Alterra Power
Encyclopedia
Alterra Power Corp. is a renewable energy 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 geothermal, hydroelectric, wind, and solar energy projects. The company is listed on the Toronto Stock Exchange
, the largest stock exchange
in Canada.
and Nevada), two hydro plants and one wind farm (British Columbia) and an option on a solar project in Ontario. CEO of the merged company is Ross Beaty.
Included in the 40 projects is the creation of the Green Power Corridor, a series of non-storage hydroelectric projects in southwestern BC, which hold the potential to bring British Columbia
to the forefront of green energy generation in North America
. The completion of the corridor would create approximately 4,000 person-years of employment.
Partnership has started construction on the Toba River energy development located 100 km North of Powell River
, British Columbia
, Canada
. Construction services for the 196 MW run of river project is overseen by Peter Kiewit Inc. a subsidiary of the Kiewit Corporation and will produce 745 GWh/a of electricity and at an approximate cost of $660,000,000. Once complete it will be the largest private funded renewable energy project in British Columbia history.
, located about 150–200 km north of Powell River
, British Columbia
. Combined, these facilities have a potential capacity of 1027 MW with potential energy generation of 2905 GWh per year.
This project was not awarded a energy contract from BC Hydro, and therefore is currently not proceeding.
. 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, procurment, construction and operation will still be provided by First Solar.
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". During Bjork's campaign, many articles from magazines were removed or edited due to alleged misinformation she was spreading.
The deal was approved by the Icelandic Government.
Vancouver
Vancouver is a coastal seaport city on the mainland of British Columbia, Canada. It is the hub of Greater Vancouver, which, with over 2.3 million residents, is the third most populous metropolitan area in the country,...
, British Columbia
British Columbia
British Columbia is the westernmost of Canada's provinces and is known for its natural beauty, as reflected in its Latin motto, Splendor sine occasu . Its name was chosen by Queen Victoria in 1858...
, Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
. It was formed in 2011 through the merger of Magma Energy Corp. and Plutonic Power Corp. It develops geothermal, hydroelectric, wind, and solar energy projects. The company is listed on the Toronto Stock Exchange
Companies listed on the Toronto Stock Exchange (A)
-A:-See also:*Toronto Stock Exchange*List of Canadian companies*List of mutual funds listed on the TSX*S&P/TSX Composite Index*List of companies listed on the TSX Venture Exchange-External links:*...
, the largest stock exchange
Stock exchange
A stock exchange is an entity that provides services for stock brokers and traders to trade stocks, bonds, and other securities. Stock exchanges also provide facilities for issue and redemption of securities and other financial instruments, and capital events including the payment of income and...
in Canada.
Merger
On 7 March 2011, it was announced that Magma Energy and Plutonic Power will merge to create Alterra Power Corp. Magma Energy was renamed Alterra Power and each shareholder of Plutonic Power received 2.38 shares of Magma for each Plutonic share held. As a result, the merged company owns two geothermal plants (IcelandIceland
Iceland , described as the Republic of Iceland, is a Nordic and European island country in the North Atlantic Ocean, on the Mid-Atlantic Ridge. Iceland also refers to the main island of the country, which contains almost all the population and almost all the land area. The country has a population...
and Nevada), two hydro plants and one wind farm (British Columbia) and an option on a solar project in Ontario. CEO of the merged company is Ross Beaty.
Projects
Its proposed 40 run of river hydroelectric development projects have a design capacity of nearly 2,000 MW with the potential to generate approximately 5000 GWh per annum of green energy - enough energy to meet the annual energy needs of over 500,000 homes.Included in the 40 projects is the creation of the Green Power Corridor, a series of non-storage hydroelectric projects in southwestern BC, which hold the potential to bring British Columbia
British Columbia
British Columbia is the westernmost of Canada's provinces and is known for its natural beauty, as reflected in its Latin motto, Splendor sine occasu . Its name was chosen by Queen Victoria in 1858...
to the forefront of green energy generation in North America
North America
North America is a continent wholly within the Northern Hemisphere and almost wholly within the Western Hemisphere. It is also considered a northern subcontinent of the Americas...
. The completion of the corridor would create approximately 4,000 person-years of employment.
Partnership has started construction on the Toba River energy development located 100 km North of Powell River
Powell River, British Columbia
Powell River is a city on the northern Sunshine Coast of southwestern British Columbia, Canada. Most of its population lives near the eastern shores of Malaspina Strait, that part of the larger Georgia Strait between Texada Island and the Mainland...
, British Columbia
British Columbia
British Columbia is the westernmost of Canada's provinces and is known for its natural beauty, as reflected in its Latin motto, Splendor sine occasu . Its name was chosen by Queen Victoria in 1858...
, Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
. Construction services for the 196 MW run of river project is overseen by Peter Kiewit Inc. a subsidiary of the Kiewit Corporation and will produce 745 GWh/a of electricity and at an approximate cost of $660,000,000. Once complete it will be the largest private funded renewable energy project in British Columbia history.
Bute Inlet
The Bute Inlet Hydroelectric project consists of 17 facilities at the headwaters of Bute InletBute Inlet
Bute Inlet is one of the principal inlets of the British Columbia Coast. It is 80 km long from its head at the mouths of the Homathko and Southgate Rivers to the continental headlands at its mouth, where it is nearly blocked by Stuart Island, and it averages about 4 km in width...
, located about 150–200 km north of Powell River
Powell River, British Columbia
Powell River is a city on the northern Sunshine Coast of southwestern British Columbia, Canada. Most of its population lives near the eastern shores of Malaspina Strait, that part of the larger Georgia Strait between Texada Island and the Mainland...
, British Columbia
British Columbia
British Columbia is the westernmost of Canada's provinces and is known for its natural beauty, as reflected in its Latin motto, Splendor sine occasu . Its name was chosen by Queen Victoria in 1858...
. Combined, these facilities have a potential capacity of 1027 MW with potential energy generation of 2905 GWh per year.
This project was not awarded a energy contract from BC Hydro, and therefore is currently not proceeding.
Upper Toba Valley
The Upper Toba Valley Hydroelectric project consists of three renewable green power facilities to be constructed at the headwaters of the Toba Inlet on Jimmie Creek, Dalgleish Creek and the Upper Toba River. Installed capacity of the three facilities is estimated to be 166.3 MW with an expected annual energy generation of 452 GW hr/yr.Solar Power
In early 2011, Plutonic Power agreed, together with GE Energy financial Services, to purchase three proposed photovoltaic power plants in Ontario from First SolarFirst Solar
First Solar, Inc. is an American manufacturer of thin film photovoltaic modules, or solar panels, and a provider to PV power plants of supporting services that include finance, construction, maintenance and end-of-life panel recycling...
. 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
Solar power
Solar energy, radiant light and heat from the sun, has been harnessed by humans since ancient times using a range of ever-evolving technologies. Solar radiation, along with secondary solar-powered resources such as wind and wave power, hydroelectricity and biomass, account for most of the available...
for Plutonic Power although engineering, procurment, construction and operation will still be provided by First Solar.
Orka's controversy
In 2010, Magma Energy acquired 98.5% of shares in the Icelandic geothermal power company HS Orka. The deal created an opposition in Iceland. On May 21, 2010 Icelandic singer BjörkBjörk
Björk Guðmundsdóttir , known as Björk , is an Icelandic singer-songwriter. Her eclectic musical style has achieved popular acknowledgement and popularity within many musical genres, such as rock, jazz, electronic dance music, classical and folk...
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". During Bjork's campaign, many articles from magazines were removed or edited due to alleged misinformation she was spreading.
The deal was approved by the Icelandic Government.