Sunday, March 26, 2017

Alterra Power announces 2016 earnings

Alterra Power:

(snip)

Revenue and Adjusted EBITDA: Consolidated revenue increased by 5% to $60.8 million and net interest revenue increased by 12% to $80.1 million due to the addition of the Shannon and Jimmie Creek projects as well as foreign exchange. Adjusted EBITDA increased by 5% on a consolidated and net interest basis to $48.5 million and $39.0 million respectively, primarily due to the addition of the Shannon and Jimmie Creek projects. 

(snip)

Jimmie Creek commercial operations achieved: Jimmie Creek commenced commercial operations on August 1 on time and under budget by approximately $4.0 million. The project is now selling 100% of its power to the British Columbia Hydro and Power Authority under a 40-year power purchase agreement ("PPA") that expires in 2056.

Kokomo commercial operations achieved: On December 29, the 7 MWDC Kokomo solar project commenced commercial operations and is now selling 100% of its output under a 20-year PPA with Duke Energy Indiana, Inc. Alterra owned 93.8% of the project at December 31 along with its partner, a subsidiary of Inovateus Solar, LLC ("Inovateus").


The company continues to add new projects to its portfolio especially in US wind. The commencement of a dividend is the really good news. Although the dividend is only $.05 per share annualized I expect it will be going up over time. I continue to hold.

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