VANCOUVER, Dec. 14, 2017 /PRNewswire/ - Alterra Power Corp.
("Alterra") is pleased to announce that its shareholders have voted
overwhelmingly to approve the previously announced plan of
arrangement whereby Innergex Renewable Energy Inc. ("Innergex")
will acquire all of the issued and outstanding common shares of
Alterra (the "Arrangement").
99.89% of the Alterra shares represented at Alterra's special
meeting of shareholders held today were voted in favour of the
special resolution approving the Arrangement.
Alterra will apply for a final order of the Supreme Court of
British Columbia approving the
Arrangement on or about Monday December 18,
2017. Alterra is in the process of obtaining various
regulatory approvals and key third party consents. Completion of
the Arrangement is expected to occur in the first quarter of
2018.
About Alterra Power Corp.
Alterra Power Corp. is a global renewable energy company that
manages operations of eight power plants totalling 825 MW of hydro,
wind, geothermal and solar generation capacity in Canada, the USA and Iceland. Alterra owns a 364 MW share of this
capacity, generating over 1,500 GWh of clean power annually.
Alterra is also constructing the 200 MW Flat Top wind project in
central Texas, which is expected
to be in operation in the first half of 2018 (51% owned by
Alterra). Upon the completion of Flat Top, Alterra will operate
nine power plants totalling 1,025 MW of capacity and will own a 465
MW share of this capacity, generating almost 2,000 GWh of clean
power annually. Alterra also has an extensive portfolio of
development projects and a skilled team of developers, builders and
operators to support its growth plans.
Alterra trades on the Toronto Stock Exchange under the symbol
AXY.
Cautionary Note regarding Forward-Looking Statements and
Information
This press release contains statements that are
"forward-looking information" within the meaning of Canadian
securities legislation including, but not limited to, court
approval of the Arrangement, expected timing for completion of the
Arrangement, expected timing for completion of Flat Top, and
estimates of annual generation.
Forward-looking statements are based on certain key expectations
and assumptions made by Alterra, including expectations and
assumptions concerning: economic and financial conditions; project
performance; and the timing of receipt of the requisite court,
regulatory and other third-party approvals for the Arrangement.
Although Alterra believes that the expectations and assumptions on
which such forward-looking statements are based are reasonable,
undue reliance should not be placed on the forward-looking
statements because Alterra can give no assurance that they will
prove to be correct.
Since forward-looking statements address future events and
conditions, they are by their very nature subject to inherent risks
and uncertainties. Actual results could differ materially from
those currently anticipated due to a number of factors and risks.
These include, but are not limited to, the risks associated with
the renewable energy industry in general such as execution of
strategy; ability to develop Innergex's and Alterra's projects on
time and within budget; capital resources; derivative financial
instruments; current economic and financial condition; hydrology
and wind regime; geothermal resources and solar irradiation;
construction, design and development of new facilities; performance
of existing projects; equipment failure; interest rate and
refinancing risk; currency exchange rates; variation in merchant
price of electricity; risks associated with the near-term maturity
of Alterra's holding company (Sweden) bond; risk that Alterra's on-site and
off-site early-stage construction activities will not be sufficient
to qualify its wind development projects for the full value of the
production tax credits (PTCs); risk that rules, regulation or other
guidance may be promulgated in the United
States that could jeopardize or otherwise impede the
effectiveness of such on-site and off-site early-stage construction
activities qualifying such projects for the full value of the PTCs
and securing tax equity financing on such basis; risks associated
with recently announced proposed changes to U.S. federal tax plans;
financial leverage and restrictive covenants; and relationship with
public utilities.
There are also risks inherent to the Arrangement, including
incorrect assessments of the value of Innergex or Alterra; failure
to satisfy the closing conditions; exercise of termination rights
by Innergex or Alterra; failure to obtain the requisite court,
regulatory and other third-party approvals, including approval by
the Federal Energy Regulatory Commission (FERC) and the Federal
Trade Commission as well as the Toronto Stock Exchange.
Accordingly, there can be no assurance that the Arrangement will
occur, or that it will occur on the terms and conditions, or at the
time, contemplated in this news release. The Arrangement could be
modified, restructured or terminated. There can also be no
assurance that the strategic, operational or financial benefits
expected to result from the Arrangement will be realized.
If the Arrangement is not completed, and Alterra continues as a
separate entity, there are risks that the announcement of the
Arrangement and the dedication of substantial resources of Alterra
to the completion of the Arrangement could have an impact on its
business and strategic relationships (including with future and
prospective employees, customers, distributors, suppliers and
partners), operating results and businesses generally, and could
have a material adverse effect on the current and future
operations, financial condition and prospects of Alterra.
Furthermore, the failure of Alterra to comply with the terms of the
arrangement agreement dated October 30,
2017 with Innergex which governs the Arrangement may, in
certain circumstances, result in Alterra being required to pay a
fee to Innergex, the result of which could have a material adverse
effect on Alterra's financial position and results of operations
and its ability to fund growth prospects and current
operations.
Alterra is relying on certain assumptions that it believes are
reasonable at this time, including assumptions as to the timing of
receipt of the court, regulatory and other third-party approvals or
consents and the time necessary to satisfy the conditions to
the closing of the Arrangement. These dates may change for a number
of reasons, including inability to secure necessary regulatory or
court approvals in a timely manner or the need for additional time
to satisfy the conditions to the completion of the Arrangement.
Accordingly, readers should not place undue reliance on the
forward-looking statements contained in this press release
concerning these times.
Readers are cautioned that the foregoing list of factors is not
exhaustive. Additional information on these and other factors that
could affect the operations or financial results of Alterra are
included in Alterra' annual information form and most recently
filed quarterly report, each of which is filed with applicable
Canadian securities regulators and may be accessed through the
SEDAR website (www.sedar.com).
The forward-looking statements contained in this press release
are made as of the date hereof and Alterra undertakes no obligation
to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
unless so required by applicable securities laws.
SOURCE Alterra Power Corp.