Alterra Power Corp. has agreed to sell geothermal facility in Fallon, Nev., to an affiliate of Cyrq Energy for US$8.5 million
VANCOUVER—Alterra Power Corp. has agreed to sell its 15-megawatt Soda Lake geothermal facility in Fallon, Nev., to an affiliate of Cyrq Energy, Inc. for US$8.5 million.
The sale includes some early-stage development assets also located in Nevada.
Alterra may receive additional compensation over the next five years based on performance-related or earnings provisions. Completion of the sale is expected in January 2015.
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 is a global renewable energy company that operates 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.