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Alterra Power

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Alterra Power Inc.
Company typeSubsidiary
TSX: INE
IndustryRenewable energy
PredecessorMagma Energy
Plutonic Power
Headquarters
Vancouver
,
Canada
Key people
Michel Letellier,
President and CEO
Jean Perron, Chief Financial Officer
ProductsRun-of-the-river hydroelectricity
Wind power
Solar Power[1]
ParentInnergex Renewable Energy
Websitewww.innergex.com

Alterra Power Corp. a subsidiary of Innergex Renewable Energy Inc., 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, owns, acquires and operates hydroelectric, wind, solar energy and geothermal projects. On February 6, 2018, Innergex Renewable Energy Inc. completed the acquisition of Alterra including all its assets.[2][3]

Toba Montrose Run of River Power Plant Intake

Merger

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On 7 March 2011, it was announced that Magma Energy and Plutonic Power would merge to create Alterra Power Corp.[4] Magma Energy was renamed Alterra Power and each shareholder of Plutonic Power received 2.38 shares of Magma for each Plutonic share held. At the time, the merged company owned two geothermal power plants in Iceland, and one in Nevada (since sold), one run of river hydro plant and one wind farm in British Columbia and an option on a solar project in Ontario.

Power plants

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Name Technology Location Nameplate Capacity
Toba Montrose Run of river British Columbia, Canada 235 MW
Kokomo Solar power Indiana, USA 7 MW
Dokie 1 Wind power British Columbia, Canada 144 MW
Shannon Wind power Texas, USA 204 MW
Spartan Wind power Michigan, USA 13.5 MW

Projects

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Toba Montrose Hydro

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East Toba River (123MW) and Montrose Creek (73MW) are two run-of-river hydroelectric plants 18 km apart, they have operated since in 2010 with a combined capacity of 196 MW and generate an average of 720 GWh of electricity annually, which is contracted to B.C. Hydro until 2045.

Upper Toba Valley

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The Upper Toba Valley Hydroelectric project[5] originally planned two renewable power facilities constructed 90 km north of Powell River, BC at the headwaters of Toba Inlet the first is on Jimmie Creek which flows west into Toba River and the second on the Upper Toba River. Installed capacity of the two facilities was to be 124 MW with an expected annual energy generation of 316 GW hr/yr. Alterra received an Energy Purchase Agreement from BC Hydro to construct the Upper Toba facility.[5] In 2013 Alterra also received an Energy Purchase Agreement from BC Hydro to construct the 62MW Jimmie Creek facility.[6] In 2016 Alterra Power Corp. announced that the Jimmie Creek facility had achieved its full output of 62 MW.[7] It is located at 50°34′08″N 124°04′21″W / 50.568962°N 124.072627°W / 50.568962; -124.072627

Solar power expansions

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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.[8]

HS Orka's controversy

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In 2010, during the Icelandic financial crisis, Magma Energy acquired 98.5% of shares in the Icelandic geothermal power company HS Orka.[9] 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".[10] The deal was approved by the Icelandic Government.[11] In 2016, Alterra owned 67%, while the Icelandic pension funds held 33%.[12] In 2019 Alterra sold off its shares in HS Orka to Macquarie Infrastructure and Real Assets (MIRA).[13]

References

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  1. ^ "Assets". Archived from the original on 7 June 2012. Retrieved 21 June 2012.
  2. ^ GmbH, finanzen net. "Innergex completes $1.1 billion acquisition of Alterra Power Corp. | Markets Insider". markets.businessinsider.com. Retrieved 2020-09-17.
  3. ^ "Innergex completes acquisition of Alterra Power Corp". Windpower Engineering & Development. Retrieved 2020-09-17.
  4. ^ "Join News Mar 07, 2011 Magma Energy Corp and Plutonic Power Corporation to Merge and Create Alterra Power Corp". CNW. Retrieved 28 March 2014.
  5. ^ a b "Upper Toba Expansion - Fact Sheet" (PDF). November 22, 2011. Archived from the original (PDF) on March 3, 2016. Retrieved April 9, 2016.
  6. ^ "Alterra Completes Revised PPA for Jimmie Creek Hydro and Acquires 100% of Project". November 12, 2013. Archived from the original on April 26, 2016. Retrieved April 9, 2016.
  7. ^ "Alterra Power Corp. - Alterra Power's Jimmie Creek Project Achieves Full 62 MW Output". Archived from the original on 2017-02-18. Retrieved 2017-02-17.
  8. ^ "First Solar sells 50MW Canadian portfolio to Plutonic Power, GE Energy Financial Services - PV-Tech". international.pv-tech.org. Archived from the original on 12 July 2012. Retrieved 22 May 2022.
  9. ^ Kessler, Richard A. (2010-09-03). "Done deal: Magma owns nearly all of HS Orka in Iceland". ReCharge. NHST Media Group. Retrieved 2010-09-04.
  10. ^ Björk Guðmundsdóttir (2010-05-21). "Björk On Magma Energy". Reykjavík Grapevine. Archived from the original on 2010-05-24. Retrieved 2010-05-21.
  11. ^ Romano, Benjamin (2010-07-28). "Magma confident HS Orka geothermal transaction is legal". ReCharge. NHST Media Group. Retrieved 2010-09-04.
  12. ^ "Alterra Power Corp. - ASSETS - by Technology - Geothermal". Archived from the original on 2016-07-22. Retrieved 2016-07-22.
  13. ^ "Meirihlutinn í HS Orku seldur fyrir 37 milljarða króna". Kjarninn (in Icelandic). 2019-03-25. Retrieved 2023-11-07.
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