonic Power would merge to create Alterra Power Corp. Magma Energy was renamed Alterra Power and each shareholder of Plutonic Power received 2.38 shares of Magma for each Plutonic share held. As a result, the merged company owns two geothermal power plants in Iceland, and one in Nevada, one run of river hydro plant and one wind farm in British Columbia and an option on a solar project in Ontario. Executive Chairman of Alterra Power is Ross Beaty (founder of Magma Energy) and the CEO is John Carson.
|Toba Montrose||Run of River||British Columbia, Canada||235 MW|
|Reykjanes||Geothermal||Reykjanes Peninsula, Iceland||100 MW|
|Svartsengi||Geothermal||Svartsengi Geothermal Field, Iceland||72 MW|
|Soda Lake||Geothermal||Nevada, USA||23 MW|
|Dokie 1||Wind Power||British Columbia, Canada||144 MW|
|ABW||Solar Power||Ontario, Canada||50 MW|
Run of river expansions
Its proposed 40 run of river hydroelectric development projects have a design capacity of nearly 2,000 MW with the potential to generate approximately 5000 GWh per annum of green energy - enough energy to meet the annual energy needs of over 500,000 homes.
Included in the 40 projects is the creation of the Green Power Corridor, a series of non-storage hydroelectric projects in southwestern BC, which hold the potential to bring British Columbia to the forefront of green energy generation in North America. The completion of the corridor would create approximately 4,000 person-years of employment.
Partnership has started construction on the Toba River energy development located 100 km North of Powell River, British Columbia, Canada. Construction services for the 196 MW run of river project is overseen by Peter Kiewit Inc. a subsidiary of the Kiewit Corporation and will produce 745 GWh/a of electricity and at an approximate cost of $660,000,000. Once complete it will be the largest private funded renewable energy project in British Columbia history.
Upper Toba Valley
The Upper Toba Valley Hydroelectric project consists of two renewable green power facilities constructed at the headwaters of the Toba Inlet on Jimmie Creek and the Upper Toba River. Installed capacity of the two facilities is 124 MW with an expected annual energy generation of 316 GW hr/yr. Alterra has received an Energy Purchase Agreement from BC Hydro to construct the Upper Toba facility.
The Bute Inlet Hydroelectric project consists of 17 facilities at the headwaters of Bute Inlet, located about 150–200 km (93–124 mi) north of Powell River, British Columbia. Combined, these facilities have a potential capacity of 1027 MW with potential energy generation of 2905 GWh per year.
This project was not awarded an energy contract from BC Hydro, and therefore is currently not proceeding.
Solar power expansions
In early 2011, Plutonic Power agreed, together with GE Energy financial Services, to purchase three proposed photovoltaic power plants in Ontario from First Solar. The three plants will have a total capacity of 50 MW, divided between Amherstburg (10MW), Belmont (20MW) and Walpole (20MW). This represents a first venture into solar power for Plutonic Power although engineering, procurement, construction and operation will still be provided by First Solar.
In 2010, during the Icelandic financial crisis, Magma Energy acquired 98.5% of shares in the Icelandic geothermal power company HS Orka. The deal created an opposition in Iceland. On May 21, 2010 Icelandic singer Björk wrote an open letter in the newspaper Reykjavík Grapevine, calling on the Icelandic government to "do everything in its power to revoke the contracts with Magma Energy". During Bjork's campaign, many articles from magazines or publications were removed due to alleged misinformation.
The deal was approved by the Icelandic Government.
- "Management". Retrieved 21 June 2012.
- "Assets". Retrieved 21 June 2012.
- "Join News Mar 07, 2011 Magma Energy Corp and Plutonic Power Corporation to Merge and Create Alterra Power Corp". CNW. Retrieved 28 March 2014.
- "Management". Retrieved 20 June 2012.
- Kessler, Richard A. (2010-09-03). "Done deal: Magma owns nearly all of HS Orka in Iceland". ReCharge (NHST Media Group). (subscription required). Retrieved 2010-09-04.
- Björk Guðmundsdóttir (2010-05-21). "Björk On Magma Energy". Reykjavík Grapevine. Retrieved 2010-05-21.
- Romano, Benjamin (2010-07-28). "Magma confident HS Orka geothermal transaction is legal". ReCharge (NHST Media Group). (subscription required). Retrieved 2010-09-04.