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Alterra Power enters JV for Italian geothermal projects

Roccastrada, Tuscany, Italy (source: flickr/ Udo Schröter, creative commons)
Alexander Richter 29 Nov 2013

Alterra Power Corp. announces having entered a JV agreement with an Italian developer of solar and geothermal assets, essentially selling of a majority stake in its geothermal concessions Mensano and Roccastrada.

Continuing on its path to partner up on project assets internationally, Canadian Alterra Power Corp. (TSX: AXY) announced today, that it has entered into a joint venture with an affiliate of Graziella Green Power, an Italian developer of solar and geothermal assets. The joint venture will further advance the Mensano and Roccastrada geothermal concessions which Alterra was awarded in 2011. Graziella will fund approximately $4.0 million for the joint venture’s next development activities, and will own a 55% interest in the joint venture.

Paul Rapp, Alterra’s VP of geothermal and wind operations, said “We are pleased to be working withGraziella Green Power, a strong Italian partner with a proven track record of project development. We believe the joint venture is well-positioned to advance these prime geothermal properties to the next stage of development and to take advantage of other project opportunities.”

Source: Company Release via BizJournals