TSX : AXY

VANCOUVER, Nov. 12, 2013 /PRNewswire/ – Alterra is pleased to announce that its
62 MW Jimmie Creek run-of-river hydroelectric project has completed an
amendment of its power purchase agreement. Under the agreement, the
Jimmie Creek project will sell 100% of its power to BC Hydro for 40
years commencing in August 2016. Alterra has also agreed to purchase
the 49% project stake currently held by an affiliate of General
Electric Energy Financial Services. Upon closing of this transaction,
Alterra will own 100% of the Jimmie Creek project. All First Nations
agreements and environmental permits for Jimmie Creek are in place.

Alterra’s Vice President of Hydro Operations Jay Sutton said,
“Finalizing this agreement with BC Hydro is an important milestone for
Jimmie Creek, and will support us placing the project into construction
in the first half of 2014. Completing this project will further
establish Alterra as a leading hydroelectric producer in British
Columbia and complement our growing wind, solar and geothermal
operations.”

About Alterra Power Corp.

Alterra Power Corp. is a leading global renewable energy company,
managing seven power plants totaling 616 MW of capacity, including
British Columbia’s largest run-of-river hydro facility and largest wind
farm, two geothermal facilities in Iceland, a geothermal plant in
Nevada, and a solar facility in Ontario. Alterra owns a 302 MW share of
this production capacity, generating approximately 1,400 GWh of clean
power annually. Alterra also 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.