N@N

Alterra Power Appoints John Carson as Chief Executive Officer

^{Published on 2011-09-01 14:12:13 - Market Wire}
 

TSX : AXY

VANCOUVER, Sept. 1, 2011 /CNW/ - Alterra Power Corp. (TSX: AXY) is pleased to announce that John Carson has been appointed as Chief Executive Officer of the Company to enhance the Company's financial and administrative management and to effect a split of the roles of Chairman and CEO, both of which had been held by Ross Beaty, who will remain Executive Chairman. Mr. Carson has been Executive Vice President of Alterra since early this year when he joined Alterra's predecessor company Magma Energy after many years in senior financial management roles with large US-based renewable energy companies.

Commenting on Mr. Carson's appointment, Ross Beaty said, "Since our foundation in 2008, we have grown rapidly and now operate six clean power plants in three countries. John's deep financial, managerial and administrative experience in the clean power business will strongly support the Company as it continues to grow organically and through acquisition. As Executive Chairman, I intend to remain just as actively involved in the business as I have been since inception. Donald McInnes, Executive Vice-Chairman, and Bruce Ripley, Chief Operating Officer, will continue to provide their exceptional experience on Alterra's senior management team. This strong and deep team will lead Alterra in its next stages of growth as it continues its mission as a leading global renewable power company."

About Alterra Power Corp.

Alterra Power Corp is a leading global renewable energy company, formed in 2011 through the merger of Magma Energy Corp and Plutonic Power Corp.  We operate six power plants totaling 571 MW of capacity, including two geothermal facilities in Iceland, a geothermal plant in Nevada, British Columbia's largest run of river hydro facilities and the province's largest wind farm. Our 315 MW share of production generates 1,575 GWh of clean power annually. We have an extensive portfolio of exploration and development projects, a skilled international team of explorers, builders and operators as well as the strong financial capacity to support our aggressive growth plans.

Cautionary Note regarding Forward-Looking Statements and Information

This news release contains certain "forward-looking information" within the meaning of Canadian securities laws, which may include, but is not limited to, statements with respect to future events or future performance, the fulfillment of all conditions precedent to the obligation of the parties under the agreements, required consents and third party approvals. This news release also contains statements with respect to our plans to expand our operations, management's expectations regarding our growth, business prospects and opportunities and energy generation capacities. Such forward-looking information reflects management's current beliefs and is based on information currently available to management.