Alterra Power Corp. says it has entered into an agreement to acquire a portfolio of wind energy development assets at four sites in coastal British Columbia from a group of sellers led by English Bay Energy Ltd.
The four wind farm sites - which represent an estimated generation capacity of over 1 GW - are located on Banks Island, Porcher Island and McCauley Island. All of the sites are within 150 km of several proposed power-intensive LNG plant sites at Kitimat, and at Knob Hill on northern Vancouver Island, close to a proposed 99 MW wind farm near Cape Scott.
In consideration for the assets, the sellers will receive royalty payments during the operations phase of the projects, and under certain circumstances, the sellers may receive additional compensation of up to 1.34 million Alterra shares.
