Alterra Power Corp sells C$408.8M in Icelandic assets
May 23, 2019
408.80 Million CAD
On May 23, 2019, Alterra Power Corp. ("Alterra") sold its 53.9% stake in HS Orka hf for C$408.8 million. HS Orka owns and operates two geothermal plants totalling 174 MW of clean energy, as well as a 10 MW run-of-river hydro project under construction, several prospective renewable power projects and a 30% stake in the Blue Lagoon Geothermal Spa and Resort.
Alterra intends to use the net proceeds from the sale to reimburse its C$228 million one-year credit facility, to deleverage corporate facilities and for general corporate purposes.
Alterra is a Canadian company that owns, acquires, develops, and operates renewable power projects in Canada, the United States and Iceland.
McCarthy Tétrault LLP advised Alterra with a team led by Hadrien Montagne that included Vincent Laurin, Xin Gao and Jordan Bélanger (Business), Shane D'Souza (Litigation), Christian Meighen and Angelo Discepola (Tax).