Plutonic Power Corporation
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| Subsidiary | |
| Traded as | : INE |
| Industry | Renewable energy |
| Predecessor | Magma Energy Plutonic Power |
| Headquarters | Vancouver, Canada |
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Key people
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Michel Letellier, President and CEO Jean Perron, Chief Financial Officer |
| Products |
geothermal power Run-of-the-river hydroelectricity Wind power Solar Power |
| Parent | Innergex Renewable Energy |
| Subsidiaries | HS Orka |
| Website | www.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.
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 (since sold), one run of river hydro plant and one wind farm in British Columbia and an option on a solar project in Ontario.
East Toba River(123MW) and Montrose Creek(73MW) are two run-of-river hydroelectic plants 18km 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.
The Upper Toba Valley Hydroelectric project originally planned two renewable power facilities constructed 90km 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. In 2013 Alterra also received an Energy Purchase Agreement from BC Hydro to construct the 62MW Jimmie Creek facility. In 2016 Alterra Power Corp. announced that the Jimmie Creek facility had achieved its full output of 62 MW. It is located at 50°34′08″N 124°04′21″W / 50.568962°N 124.072627°W
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