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.
|Traded as||TSX: INE|
President and CEO
Jean Perron, Chief Financial Officer
|Parent||Innergex Renewable Energy|
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.
|Toba Montrose||Run of River||British Columbia, Canada||235 MW|
|Reykjanes||Geothermal||Reykjanes Peninsula, Iceland||100 MW|
|Svartsengi||Geothermal||Svartsengi Geothermal Field, Iceland||74 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|
Toba Montrose HydroEdit
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.
Upper Toba ValleyEdit
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
Solar power expansionsEdit
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.
In 2010, during the Icelandic financial crisis, Magma Energy acquired 98.5% of shares in the Icelandic geothermal power company HS Orka. 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". The deal was approved by the Icelandic Government. Recently Alterra as operator has 67%, while the Icelandic pension funds helds 33%.
- "Assets". Retrieved 21 June 2012.
- "Join News Mar 07, 2011 Magma Energy Corp and Plutonic Power Corporation to Merge and Create Alterra Power Corp". CNW. Retrieved 28 March 2014.
- "Upper Toba Expansion - Fact Sheet" (PDF). November 22, 2011. Retrieved April 9, 2016.
- "Alterra Completes Revised PPA for Jimmie Creek Hydro and Acquires 100% of Project". November 12, 2013. Retrieved April 9, 2016.
- http://international.pv-tech.org/news/plutonic_power_ge_energy_agree_to_buy_50mw_canadian_portfolio[permanent dead link]
- Kessler, Richard A. (2010-09-03). "Done deal: Magma owns nearly all of HS Orka in Iceland". ReCharge. NHST Media Group. (subscription required). Retrieved 2010-09-04.
- Björk Guðmundsdóttir (2010-05-21). "Björk On Magma Energy". Reykjavík Grapevine. Archived from the original on 2010-05-24. Retrieved 2010-05-21.
- Romano, Benjamin (2010-07-28). "Magma confident HS Orka geothermal transaction is legal". ReCharge. NHST Media Group. (subscription required). Retrieved 2010-09-04.