Wednesday, August 10, 2016

Iceland: Drilling of 5,000 Meter Well at Reykjanes Geothermal Plant Will Commence this Month

Alterra Power Announces Results for the Quarter Ended June 30, 2016 (News Release)

Alterra Power Corp. has reported its financial and operating results for the three and six months ended June 30, 2016.

Highlights for the quarter and subsequent period include:
  • Deep drilling project at HS Orka: The last major contract was signed for a 5,000 meter deep drilling program at the Reykjanes plant in Iceland. The rig has been deployed to site and drilling will commence in August.
  • Distributions: The company received distributions during the quarter from equity investments of $3.6 million from Shannon and Blue Lagoon hf (plus a separate $0.3 million return of capital from Shannon).
  • Adjusted EBITDA and revenue: Consolidated revenue increased by 2% to $13.8 million and net interest revenue increased by 5% to $18.5 million, respectively.