Alterra Power Corp. signs deal to buy four wind power projects on B.C. coast

VANCOUVER – Alterra Power Corp. (TSX:AXY) said Friday it has signed a deal to buy a portfolio of wind-power projects at four sites on the B.C. coast from a group of sellers led by English Bay Energy Ltd.

Under the agreement, the sellers will receive royalty payments during the operations phase of the projects, and under certain circumstances up to 1.34 million Alterra shares.

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The early-stage sites are on Banks Island, Porcher Island and McCauley Island on the B.C. north coast. The fourth project is on northern Vancouver Island.

Alterra Power’s assets include two geothermal facilities in Iceland, a geothermal plant in Nevada, run of river hydro facilities in B.C. and the province’s largest wind farm.

Shares in the company last traded for 41 cents on the Toronto Stock Exchange.