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Press release from CNW Group

Alterra Power Repays Short Term Loan and Enters Into New Credit Facility

Tuesday, August 02, 2011

Alterra Power Repays Short Term Loan and Enters Into New Credit Facility08:00 EDT Tuesday, August 02, 2011TSX : AXYVANCOUVER, Aug. 2, 2011 /CNW/ - Alterra Power Corp. (TSX: AXY) announces that it has repaid all C$22 million owing under its credit facility from Ross Beaty, its Chairman and CEO, entered into in July 2010 and increased in December 2010. A new credit facility on identical terms has been entered into allowing Alterra Power to borrow up to C$20 million at any time during the next 12 months for working capital or other purposes. At present, no borrowing against this facility is planned as the Company has adequate capital for all its planned 2011 activities.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 the only two privately-owned 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 InformationThis 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.For further information: Anders Kruus, Vice President, Corporate Relations Alterra Power Corp. Phone: 604.678.6743 Email: info@alterrapower.ca