Mr. Ross Beaty reports

ALTERRA POWER COMPLETES REFINANCING OF ICELANDIC BOND

Alterra Power Corp. has completed its refinancing the $72-million (U.S.) bond formerly held by Reykjavik Energy (Orkuveita Reykjavikur). The principal under the original bond held by OR has been reduced to $36-million (U.S.), and maturity has been extended to April, 2018. A second bond for approximately $36-million (U.S.), held by Alterra's executive chairman, Ross J. Beaty, will mature in October, 2021. Both bonds are issued by a subsidiary of Alterra and have no recourse to Alterra. All previously announced terms of the bonds remain in place.

About Alterra Power

Alterra Power is a leading global renewable energy company, operating seven power plants totalling 819 megawatts of generation capacity including British Columbia's largest run-of-river hydro facility and largest wind farm, the recently completed Shannon and Jimmie Creek projects, and two geothermal facilities in Iceland. Alterra owns a 381-megawatt share of this capacity, generating over 1,700 gigawatt-hours of clean power annually.

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