, /CNW/ - (TSX: AXY) is pleased to announce the receipt of a return of capital from the Shannon project representing unused contingency following retirement of the construction loan. Alterra expects up to in further such funds pending the resolution of certain construction insurance-related matters. Regular operating distributions from the project are expected to commence in early 2016.

About

Alterra Power Corp. is a leading global renewable energy company, operating six power plants totaling 757 MW of generation capacity including the Shannon wind project, largest run-of-river hydro facility and largest wind farm, and two geothermal facilities in . Alterra owns a 349 MW share of this capacity, generating over 1,600 GWh of clean power annually.

Alterra is also constructing the 62 MW Jimmie Creek run-of-river hydroelectric project in , which is expected to be in operation by Q3 2016 (51% owned by Alterra). Upon completion of , Alterra will operate seven power plants totaling 819 MW of capacity and will own a 381 MW share of this capacity, generating over 1,700 GWh of clean power annually. Alterra has an extensive portfolio of exploration and development projects and a skilled international team of developers, builders and operators to support its growth plans.

The company trades on the under the symbol AXY and OTC in 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 the amount of remaining initial proceeds and the timing for initial operating distributions from the Shannon project and the date the project will achieve commercial operations. 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 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 . 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, subsequent or otherwise.

SOURCE

Peter Lekich, Corporate Communications, Alterra Power Corp., Phone: 604.235.6719, Email: info@alterrapower.ca

Alterra Power Corp. issued this content on 2015-12-29 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2015-12-29 14:33:04 UTC

Original Document: http://www.alterrapower.ca/news/Press-Release/News-Releases/News-Releases-Details/2015/Alterra-Power-Receives-Initial-Return-of-Capital-from-Shannon-Project/default.aspx