Alterra Power Announces Completion of $68 Million of Equity Financings

VANCOUVER, Oct. 26, 2016 – Alterra Power Corp. (“Alterra”) is pleased to confirm the completion of its previously announced bought-deal offering (the “Bought Deal Financing”) through a syndicate of underwriters led by National Bank Financial Inc. and Raymond James Ltd., and including Canaccord Genuity Corp., Cormark Securities Inc. and RBC Dominion Securities Inc. (collectively, the “Underwriters”). Under the Bought Deal Financing, Alterra issued 6,709,100 common shares in the capital of Alterra (the “Offered Shares”) (including 875,100 Offered Shares issued upon the exercise in full of the over-allotment option granted to the Underwriters) at a price of $6.00 per Offered Share (all amounts in Canadian dollars) for gross proceeds of $40,254,600.

Alterra is also pleased to announce the completion of its previously announced non-brokered private placement of 4,613,363 common shares in the capital of Alterra at a price of $6.00 per share (the “Private Placement”) for additional gross proceeds of $27,680,178. The aggregate gross proceeds of the Bought Deal Financing and the Private Placement (together, the “Financings”) are $67,934,778.

As part of the Private Placement, Ross J. Beaty, Alterra’s Executive Chairman and shareholder, purchased 2,682,000 common shares of Alterra. Following completion of the Financings, Mr. Beaty now beneficially owns, directly or indirectly, or exercises control or direction over, an aggregate of 17,786,559 common shares in the capital of Alterra, which represents approximately 30.53% of Alterra’s issued and outstanding common shares.

The Offered Shares issued under the Bought Deal Financing were offered by way of a short form prospectus dated October 19, 2016 in all of the provinces and territories of Canada, other than Quebec, and were also offered outside of Canada on a private placement basis pursuant to exemptions from registration under applicable securities laws. The Offered Shares were not registered under the U.S. Securities Act of 1933, as amended, or applicable State securities laws, and were not offered or sold to persons in the United States absent registration or an exemption from such registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Offered Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company, operating seven power plants totaling 819 MW 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 MW share of this capacity, generating over 1,700 GWh of clean power annually. Alterra also has an extensive portfolio of exploration and development projects and a skilled team of developers, builders and operators to support its growth plans.

Alterra trades on the Toronto Stock Exchange under the symbol AXY.

Peter Lekich, Corporate Communications, Alterra Power Corp., Phone: 604.235.6719, Email: info@alterrapower.ca

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