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Message: NR now sell 25% of Iceland...why?

VANCOUVER, June 1, 2011 /CNW/ - Alterra Power Corp. (TSX:AXY) reports that its wholly-owned subsidiary Magma Energy Sweden AB has now closed the previously announced agreement to sell a 25% stake in its 98.5%-owned Icelandic geothermal power company HS Orka hf to Jarðvarmi slhf, a company owned by a group of 14 Icelandic pension funds, for ISK 8.06 billion (approximately US $69.8 million). Jarðvarmi will hold fulsome minority shareholder rights, including a right to purchase Magma Sweden's interest in HS Orka should it elect to divest its stake in the future.

Ross Beaty, Alterra's Chairman and CEO, commented, "I am very pleased to welcome these Icelandic pension funds into HS Orka as exceptional long term partners in its future. They will better enable development of the company's outstanding growth prospects through

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