| Type | public |
|---|---|
| Traded as | TSX: AXY |
| Industry | Energy |
| Predecessor | Magma Energy Plutonic Power |
| Headquarters | Vancouver, Canada |
| Key people | Ross Beaty (CEO) |
| Products | geothermal power |
| Subsidiaries | HS Orka |
| Website | www.magmaenergycorp.com |
Alterra Power Corp. is a renewable energy 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 on the Toronto Stock Exchange, the largest stock exchange in Canada.[1]
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On 7 March 2011, it was announced that Magma Energy and Plutonic Power will 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 plants (Iceland and Nevada), two hydro plants and one wind farm (British Columbia) and an option on a solar project in Ontario. CEO of the merged company is Ross Beaty.[2]
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.[3] Once complete it will be the largest private funded renewable energy project in British Columbia history.
The Bute Inlet Hydroelectric project[4] consists of 17 facilities at the headwaters of Bute Inlet, located about 150–200 km north of Powell River, British Columbia. Combined, these facilities have a potential capacity of 1027 MW with potential energy generation of 2905 GWh per year.
This project was not awarded a energy contract from BC Hydro, and therefore is currently not proceeding.
The Upper Toba Valley Hydroelectric project[5] consists of three renewable green power facilities to be constructed at the headwaters of the Toba Inlet on Jimmie Creek, Dalgleish Creek and the Upper Toba River. Installed capacity of the three facilities is estimated to be 166.3 MW with an expected annual energy generation of 452 GW hr/yr.
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, procurment, construction and operation will still be provided by First Solar.[6]
In 2010, Magma Energy acquired 98.5% of shares in the Icelandic geothermal power company HS Orka.[7] 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".[8] During Bjork's campaign, many articles from magazines were removed or edited due to alleged misinformation she was spreading.
The deal was approved by the Icelandic Government.[9]