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Press release from PR Newswire

Alterra Power Receives Offer to Purchase Icelandic Holdings

Friday, June 29, 2012

Alterra Power Receives Offer to Purchase Icelandic Holdings08:44 EDT Friday, June 29, 2012 TSX : AXY VANCOUVER, June 29, 2012 /PRNewswire/ - Alterra Power Corp. (TSX: AXY) announces that it has received an unsolicited offer from a private Icelandic entity for the purchase of Alterra's interest in HS Orka hf, an Iceland geothermal power company owned 66.6% by Alterra and 33.4% by a syndicate of Icelandic pension funds. Alterra has signed a non-binding term sheet to pursue such a transaction conditional on reaching a definitive agreement, obtaining necessary approvals from the Icelandic government and other customary conditions. Alterra's VP Corporate Relations, Anders Kruus, stated, "Exploring this transaction does not change Alterra's focus on expanding and optimizing its clean energy operations in Iceland. However, we felt we should consider this unsolicited proposal if it maximizes value for Alterra shareholders and is supported by Icelandic stakeholders." About Alterra Power Corp. Alterra Power Corp. is a leading global renewable energy company.  We operate six power plants totalling 567 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 298 MW share of production capacity generates approximately 1,400 GWh of clean power annually. We have an extensive portfolio of exploration and development projects, a skilled international team of developers, explorers, builders and operators and the financial capacity to support our growth plans. The company trades on the Toronto Stock Exchange under the symbol AXY and OTC in the United States as MGMXF. 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 fulfilment 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.   SOURCE Alterra Power Corp.For further information: <p> Anders Kruus, Vice President, Corporate Relations<br/> Alterra Power Corp.<br/> Phone: 604.678.6743<br/> Email: <a href="mailto:info@alterrapower.ca">info@alterrapower.ca</a> </p>