Wednesday, May 11, 2016

Canada: Update from Alterra Power Corp

Alterra Power Announces Results For The Quarter Ended March 31, 2016 and Annual General Meeting (News Release)

Vancouver, Canada-based Alterra Power Corp. reports its financial and operating results for the quarter ended March 31, 2016.

Highlights for the quarter and subsequent period include:

  • Announcement of landmark deep drilling project at HS Orka: Subsequent to the period, the last major contract was signed for a 5,000 meter deep drilling program at the Reykjanes plant in Iceland. The project will test for very high energy geothermal resources below the current Reykjanes geothermal field, and any resulting power will be utilized at the Reykjanes power plant.
  • Adjusted EBITDA and revenue: Consolidated and net interest Adjusted EBITDA decreased by 27% to $6.4 million and 33% to $4.3 million, respectively, and consolidated and net interest revenue decreased by 9% to $14.9 million and $13.9 million, respectively. The decrease in EBITDA and revenue is primarily due to the lower quarterly generation.