Alterra Power
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|
| Public | |
| Traded as | : AXY OTC Pink: |
| Industry | Renewable energy |
| Predecessor | Magma Energy Plutonic Power |
| Headquarters | Vancouver, Canada |
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Key people
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Ross Beaty, Chairman Donald McInnes, Vice Chairman John Carson, CEO |
| Products |
geothermal power Run-of-the-river hydroelectricity Wind power Solar Power |
| Subsidiaries | HS Orka |
| Website | www.alterrapower.ca |
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 , and has a secondary listing OTC in the United States 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.
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.
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