Alterra Reports Canada Hydropower Project on Time, on Budget

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Researched by Industrial Info Resources (Sugar Land, Texas)--Alterra Power Corporation's (Vancouver, Canada) Jimmie Creek run-of-river hydroelectric power station project in British Columbia is on budget and on schedule, with planned completion later this year, executives with the renewable power producer said Wednesday. Industrial Info is tracking 23 active Alterra projects worth $5.41 billion.

Located about 80 kilometers northeast of the Powell River in British Columbia, the 62-MW project has a total investment value of $145 million. Last year, the project saw completion of the switchyard, penstock, intake and tie-in to the transmission line as well as commissioning of the intake. At the powerhouse, all of the electrical and mechanical equipment has been delivered to the site and the installation of the generators has begun, according to Alterra.

Speaking at Alterra's financial conference call for 2015, executives also noted the 202.3-MW Shannon Windfarm in Clay County Texas began commercial operations in December. The project is a 50:50 joint venture with Starwood Energy Group Global LLC (Greenwich, Connecticut). For more information, see December 18, 2015, article - Alterra Power, Starwood Energy 202-MW Texas Windfarm Begins Commercial Operations.

Alterra is considering more windfarm development in the U.S. "What we see at Alterra is a good platform for growth in North America, especially in the United States," said Chief Executive Officer John Carson during the conference call. He noted the recent two-year extensions of the U.S. production tax credit and investment tax credit play into the company's area of expertise. In addition to wind power, Alterra is involved in geothermal and hydro energy. Carson said the company is also considering solar power investments.

Alterra reported a net loss of $17.3 million for 2015, compared with a $34.8 million loss for 2014. The company was hit by unfavorable foreign currency exchange rates stemming from the strong U.S. dollar, executives said.

Alterra also has assets in South America and Iceland.

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