Saturday, August 12, 2017

Alterra Power reports increased earnings and project updates

Alterra Power website:

Quarterly highlights:

Record generation: The Company achieved its highest second quarter generation ever (8% over the comparative quarter), due primarily to increased output at Shannon and first-time second quarter output from Jimmie Creek. The Company achieved 97.2% of its budgeted generation (net interest) for the quarter, with strong hydro performance offsetting continued unusually low wind production.

Over 20% increase in revenue and Adjusted EBITDA: Consolidated revenue increased by 24% to $17.2 million in 2017, and net interest revenue increased by 20% to $22.2 million predominantly due to a strengthening Icelandic krona in the quarter and first-time output from Jimmie Creek and Kokomo, and increased winds at Shannon. Consolidated Adjusted EBITDA increased by 26% to $13.6 million, and net interest Adjusted EBITDA increased by 31% to $11.2 million, primarily due to increased generation at Shannon and first time output from Jimmie Creek.

The company has several projects that are in construction including the 200MW Flat Top wind project, a 10MW run of river hydro project in Iceland, and a solar project at the University of Michigan.

The company is also active in developing additional projects fro future years.

The management has also stated that they intend on increasing the dividend as they bring on additional projects.

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