Alterra Power Corp. has reported its audited financial and operating results for year ended December 31, 2014.
In regards to it's geothermal energy assets, Alterra Power makes the following comments: In South America construction activities have been completed or are underway at the joint venture (JV) Mariposa project located in Chile in preparation for planned large-bore drilling in late 2015.
A further JV with Energy Development Corp (EDC) covering the remainder of Alterra's development assets in Peru was completed in 2014. EDC will hold a 70% interest in the projects and fund 100% of the next $6.0 million of project expenses.
The company has decided not to pursue any of the Peruvian concessions under a previous joint venture signed in July 2013, effectively ending activity on these properties.
In January 2015, the company sold the 15 MW Soda Lake geothermal facility and related geothermal development assets to an affiliate of Cyrq Energy for proceeds of $8.5 million plus potential additional compensation over the next five years upon the achievement of certain earn-out provisions. Alterra retained the rights to develop a 40 MW solar project at the site over the next six to eight years.
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