Last week, Alterra also placed a $4.5 million cash deposit with Oncor, the project's transmission service provider, which will now begin the design and equipment procurement for the project's interconnection substation.
In December 2013, Alterra completed certain construction activities to ensure the Shannon project will qualify for the U.S. Production Tax Credit, which included contracting with Mortenson Construction to complete the initial phase of on-site construction and contracting with Siemens Energy to begin manufacturing the project's main power transformer. Alterra is now working with several financing parties in preparation for closing project financing, which is projected for the second quarter of 2014.
About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company, operating six power plants totaling 566 MW of generation capacity, including British Columbia's largest run-of-river hydro facility and largest wind farm, two geothermal facilities in Iceland, and a geothermal plant in Nevada. Alterra owns a 260 MW share of this capacity, generating approximately 1,300 GWh of clean power annually.
Alterra has an extensive portfolio of exploration and development projects and a skilled international team of developers, explorers, builders and operators to support its growth plans.
The company trades on the Toronto Stock Exchange under the symbol AXY and OTC in the United States as MGMXF.