Alterra Power announces release of lender waiver at Toba Montrose
Friday, Jul 18, 2014
VANCOUVER, July 17, 2014 /CNW/ - Alterra Power Corp. (TSX: AXY) is pleased to announce that the Toba Montrose credit agreement has been amended to remove an insurance-related waiver, paving the way for the resumption of regular equity distributions from the project. The project partnership had previously agreed with its lenders to temporarily suspend distributions until satisfactory resolution of insurance-related issues related to a naturally-occurring rockslide at the project in December 2012. The project has now secured new insurance, effective immediately, at substantially the same coverage terms that existed prior to the rockslide. Alterra expects to receive an equity distribution of C$7.6 million from the project in August 2014 (from a total project distribution of C$19.0 million).
Jay Sutton, Alterra's Vice President of Hydro Power, said "The Toba Montrose facility continues to run at full strength since we completed the rockslide repairs and installed new protective measures last September. Year to date the facility is producing at 99% of plan. With all insurance matters satisfactorily behind us, we are back on plan and looking forward to decades of reliable cash flow from this premier hydro asset."
About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company, operating six power plants totaling 568 MW of generation capacity, including British Columbia's largest run-of-river hydro facility and largest wind farm, two geothermal facilities in Iceland, and a geothermal plant in Nevada. Alterra owns a 262 MW share of this capacity, generating approximately 1,300 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.
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