Al­terra ar­ranges $133M (U.S.) re­fi­nanc­ing for HS Orka

Al­terra Power Corp. has ar­ranged a $133-mil­lion (U.S.) loan re­fi­nanc­ing with Arion Bank for its Ice­landic sub­sidiary, HS Orka. Al­terra will use the loan for its Bru­arvirkjun hy­dro and Reyk­janes geo­ther­mal projects, as well as to re­tire cur­rent loans.

Stockwatch Daily - - FRONT PAGE - Ms. Lynda Free­man re­ports

AL­TERRA POWER Corp. has ex­e­cuted a $133- mil­lion( U.S .) (112 mil­lion eu­ros) re­fi­nanc­ing of the cor­po­rate loans at its Ice­landic sub­sidiary, HS Orka hf. Pri­mary uses of loan pro­ceeds in­clude con­struc­tion of the 9.9-megawatt Bru­arvirkjun hy­dro project, drilling and other field devel­op­ment ac­tiv­i­ties at the Reyk­janes geo­ther­mal op­er­a­tion, and the re­tire­ment of 52 mil­lion eu­ros of cur­rently out­stand­ing loans.

The new loan, pro­vided by Arion Bank, car­ries an ini­tial term of five years with op­tions for HS Orka to ex­tend the loan’s term up to 18 years, sub­ject to meet­ing cer­tain ex­ten­sion con­di­tions. The loan will be se­cured by the as­sets of HS Orka and is non-re­course to Al­terra. The loan will fi­nance in tranches upon the ful­fil­ment of cer­tain con­di­tions prece­dent.

“We are pleased to com­plete this re­fi­nanc­ing, keep­ing us on track for our planned hy­dro and geo­ther­mal growth in Ice­land,” said Lynda Free­man, Al­terra’s chief ex­ec­u­tive of­fi­cer. “The new loan will also en­able in­creased div­i­dends to Al­terra and HS Orka’s other share­hold­ers be­gin­ning in 2019.”

About Al­terra Power Corp.

Al­terra Power is a global re­new­able en­ergy com­pany that man­ages op­er­a­tions of eight power plants to­talling 825 megawatts of hy­dro, wind, geo­ther­mal and so­lar gen­er­a­tion ca­pac­ity in Canada, the United States and Ice­land. Al­terra owns a 363-megawatt share of this ca­pac­ity, gen­er­at­ing over 1,500 gi­gawatt-hours of clean power an­nu­ally.

Al­terra is also con­struct­ing the 200-megawatt Flat Top wind project in cen­tral Texas, which is ex­pected to be in op­er­a­tion by the first half of 2018 (51 per cent owned by Al­terra). Upon the com­ple­tion of Flat Top, Al­terra will op­er­ate nine power plants to­talling 1,025 megawatts of ca­pac­ity and will own a 465-megawatt share of this ca­pac­ity, gen­er­at­ing al­most 2,000 gi­gawatt-hours of clean power an­nu­ally.

We seek Safe Har­bor.

Ross James Beaty, James Matthew Il­s­ley Bruce, John B Car­son, David Wal­lace Corn­hill, Kerri L Fox, Don­ald Arthur McInnes, Don­ald My­ron Shumka

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