16 SEPTEMBER 2011PR Newswire
Alterra Power Announces Receipt of Permit to Expand Reykjanes Plant
Edited by : AL CIRCLE
1 min read
Alterra Power Corp. (TSX: AXY) ("Alterra") is pleased to announce that an operating permit has been received for its planned 80 MW expansion of the Reykjanes geothermal power plant in Iceland. The permit formally allows Alterra to install and place into service a new, currently-owned 50 MW turbine, as well as a 30 MW low pressure turbine that will be powered from existing steam production.
Separately, Alterra is continuing its effort to finalize power purchase arrangements with aluminum smelter Norðurál Helguvík sf. (a subsidiary of Century Aluminum Co., "Norðurál") and other industrial power purchasers. Results from a pending arbitration related to a prior power purchase agreement with Norðurál are expected this fall.
Júlíus Jónsson, CEO of Alterra's Icelandic subsidiary, HS Orka hf ("HS Orka"), said, "I am pleased that we have now been granted regulatory approval to move forward with this major expansion in a uniquely rich resource area. Full attention is now focused on finalizing our power purchase and financing arrangements, which we intend to achieve in the next few months."
Separately, Alterra is continuing its effort to finalize power purchase arrangements with aluminum smelter Norðurál Helguvík sf. (a subsidiary of Century Aluminum Co., "Norðurál") and other industrial power purchasers. Results from a pending arbitration related to a prior power purchase agreement with Norðurál are expected this fall.
Júlíus Jónsson, CEO of Alterra's Icelandic subsidiary, HS Orka hf ("HS Orka"), said, "I am pleased that we have now been granted regulatory approval to move forward with this major expansion in a uniquely rich resource area. Full attention is now focused on finalizing our power purchase and financing arrangements, which we intend to achieve in the next few months."
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