Iceland: Blue Lagoon Spa Boosts Alterra Power's Bottom Line

Alterra Power Announces HS Orka's 2015 Annual Financial Results (News Release)

Vancouver, Canada-based Alterra Power Corp. announces that its 66.6% owned Icelandic subsidiary, HS Orka hf, today released audited financial and operating results for the twelve-month period ended December 31, 2015.

75 MW Svartengi geothermal plant (Courtesy HS Orka)

Highlights for the year ended December 31, 2015 include (all amounts in US$):

• HS Orka generated $21.0 million of EBITDA and $15.0 million of gross profit in 2015 (2014: 23.5 million and 15.9 million, respectively);
• Net loss of $1.9 million was recorded in 2015 versus a net income of $6.3 million in 2014. 
• HS Orka's share of income from associates increased by 78% to $8.9 million (2014: $5.0 million) primarily due to results from the company's ownership stake in the Blue Lagoon ehf. tourist resort, which continues to outperform expectations due to increased visitor attendance. Income from Blue Lagoon also increased due to a one-time gain of $2.0 million as a result of a share issuance by Blue Lagoon ehf. in the second quarter of 2015.
• HS Orka received a dividend of $2.7 million in the year from Blue Lagoon (2014: $2.8 million) 

HS Orka is the largest privately owned energy company in Iceland, producing 7% of the country's power needs and approximately 11% of the country's heating needs. Installed geothermal power capacity is 174 MW from the Svartsengi and Reykjanes power plants. In addition, HS Orka generates 190 MW of thermal energy for district heating. HS Orka also owns a 30% interest in Blue Lagoon, ehf., a tourist resort that adjoins the Svartsengi power plant in Iceland.

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