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Alterra Power Corp. sells 15 MW Soda Lake geothermal plant

Soda Lake plant of Magma Energy, Nevada/ Nevada (source: Magma Energy/ Alterra Power)
Alexander Richter 8 Jan 2015

Alterra Power Corp. sells its 15 MW Soda Lake geothermal plant in Nevada to an affiliate of Cyrq Energy, including early-stage development assets in Nevada.

Canadian Alterra Power Corp. (TSX: AXY) just announced that it has “agreed to sell its 15 MW (8 MW net) Soda Lake geothermal facility located in Fallon, Nevada to an affiliate of Cyrq Energy for US$8.5 million. Included in the sale are certain early-stage development assets also located in Nevada. Alterra may receive additional compensation over the next five years upon the achievement of certain performance-related or earn-out provisions. Completion of the sale is expected in January 2015, subject to satisfaction of customary conditions precedent.

Additionally, Alterra will retain solar development rights at the Soda Lake facility site for solar projects of up to 40 MW total for up to eight years.

Alterra was advised on the transaction by Marathon Capital, LLC.

Source: Company release