Three years since it broke onto the clean power scene, Alterra Power Corp. (TSX:AXY) has transformed itself into a clean power behemoth.
Last week, the Vancouver-based company reported its annual results for 2011; and although its balance sheet remained in the red, its power production levels were through the roof.
Alterra reported that it produced approximately 1.5 million megawatt hours of power in fiscal 2011, compared with 62,073 in 2010.
The increase is largely attributable to the merger between Magma Energy and Plutonic Power, which brought together geothermal, wind and run-of-river power sources under the Alterra brand.
“After only three years since our inception, Alterra is now firmly established as a premier renewable power producer,” commented Magma Energy founder Ross Beaty, who is now chairman of Alterra.
“We have operations and growth projects in hydro, wind and geothermal energy, giving us diversity, size and significant new opportunities for growth.”
Still, the company finished the year with a US$14 million loss, or US$0.05 per share, on total revenue of US$70.8 million.
John Carson, Alterra’s CEO, said the financial results reflect “accounting complications” related to the merger and a larger stake in the Icelandic geothermal plant, HS Orka.
Carson expects the company to generate more than US$100 million in revenue next year.
Alterra finished fiscal 2011 with US$73.6 million in cash.
At press time, the company’s shares were valued at $0.56.
Joel McKay
Twitter:jmckaybiv