VANCOUVER, Aug. 30, 2016 /PRNewswire/ - Alterra Power Corp. ("Alterra") is pleased to announce that its Board of Directors has approved plans for an annual cash dividend of $0.005 per common share, payable quarterly commencing in the fourth quarter of 2016. The record date and other details will be announced separately.

Additionally, Alterra's Board of Directors has approved a consolidation of its issued and outstanding common shares on the basis of one (new) post-consolidation common share for each ten (old) pre-consolidation common shares, subject to approval of the Toronto Stock Exchange. Upon completion of the consolidation the annual dividend will be adjusted to $0.05 per common share.

John Carson, Alterra's CEO, said, "This inaugural dividend reflects the recent completion and incremental cash flow of the Shannon and Jimmie Creek projects, but is sized modestly for now to accommodate the substantial growth we anticipate over the next four years. We will target regular increases of the dividend as we bring new projects on line. The share consolidation brings us into line with many of our peer independent power producers and will provide better access to the company's shares for certain investors. I am pleased with our recent successes and our strong position for further growth in the USA."

About Alterra Power Corp.

Alterra Power Corp. is a leading global renewable energy company, operating seven power plants totaling 819 MW of generation capacity including British Columbia's largest run-of-river hydro facility and largest wind farm, the recently completed Shannon and Jimmie Creek projects, and two geothermal facilities in Iceland. Alterra owns a 381 MW share of this capacity, generating over 1,700 GWh of clean power annually. Alterra also has an extensive portfolio of exploration and development projects and a skilled team of developers, 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.



    Cautionary Note Regarding Forward-
     Looking Information


    Certain statements and information
     included in this news release are
     "forward-looking information"
     within the meaning of Canadian
     securities laws that involve risks
     and uncertainties. Forward-looking
     information relates to future events
     or future performance and reflects
     management's expectations and
     beliefs regarding future events as
     of the date hereof. Examples of
     forward-looking information in this
     news release include statements
     regarding timing and consummation of
     the dividend plan, Alterra's plans
     and expectations for the declaration
     of future dividends the amount of
     future dividends, completion of the
     Consolidation, and anticipated
     additions to our generation fleet.
     Forward-looking information is
     based on factors or assumptions that
     were applied in drawing a conclusion
     or making a forecast or projection.
     Since forward-looking information
     relates to future events and
     conditions, by its very nature it
     requires making assumptions and
     involves inherent risks and
     uncertainties. Alterra cautions that
     although it is believed that the
     assumptions are reasonable in the
     circumstances, these risks and
     uncertainties give rise to the
     possibility that actual results may
     differ materially from the
     expectations set out in the forward-
     looking information. Material risk
     factors and assumptions include
     availability of capital to build new
     projects, amount of future cash
     flows, project operating risks,
     continuing approval by Alterra's
     Board of Directors, and Alterra's
     future growth plans, as well as
     those set out in the management's
     discussion and analysis section of
     Alterra's most recent annual and
     quarterly reports and in Alterra's
     Annual Information Form for the year
     ended December 31, 2015. Although
     Alterra has attempted to identify
     important factors that could cause
     actual actions, events or results to
     differ materially from forward-
     looking information, there may be
     other factors that cause actions,
     events or results not to be as
     anticipated, estimated or intended.
     There can be no assurance that
     forward-looking information will
     prove to be accurate and undue
     reliance should not be placed on
     forward-looking information. Except
     as required by law, Alterra
     undertakes no obligation to update
     any forward-looking information to
     reflect new information,
     subsequently or otherwise.

SOURCE Alterra Power Corp.