TSX : AXY

VANCOUVER, Feb. 24, 2014 /PRNewswire/ – Alterra Power Corp. (TSX: AXY) has
completed the acquisition of 100% of the Shannon wind project, a 202 MW
wind farm in late-stage development in Clay County, Texas. Alterra
acquired the project from Horn Wind, LLC, a north Texas early-stage
wind developer that has successfully developed two other wind farms in
the region.

Last week, Alterra also placed a $4.5 million cash deposit with Oncor,
the project’s transmission service provider, which will now begin the
design and equipment procurement for the project’s interconnection
substation.

Paul Rapp, Alterra’s VP of geothermal and wind power, said “We’re
pleased to achieve these project and company growth milestones, which
will further position Shannon for commercial operations by mid-2015.”

In December 2013, Alterra completed certain construction activities to
ensure the Shannon project will qualify for the U.S. Production Tax
Credit, which included contracting with Mortenson Construction to
complete the initial phase of on-site construction and contracting with
Siemens Energy to begin manufacturing the project’s main power
transformer. Alterra is now working with several financing parties in
preparation for closing project financing, which is projected for the
second quarter of 2014.

About Alterra Power Corp.

Alterra Power Corp. is a leading global renewable energy company,
operating six power plants totaling 566 MW of generation capacity,
including British Columbia’s largest run-of-river hydro facility and
largest wind farm, two geothermal facilities in Iceland, and a
geothermal plant in Nevada. Alterra owns a 260 MW share of this
capacity, generating approximately 1,300 GWh of clean power annually.

Alterra has an extensive portfolio of exploration and development
projects and a skilled international team of developers, explorers,
builders and operators to support its 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 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.

SOURCE Alterra Power Corp.