Alterra Power with positive financial results and update on geothermal activities

Soda Lake plant of Magma Energy, Nevada/ Nevada (source: Magma Energy/ Alterra Power)
Francisco Rojas 25 Mar 2015

Alterra Power showcases some positive financial results yet the company continues to dispose its geothermal assets .

In an official press release by Alterra Power, the company boast of good financial results and sound finances. One of the highlights of the press release states that the company has “record high EBITDA and revenue: Consolidated and net interest EBITDA increased to their highest levels, $51.0 million and $40.9 million respectively, reflecting increases of 18% and 42% against the prior year. This was driven by consolidated and net interest revenue increases of 11% and 5%, primarily due to increased retail energy sales at HS Orka”

It is also worth mentioning that the company continues to dispose its geothermal assets with the sale of the Soda Lake facility to Cyrq Energy in January 2015, the situation in Peru seems to be a bit unclear. While having formed a JV with Philippine-based Energy Development Corp. (EDC) in 2014, and thereby giving up majority in those development assets, it now seems the company has decided not to pursue the projects in Peru.

To read the full results, please follow the link.

Source: StockHouse