Alterra Power

Last updated
Alterra Power Inc.
TypeSubsidiary
TSX: INE
Industry Renewable energy
PredecessorMagma Energy
Plutonic Power
Headquarters
Vancouver
,
Canada
Key people
Michel Letellier,
President and CEO
Jean Perron, Chief Financial Officer
Products Run-of-the-river hydroelectricity
Wind power
Solar Power [1]
Parent Innergex Renewable Energy
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. [2] [3]

Contents

Toba Montrose Run of River Power Plant Intake Toba Montrose Run of River Hydro Power Plant Intake.jpg
Toba Montrose Run of River Power Plant Intake

Merger

On 7 March 2011, it was announced that Magma Energy and Plutonic Power would merge to create Alterra Power Corp. [4] Magma Energy was renamed Alterra Power and each shareholder of Plutonic Power received 2.38 shares of Magma for each Plutonic share held. At the time, the merged company owned 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.

Power plants

NameTechnologyLocationNameplate Capacity
Toba Montrose Run of river British Columbia, Canada235 MW
Kokomo Solar power Indiana, USA7 MW
Dokie 1 Wind power British Columbia, Canada144 MW
Shannon Wind power Texas, USA204 MW
Spartan Wind power Michigan, USA13.5 MW

Projects

Toba Montrose Hydro

East Toba River (123MW) and Montrose Creek (73MW) are two run-of-river hydroelectric plants 18 km 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 Valley

The Upper Toba Valley Hydroelectric project [5] originally planned two renewable power facilities constructed 90 km 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. [5] In 2013 Alterra also received an Energy Purchase Agreement from BC Hydro to construct the 62MW Jimmie Creek facility. [6] In 2016 Alterra Power Corp. announced that the Jimmie Creek facility had achieved its full output of 62 MW. [7] It is located at 50°34′08″N124°04′21″W / 50.568962°N 124.072627°W / 50.568962; -124.072627

Solar power expansions

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. [8]

HS Orka's controversy

In 2010, during the Icelandic financial crisis, Magma Energy acquired 98.5% of shares in the Icelandic geothermal power company HS Orka. [9] 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". [10] The deal was approved by the Icelandic Government. [11] In 2016, Alterra owned 67%, while the Icelandic pension funds held 33%. [12] In 2019 Alterra sold off its shares in HS Orka to Macquarie Infrastructure and Real Assets (MIRA). [13]

Related Research Articles

<span class="mw-page-title-main">Energy in Iceland</span> Energy sources in the country of Iceland

Iceland is a world leader in renewable energy. 100% of Iceland's electricity grid is produced from renewable resources. In terms of total energy supply, 85% of the total primary energy supply in Iceland is derived from domestically produced renewable energy sources. Geothermal energy provided about 65% of primary energy in 2016, the share of hydropower was 20%, and the share of fossil fuels was 15%.

The Toba River is a river in the Canadian province of British Columbia. Also referred to as the East Toba river. Its drainage basin is 1,759 square kilometres (679 sq mi) in size.

Marathon Capital is an independent investment bank delivering financial advice to the global energy and infrastructure markets. Marathon Capital specializes in the sale and financing of companies, portfolios and assets within these markets.

The Toba Montrose General Partnership (TMGP) is a 40/60 partnership between Alterra Power and GE Energy Financial Services that owns the Toba Montrose hydroelectric project, located near Powell River, British Columbia on the traditional lands of our First Nations partners: the Klahoose, Sliammon and Sechelt First Nations. The TMGP plants at East Toba River and Montrose Creek are British Columbia's largest run of river hydro plants. They have combined capacity of 196 MW and are expected to generate an average net annual energy of 710-730 GWh, which is contracted to B.C. Hydro under a 35-year EPA.

<span class="mw-page-title-main">Svartsengi Power Station</span> Geothermal power station in Iceland

The Svartsengi Power Station is a geothermal power plant, which is located in the Svartsengi geothermal field, about four km north of Grindavík, approximately 20 km SE of Keflavík International Airport and 45 km from Reykjavík. The electric power station was built in 1976 by HS Orka. It was the world's first combined geothermal power plant for electric power generation and hot water production for district heating.

Brookfield Renewable Partners L.P. is a publicly traded limited partnership that owns and operates renewable power assets, with corporate headquarters in Toronto, Ontario, Canada. It is 60% owned by Brookfield Asset Management.

Innergex Renewable Energy is a developer, owner and operator of run-of-river hydroelectric facilities, wind energy, and solar farms in North America, France and South America. While many of the firm's operational assets are located in its home province of Québec, it has expanded into Ontario, British Columbia, and Idaho, as well as Chile and France

Renewable energy in Russia mainly consists of hydroelectric energy. Russia is rich not only in oil, gas and coal, but also in wind, hydro, geothermal, biomass and solar energy – the resources of renewable energy. Practically all regions have at least one or two forms of renewable energy that are commercially exploitable, while some regions are rich in all forms of renewable energy resources. However, fossil fuels dominate Russia’s current energy mix, while its abundant and diverse renewable energy resources play little role.

<span class="mw-page-title-main">HS Orka</span>

HS Orka is a privately-owned Icelandic energy company that produces electricity and hot water mainly from geothermal sources, mainly on the Reykjanes Peninsula. It is the third largest electricity producer in Iceland, after Landsvirkjun and Orka Nátturinnar. HS Orka operates two geothermal power plants: Svartsengi and Reykjanes, as well as a small hydropower station, Brú. As of 2022, its total installed electrical capacity is 215 MW, and 190 MWth geothermal hot water power.

Energy Development Corporation is the largest producer of geothermal energy in the Philippines and the second largest in the world. It is involved in alternative energy projects, including geothermal, hydroelectric and wind energy projects. The company was formerly owned by the Philippine National Oil Company, a state corporation owned by the Republic of the Philippines engaged in the exploration of resources, production of energy and distribution of power supply to smaller electricity distributor. EDC was privatized and acquired by the Lopez Group as part of its energy and power supply utility business units.

<span class="mw-page-title-main">Hydroelectricity in the United Kingdom</span>

As of 2018, hydroelectric power stations in the United Kingdom accounted for 1.87 GW of installed electrical generating capacity, being 2.2% of the UK's total generating capacity and 4.2% of UK's renewable energy generating capacity. This includes four conventional hydroelectric power stations and run-of-river schemes for which annual electricity production is approximately 5,000 GWh, being about 1.3% of the UK's total electricity production. There are also four pumped-storage hydroelectric power stations providing a further 2.8 GW of installed electrical generating capacity, and contributing up to 4,075 GWh of peak demand electricity annually.

<span class="mw-page-title-main">Renewable energy in Afghanistan</span>

Renewable energy in Afghanistan includes biomass, geothermal, hydropower, solar, and wind power. Afghanistan is a landlocked country surrounded by five other countries. With a population of less than 35 million people, it is one of the lowest energy consuming countries in relation to a global standing. It holds a spot as one of the countries with a smaller ecological footprint. Hydropower is currently the main source of renewable energy due to Afghanistan's geographical location. Its large mountainous environment facilitates the siting of hydroelectric dams and other facets of hydro energy.

The Tahumming River is a river in the Pacific Ranges of the Coast Mountains in British Columbia, Canada, flowing southeast into Toba Inlet near that inlet's head.

<span class="mw-page-title-main">Renewable energy in Hungary</span>

Hungary is a member of the European Union and thus takes part in the EU strategy to increase its share of renewable energy. The EU has adopted the 2009 Renewable Energy Directive, which included a 20% renewable energy target by 2020 for the EU. By 2030 wind should produce in average 26-35% of the EU's electricity and save Europe €56 billion a year in avoided fuel costs. The national authors of Hungary forecast is 14.7% renewables in gross energy consumption by 2020, exceeding their 13% binding target by 1.7 percentage points. Hungary is the EU country with the smallest forecast penetration of renewables of the electricity demand in 2020, namely only 11%.

Independent Power Producer (IPP) projects have had a significant presence in British Columbia since the 1980s. Their relationship with BC Hydro grew from the province's need to supply growing energy demands and implementation of the 2002 Energy Strategy, which mandated that BC Hydro would purchase its energy supply from IPPs rather than generating the supply itself. There are a variety of power projects in BC, with the most popular being hydroelectricity and biomass projects. In recent years, more attention has been placed on the environmental effects of IPP projects and the social implications it has to residents living around the project development sites. Despite the decline in demand for new IPP projects, in 2016 they supplied 20,000 GWh, one-third of BC Hydro's total.

References

  1. ↑ "Assets". Archived from the original on 7 June 2012. Retrieved 21 June 2012.
  2. ↑ GmbH, finanzen net. "Innergex completes $1.1 billion acquisition of Alterra Power Corp. | Markets Insider". markets.businessinsider.com. Retrieved 2020-09-17.
  3. ↑ "Innergex completes acquisition of Alterra Power Corp". Windpower Engineering & Development. Retrieved 2020-09-17.
  4. ↑ "Join News Mar 07, 2011 Magma Energy Corp and Plutonic Power Corporation to Merge and Create Alterra Power Corp". CNW. Retrieved 28 March 2014.
  5. 1 2 "Upper Toba Expansion - Fact Sheet" (PDF). November 22, 2011. Archived from the original (PDF) on March 3, 2016. Retrieved April 9, 2016.
  6. ↑ "Alterra Completes Revised PPA for Jimmie Creek Hydro and Acquires 100% of Project". November 12, 2013. Archived from the original on April 26, 2016. Retrieved April 9, 2016.
  7. ↑ "Alterra Power Corp. - Alterra Power's Jimmie Creek Project Achieves Full 62 MW Output". Archived from the original on 2017-02-18. Retrieved 2017-02-17.
  8. ↑ "First Solar sells 50MW Canadian portfolio to Plutonic Power, GE Energy Financial Services - PV-Tech". international.pv-tech.org. Archived from the original on 12 July 2012. Retrieved 22 May 2022.
  9. ↑ Kessler, Richard A. (2010-09-03). "Done deal: Magma owns nearly all of HS Orka in Iceland" . ReCharge. NHST Media Group. Retrieved 2010-09-04.
  10. ↑ Björk Guðmundsdóttir (2010-05-21). "Björk On Magma Energy". Reykjavík Grapevine . Archived from the original on 2010-05-24. Retrieved 2010-05-21.
  11. ↑ Romano, Benjamin (2010-07-28). "Magma confident HS Orka geothermal transaction is legal" . ReCharge. NHST Media Group. Retrieved 2010-09-04.
  12. ↑ "Alterra Power Corp. - ASSETS - by Technology - Geothermal". Archived from the original on 2016-07-22. Retrieved 2016-07-22.
  13. ↑ "Meirihlutinn í HS Orku seldur fyrir 37 milljarða króna". Kjarninn (in Icelandic). 2019-03-25. Retrieved 2023-11-07.
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