Alterra Power Corp. (TSX: AXY) has agreed to sell its 15 MW (8 MW net) Soda Lake geothermal facility located in Fallon, Nevada, to an affiliate of Cyrq Energy for $8.5m.
Included in the sale are certain early-stage development assets also located in Nevada, Alterra noted in a Jan. 8 announcement. Alterra added that it may receive additional compensation over the next five years upon the achievement of certain performance-related or earn-out provisions. Completion of the sale is expected in January 2015, subject to satisfaction of customary conditions precedent.
Additionally, Alterra will retain solar development rights at the Soda Lake facility site for solar projects of up to 40 MW total for up to eight years.
Alterra Power is a leading global renewable energy company, operating five power plants totaling 553 MW of generation capacity, including British Columbia’s largest run-of-river hydro facility and largest wind farm, and two geothermal facilities in Iceland. Alterra owns a 247 MW share of this capacity, generating over 1,250 GWh of clean power annually.
Cyrq Energy is primarily focused on the development, ownership and operations of geothermal power plants. Cyrq has operating geothermal plants in southern Utah and southwest New Mexico in addition to geothermal interests in various stages of development in New Mexico, Utah, Oregon, Nevada and Indonesia.