Alterra Power Reaps Rewards from Geothermal, Windfarm Startups

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Researched by Industrial Info Resources (Sugar Land, Texas)--Canadian renewable-energy company Alterra Power Corporation (TSX:AXY) (Vancouver, British Columbia) saw a significant jump in revenues in third-quarter 2016 after a pair of major projects, a hydropower facility in Canada and a large windfarm in Texas, began to generate energy. Industrial Info is tracking $5.9 billion in active projects involving Alterra, including a major geothermal drilling project.

Alterra's net interest revenues stood at $28.1 million, a 26% increase from the same period last year. Executives attributed much of the growth to the commencement of operations at the $145 million Jimmie Creek Hydro Power Station in Powell River, British Columbia, and the $404.6 million Shannon Windfarm in Windthorst, Texas.

The Jimmie Creek station is selling power to British Columbia Hydro and Power Authority via a 40-year agreement. The power station uses two Voith hydro turbine generator sets, each of equal capacity, to generate 62 megawatts (MW). The Shannon windfarm uses 119 General Electric (NYSE:GE) wind turbine generators to develop about 202.3 MW. For more information, see Industrial Info's project reports on the Jimmie Creek and Shannon facilities.

For more information on Jimmie Creek, see March 17, 2016, article - Alterra Reports Canada Hydropower Project on Time, on Budget.

Also during the quarter, Alterra made significant progress on its $400 million Flat Top windfarm in Comanche, Texas, with the company close to finalizing the turbine supply agreement. The facility is expected to generate 200 MW from 100 to 120 General Electric (NYSE:GE) wind turbine generators, and currently is expected to be completed in late 2017. For more information, see Industrial Info's project report.

"With the inclusion of Jimmie Creek and Shannon, we have increased our operating capacity by 48%," said Lynda Freeman, the chief financial officer of Alterra, in a quarterly earnings release. "We are looking forward to the next phase of growth, and through the successful completion of our equity raise in October, Alterra is well positioned to further advance Flat Top and our other development assets."

Alterra also plays a role in geothermal power development, with one of its highest-valued projects found in Europe's most remote country. Icelandic subsidiary HS Orka is at work on the $200 million addition of units 3 and 4 at its Reykjanes Geothermal Power Station in Reykjanesbaer, Iceland. The subsidiary plans to drill production and re-injection wells for the addition of 30-MW and 50-MW steam turbine generator sets to the facility, which currently has a capacity of 100 MW. Last month, Alterra finished up arrangements to refinance a $72 million bond in relation to its 52% stake in HS Orka. For more information, see Industrial Info's project report.

Earlier this year, Alterra announced a 5,000-meter-deep drilling program at the Reykjanes plant. It is designed to test for "very high-energy geothermal resources" below the facility. The hole, which surpassed 3,850 feet in depth earlier this week, is expected to be one of the deepest drilled to date in Iceland, according to a separate press release from Alterra.

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