Alterra Power

Merger

On 7 March 2011, it was announced that Magma Energy and Plutonic Power would 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 power plants in Iceland, and one in Nevada, one run of river hydro plant and one wind farm in British Columbia and an option on a solar project in Ontario. Executive Chairman of Alterra Power is Ross Beaty (founder of Magma Energy) and the CEO is John Carson.

Run of river expansions

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 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.

Toba Montrose Hydro

East Toba River(123MW) and Montrose Creek(73MW) are two run-of-river hydroelectic plants 18km apart, they have operated since in 2010 with a combined capacity of 196 MW and generate an average of 720 GWh of electricity annually, which is contracted to B.C. Hydro.

Upper Toba Valley

The Upper Toba Valley Hydroelectric project originally planned two renewable power facilities constructed 90km north of Powell River, BC at the headwaters of Toba Inlet the first is on Jimmie Creek which flows west into Toba River and the second on the Upper Toba River. Installed capacity of the two facilities was to be 124 MW with an expected annual energy generation of 316 GW hr/yr. Alterra received an Energy Purchase Agreement from BC Hydro to construct the Upper Toba facility. In 2013 Alterra also received an Energy Purchase Agreement from BC Hydro to construct the 62MW Jimmie Creek facility. In 2016 Alterra Power Corp. announced that the Jimmie Creek facility had achieved its full output of 62 MW. It is located at 50.568962°N 124.072627°W / 50.568962; -124.072627

Bute Inlet

The Bute Inlet Hydroelectric project consists of 17 facilities at the headwaters of Bute Inlet, located about 150–200 km (93–124 mi) 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 an energy contract from BC Hydro, and therefore is currently not proceeding.

Solar power expansions

In early 2011, Plutonic Power agreed, together with GE Energy financial Services, to purchase three proposed photovoltaic power plants in Ontario from First Solar. 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, procurement, construction and operation will still be provided by First Solar.

Orka's controversy

In 2010, during the Icelandic financial crisis, 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 Björk 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". The deal was approved by the Icelandic Government. Recently Alterra as operator has 67%, while the Icelandic pension funds helds 33%.