Alterra Presentation May 29-2012

1. TSX : AXY
1 MAY 2012 COMPANY PRESENTATION

2. Forward-Looking Information
This Presentation 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, management’s expectations regarding Alterra’s production capacity, results of operations,
cash flows, revenues and requirements for capital, future demand for and prices of electricity, and Alterra’s business prospects and opportunities.
These statements reflect the current views of Alterra with respect to future events and are necessarily based upon a number of assumptions and estimates
that, while considered reasonable by Alterra, are inherently subject to significant business, economic, political and social uncertainties and contingencies.
Many factors, both known and unknown, could cause Alterra’s actual results, performance or achievements to be materially different from the results,
performance or achievements that are or may be expressed or implied by such forward-looking statements contained in this presentation, and Alterra has
made assumptions based on or related to many of these factors. Such factors include, without limitation: fluctuations in currency markets (particularly with
respect to the Icelandic krona, the U.S. dollar and Canadian dollar); risks related to the technological and operational nature of Alterra’s business; changes
in national or regional governments, legislation, regulation, permitting or taxation; political or economic developments in Canada, the United States, Iceland
or other countries where Alterra may carry on business; risks and hazards associated with the business of renewable energy generation; risks relating to the
creditworthiness and financial condition of suppliers and other parties which Alterra will deal with; inadequate insurance or inability to obtain insurance to
cover these risks and hazards; employee relations; relationships with and claims by local communities and First Nations; availability and costs of equipment
and labour; litigation; the success and timely completion of planned expansion and development programs; the growth rate in net electricity consumption;
support and demand for renewable energy; government initiatives to support the development of renewable energy generation; the reliability of technical
data and capital expenditure estimates; and availability of capital to fund development and expansion programs. Forward-looking information and
statements are also based upon the assumption that none of the identified risk factors that could cause actual results to differ materially from the forward-
looking information and statements will occur.
Although Alterra has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause
results not to be as anticipated, estimated, described or intended. There can be no assurance that the forward-looking information will prove to be
accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, prospective investors should
not place undue reliance on forward-looking information. Other than as required by applicable securities laws, Alterra does not assume any obligation to
update or revise such forward-looking information to reflect new events or circumstances.
2

3. Alterra Power
Alterra’s mission: to be a leading global renewable energy company through…
 Continued excellence in production and safety as premier asset operator /
manager
 Successful origination and development of new utility-scale projects
 Opportunistic acquisitions of other renewable power projects and development
assets
Our assets today:
Managed Owned Alterra totals:
Managed: 567 MW
Wind 144 MW 51% Owned: 298 MW
Managed Assets: $1.5 Billion
Hydro 235 MW 40%
Alterra Revenue: $110 MM
Alterra EBITDA: $ 55 MM
(a)
Geothermal 187 MW 69%
2015E EBITDA: $105MM
(a) Reflects 66.6% of HS Orka and 100% of Soda Lake assets.
3

4. Alterra: Recent Growth and Performance
Decrease reflects
Alterra’s recent growth ... partial sell-down of 2H 2011 Performance:
(net interest) HS Orka interest
(net interest)
CAPACITY (end of year) PRODUCTION
350 1,800
1,600
 $54.9 million revenue
300
1,400
250
200
1,200  $23.3 million EBITDA
GWh
MW
1,000
150 800
100 600  778 GWh electricity produced
400
50 200
0
- 102% of forecast
0
2009 2010 2011 2012e 2009 2010 2011 2012e
1Q 2012 Highlights:
(net interest)
REVENUE EBITDA
$120 $60
$100 $50
Millions USD
$40
 Production to 99% of forecast
Millions USD
$80
$30
$60
$40
$20
$10
 Increase in cash from
$20 $- $32.0 million to $50.9 million
$- $(10)
2009 2010 2011 2012e 2009 2010 2011 2012e
4

5. Alterra: Planned Internal Growth
Current plan would almost double EBITDA by 2015
Current Assets Operating by 2015 Growth
Managed 567 MW 927 MW +64%
Net Owned 298 MW 494 MW +66%
Net
1,380 GWh 2,200 GWh +59%
Production
AXY Revenue $110 MM $180 MM +63%
AXY EBITDA $55 MM $105 MM +91%
Projects Dokie 1 144 MW Dokie 1 144 MW
Toba Montrose 235 MW Toba Montrose 235 MW
Reykjanes 1+2 100 MW Reykjanes 1+2 100 MW
Svartsengi 72 MW Svartsengi 72 MW
Soda Lake 15 MW Soda Lake 15 MW
Dokie 2 156 MW
Upper Toba 124 MW
Reykjanes 3+4 80 MW
ABW Solar 50 MW
 20%+ implied annual growth rate
 Mariposa, Eldvörp and other projects online post-2015…
5

6. Assets and Pipeline
Globally diversified across technology types and renewable power markets
 Wind and hydro: primarily concentrated in North America
 Geothermal: located in overlap of resource and strong markets / power demand
Capacity
Project Gross AXY Share Technology
Operating (2012)
Soda Lake 15 MW 16 MW Geothermal
Svartsengi 72 MW 48 MW Geothermal
Reykjanes 1 & 2 100 MW 67 MW Geothermal
Toba Montrose 235 MW 94 MW Hydro
Dokie 1 144 MW 73 MW Wind
Total Capacity 567 MW 298 MW
Annual Net Generation 1,380 GWh
Operating Additions (2016)
(a)
Upper Toba 124 MW 62 MW Hydro
ABW Solar 50 MW 5 MW Solar
Reykjanes 3 & 4 80 MW 54 MW Geothermal
(a)
Dokie 2 156 MW 80 MW Wind
Mariposa 50 MW 25 MW Geothermal
Eldvörp 50 MW 34 MW Geothermal
Other (e.g. Chile, Iceland) 200 MW 200 MW Geothermal
Pipeline Total 710 MW 460 MW
Total Capacity 1,292 MW 773 MW
(a) Project design currently being optimized; final capacity amount may vary.
6

7. BC Opportunity
British Columbia’s demand for power is expected to grow significantly in the next 3-5 years
 LNG plants in Kitimat
 Mining growth
 General population growth
Clean renewable power sourced from IPPs is expected
to be a critical source of new supply
Alterra is uniquely positioned to benefit
from this new demand
 Built and operate largest wind farm and
run-of-river plants in British Columbia
 History of delivering on-time and on-budget
 Established reputation with First Nations
 Large portfolio of expansion and development projects
 Currently growing this portfolio
 Largest IPP in the province
7

8. Outstanding Developer Track Record
Successful developer track record across renewable technologies
 Proven ability to develop and deliver large assets at greenfield
locations
 Development teams from all these projects remain substantially intact
Recent project successes
Wind Dokie 144 MW 2011 COD
Hydro Toba Montrose 235 MW 2010 COD
Geothermal Reykjanes 100 MW 2006 COD
Near term organic growth - all near existing operations
Wind Dokie 2 up to 156 MW COD 2014E
Hydro Upper Toba up to 124 MW COD 2015E
Geothermal Reykjanes 3/4 80 MW COD 2013-14E
8

9. Geothermal Development: The Right Approach
Early mover: moving into promising power markets with strong geothermal potential
Strong development skills: resource assessment, community relations and project de-risking
Utilize value-add partners: sharing capital outlays and further de-risking projects
CHILE PERU ITALY
 Negotiating definitive agreement  Negotiating agreement with  Early-stage discussions
with prospective partner prospective partner  48,000+ ha of concessions in
 320 MW resource and 158,000+  157,000+ ha of concessions, established geothermal field
ha of concessions 1000+ MW potential  Strong clean power tariffs
 Mid-stage development project  Rapid growth in economy and in  Easy year-round site access,
power demand
 Emerging clean power market close to transmission,
with world-class potential  Established relationships with established contractor base
government and communities
9

10. Leading Growth Profile
Alterra has one of Canada’s largest clean energy development pipelines
2,500
600
2,000
500 203
153 1,500
Net MW
400
GWh
153
156
300 1,000
73 73 156
94 500
200
94 94 243
185
165
131 131
100 0
2012e 2013e 2014e 2015e 2016e
GEOTHERMAL HYDRO WIND SOLAR
Existing
Generation Capacity Additions
Soda Lake Mariposa
HS Orka Reykjanes 3 Reykjanes 4 Eldvörp
Toba Montrose Upper Toba
Dokie 1 Dokie 2
ABW Solar
10

11. Recent News
Recent positive events:
 $37.5 MM infusion into HS Orka business per
exercise of partner option, increasing partner
stake to 33.4%
 Cash earmarked for Reykjanes expansion
 Toba Montrose back online after planned
1Q 2012 penstock warranty repairs
 Generation at 132% of plan for stub period in April
 $2.1 MM US treasury grant received at Soda Lake
 Dokie 1 bump in PPA’s “firm energy”; 1.2% increase to annual revenue anticipated
 All projects for ABW solar farm received their permits
11

12. Alterra: Headwinds / Tailwinds
Headwinds Tailwinds
 Growth of natural gas reserves  BC growth: “move the gas
 Disappearance / uncertainty cleanly”
around programs that benefit  High supply of capital for
renewable power energy projects
 Gas acceptance by some as a  Attractiveness of Canada
“cleaner” thermal source of  Technology prices driven down
energy
 Tough times create
 Current investment cycle opportunities
attributes no value to
 Growth investors will return
development pipeline
12

13. 2012: Next Milestones
Looking ahead in 2012:
 Finalize partnership agreements
 Upper Toba hydro
 Chile geothermal
 Peru geothermal
 Finalize PPAs
 Dokie 2
 Reykjanes 3+4
 Opportunistic acquisitions: wind, geothermal and hydro
 Continue work in British Columbia and elsewhere for
positive regulatory/political environment
 Move projects into construction: Upper Toba, Dokie 2,
Reykjanes 3+4
13

14. Analyst Coverage and Capital Structure
CAPITAL STRUCTURE: ( NET INTEREST )
MARKET CAPITALIZATION (30 APR 2012) C$ 219 MM
CASH (30 MAR 2012) US$ 51 MM
TOTAL ASSETS (30 MAR 2012) US$ 863 MM
LONG TERM DEBT (30 MAR 2012) US$ 484 MM
FIRM CONTACT
Canaccord Genuity Jared Alexander
Cormark Securities MacMurray Whale
Jacob Securities John McIlveen
Mackie Research Capital Matthew Gowing
Mirabaud Securities Gus Hochschild
National Bank Financial Jeremy Mersereau
Pritchard Capital Partners Veny Aleksandrov
Raymond James Securities Steven Li
Salman Partners Mike Plaster
INDEX COVERAGE
S&P/TSX Clean Technology Index
RENIXX Renewable Energy Industrial Index
14

15. APPENDICES
TSX : AXY
15 MAY 2012 www.alterrapower.ca

16. Senior Management
Outstanding development, financial and operations expertise
Ross Beaty: Executive Chairman
Geologist and resource company entrepreneur with 40 years experience in the international minerals industry. In early 2008, Mr. Beaty
founded Magma Energy Corp to focus on international geothermal energy development. In 2011 Magma and Plutonic Power merged
to create Alterra Power. Mr. Beaty is the Director of the Nature Trust B.C. and patron of the Beaty Biodiversity Center at the University
of B.C. Recipient of numerous awards, including the prestigious Viola Macmillan Award.
Donald McInnes: Executive Vice-Chairman
Mr. McInnes was the founder, Vice-Chair and CEO of Plutonic Power Corp. He currently serves as Vice-Chair of the Clean Energy
Association of British Columbia and is a director of Prostate Cancer Canada, the Powell River Economic Development Society, the Duke
of Edinburgh's Award-British Columbia and Yukon Division and is a governor of the British Columbia Business Council.
John Carson: Chief Executive Officer
Mr. Carson is a highly experienced renewable energy business leader with a core expertise in structuring and leading financial
transactions. His financing experience includes senior positions held with GE Energy Financial Services, Terra-Gen Power and Noble
Environmental Power. He has closed over US$2 billion of transactions, primarily in the renewable energy space, including geothermal,
wind and hydro transactions.
Bruce Ripley: Chief Operating Officer
Mr. Ripley has 30 years of engineering experience in the hydroelectric and heavy civil industries, including 16 years with BC Hydro
where he was Vice President of Engineering. He oversees all technical and commercial work at Alterra’s assets including operations and
exploration. He has worked on development, design, construction, operations and maintenance projects in Canada, USA, China,
Philippines and Australia.
Peter Wong: Chief Financial Officer
Mr. Wong joined the Company in 2005; over the last 18 years he has held a number of progressive senior financial management
positions with publicly listed mining and technology companies at the venture, development and operational stages. Mr. Wong articled
with the accounting firm of Deloitte and Touche and obtained his CA designation in 1992. He is a current member of the Institute of
Chartered Accountants of BC and holds a B.Comm. from the University of B.C.
16

17. Board of Directors
Ross Beaty  Mr. Beaty is a geologist and resource company entrepreneur with more than 40 years of experience in the international minerals
industry, the founder and chair of Magma Energy Corp and Pan American Silver (TSX: PAA, NASDAQ: PAAS) and several other resource
Executive Chairman
companies that were successfully built and divested.
Donald A. McInnes  Mr. McInnes was the Founder, Vice-Chair and CEO of Plutonic Power Corporation. He currently serves as Vice-Chair of the Clean Energy
Association of British Columbia and is a director of Prostate Cancer Canada, the Powell River Economic Development Society, the Duke
Executive Vice-Chairman
of Edinburgh's Award-British Columbia and Yukon Division and is a governor of the British Columbia Business Council.
David Cornhill  Mr. Cornhill is the founder, Chairman and Chief Executive Officer of AltaGas Income Trust, one of Canada's largest energy infrastructure
groups, focused on gas and power infrastructure and renewable energy (wind and hydro). With more than 25 years of experience in the
Director
energy industry, Mr. Cornhill also sits on several private and public boards including AltaGas Utility Group and Ivey Business School.
Donald Shumka  Mr. Shumka is Managing Director of Walden Management Ltd., a financial consulting firm. Mr. Shumka received a Master of Business
Administration from Harvard University. From 1966 to 1979 he worked in a variety of positions in the forest industry, from 1979 to 1989
Director
he was Vice President and Chief Financial Officer of West Fraser Timber Co. Ltd. and from 1989 to 2004 he headed the Forest Products
Group for two Canadian investment banks. Other public company boards include Eldorado Gold Corp and Paladin Energy Ltd.
Paul Sweeney  Mr. Sweeney has over 30 years experience in financial management of mining and renewable energy companies. From 2007-2010, he
was Executive Vice President, Corporate Development, of Plutonic Power Corporation. He has served as CFO of a number of successful
Director
mineral resource companies including Canico Resources, Sutton Resources and Gibraltar Mines and is a director of several resource
companies including Pan American Silver Corp. where he chairs the audit committee.
Walter Segsworth  Mr. Segsworth recently served as Chairman of Plutonic Power Corporation. He is past President and Director of Westmin Resources.
Upon the takeover of Westmin by Boliden in 1998, Mr. Segsworth joined Homestake Mining Company of California where he was
Director
subsequently appointed President, Director and Chief Operating Officer and served until the merger with Barrick in early 2002. He is
past Chairman of both the Mining Associations of BC and Canada and was named BC's Mining Person of the Year in 1996.
17

18. Overview - Toba Montrose Hydro
Alterra owns a 40% economic interest in two run-of-river hydroelectric generation facilities in
southwestern British Columbia
Facilities  East Toba River and Montrose Creek
Capacity & Production  235 MW generating 727 GWh / year
 60% - GE EFS
Ownership
 40% - Alterra
Start of Operation  2010
Power Purchase
 EPA to 2045 with BC Hydro
Agreement
 $470 MM total project debt with 35 year amortization and 6.4%
Project Debt
effective interest rate
 Average annual project revenue of $78 MM
Revenue
 Includes $10/MWh ecoEnergy Program incentive
 Average annual project EBITDA of $60 MM
EBITDA
 $24 MM net EBITDA to Alterra
18

19. Overview - Dokie 1 Wind Farm
Alterra owns a 51% economic interest in the Dokie 1 wind farm, located in northern British
Columbia
Facilities  Dokie Wind Farm
Capacity & Production  144 MW generating 330 GWh annually
 51% - Alterra
Ownership
 49% - GE EFS
Start of Operation  March 2, 2011
Power Purchase
 EPA to 2036 with BC Hydro
Agreement
 $175 MM total project debt with 20 year amortization and 7.2%
Project Debt
effective interest rate
 Average annual project revenue of $39 MM
Revenue
 Includes $10/MWh ecoEnergy Program incentive
 Average annual project EBITDA of $27 MM
EBITDA
 $14 MM net EBITDA to Alterra
19

20. Overview - Svartsengi and Reykjanes Geothermal
Alterra’s 67% - owned subsidiary HS Orka owns two geothermal power plants in
southwestern Iceland
Facilities  Svartsengi and Reykjanes
 172 MW generating 1,258 GWh /year
Capacity & Production
 Thermal (hot water) production 150 MWth
 67% - Alterra
Ownership
 33% - Jarðvarmi (Icelandic pension funds)
Start of Operation  1978 (Svartsengi) and 2006 (Reykjanes)
 Two PPAs with varying terms through to 2026;
Power Purchase additional power sold on one-year contracts
Agreements
 36% of power sales paid in USD and linked to aluminum price
 $170 MM total company debt with average 9 years to maturity and
Project Debt
average 2.65% effective current interest rate
Revenue  2011 revenue of $64 MM
EBITDA  2011 EBITDA of $20 MM
20

21. Overview - Soda Lake Geothermal
Alterra owns a 23 MW geothermal power plant near Fallon in northern Nevada
Facilities  Soda Lake 1+2
 23 MW, currently operating at 15 MW gross and generating
Capacity / Production
84 GWh /year
Ownership  100% Alterra
Start of Operation  1987 / 1991
Power Purchase
 Two PPAs to 2020 with NV Energy
Agreement
Project Debt  None
Revenue  Average annual revenue of $5 MM
EBITDA  Average annual EBITDA of $1 MM
21

22. Overview - ABW Solar
Alterra has an option to acquire a 10% interest in a portfolio of solar facilities from First Solar,
to be built in southern Ontario
Facility  3 solar facilities in southwestern Ontario
 Amherstburg – 10 MW
Capacity  Belmont – 20 MW
 Walpole – 20 MW
Proposed  90% - GE EFS
Ownership  10% - Alterra
 4Q 2012
Start of Operation
 Construction began in May 2012
Power Purchase
 20 year EPA with Ontario Power Authority
Agreement
Project Debt  TBD
EBITDA  $3 MM net annual EBITDA to Alterra
22

23. Overview - Upper Toba Valley Hydro
A power purchase agreement and permitting are in place for additional run of river hydro
plants near the Toba Montrose facilities in southwestern B.C.
 Jimmie Creek and Upper Toba River
Locations
 In close vicinity to existing Toba Montrose facility
Capacity / Production  89 to 124 MW, generating 300-320 GWh annually
 51% - Alterra
Ownership
 49% - GE EFS
 Environmental Assessment Certificate granted and water licence
Permitting
pending
Power Purchase
Agreement  40-year contract with BC Hydro
Begin Construction  1Q 2013E
On Line  2Q 2015E
 Completion of preliminary engineering and cost estimation
targeted for mid-2012
Notes
 Utilizes existing transmission line and other infrastructure at
Toba Montrose
23

24. Overview - Reykjanes 3 & 4 Geothermal Expansion
The Reykjanes geothermal power plant in southwestern Iceland has substantial existing well
capacity and is permitted for an expansion of production
Location  Existing Reykjanes facility and steam field
Capacity / Production  80 MW generating 630 GWh annually
 67% - Alterra
Ownership
 33% - Jarðvarmi (Icelandic pension funds)
Permitting  Completed
Power Purchase
Agreement  Resolution expected 2H 2012
Begin Construction  2H 2012
 Reykjanes 3 - 50 MW in 2H 2014
On Line
 Reykjanes 4 - 30 MW in 1H 2015
 High pressure 50 MW turbine for Reykjanes 3 already on site
Notes  Reykjanes 4 will run on existing well field output in a 30 MW low
pressure turbine
24

25. Overview - Dokie 2 Wind Farm Expansion
The Dokie Wind Farm in northern B.C. is permitted for a 156 MW expansion
Location  Undeveloped ridgelines within Dokie 1 wind farm area
Capacity / Production  107 to 156 MW, generating 330-460 GWh annually
 51% - Alterra
Ownership
 49% - GE EFS
Permitting  156 MW
Power Purchase
Agreement  Seeking opportunities with BC Hydro or other off-takers
Begin Construction  1Q 2013E
On Line  3Q 2014E
 Wind assessment, turbine layout, infrastructure and financial
Notes studies in progress
25

26. Overview - Mariposa Geothermal (Chile)
The Mariposa geothermal field in Chile has an inferred capacity of 320 MW
 In the Andes Mountains in south-central Chile, approximately 300
Location
km south of Santiago
 320 MW inferred resource with promising characteristics
Capacity / Production
 Exploitation concession granted for first phase of 50 MW
 Permanent production concession at Laguna del Maule
Concessions  Resource area continues on adjacent Pellado concession
 Alterra has a third adjacent concession at Los Cristales
 Letter authorizing first round of exploratory holes
Permitting
 Baseline prepared for subsequent permitting
Exploration &  Access road and infrastructure advance
Development  Three slim holes completed by core drilling
Next Phase  Deep rotary and wide diameter drilling planned in 2013
On Line  50 MW in 2016E
 Recent volcanism and hot springs near concession
Notes
 Seeking investment partner for next phase
26

27. Overview - Mensano and Roccastrada Geothermal (Italy)
Alterra’s exploration concessions in Italy are in the historic and promising Larderello region of
Tuscany
 100% Alterra
Ownership
 Interest from multiple prospective partners
 32 geothermal plants already operating in region
Opportunity  Attractive power prices as high as €180 /MWh
 Strong public and government support for clean power
CHARACTERISTICS Roccastrada Mensano
Location South of Larderello in Tuscany Southeast of Larderello in
Tuscany
Size 27,190 hectares 21,256 hectares
o
Known Geology • Nearby 1000m exploratory • Temperatures over 150 C at
wellhead temperatures up to 2000m depth
o
100 C • Thermal springs and
• Hot spring and high heat flow hydrothermal alteration areas
Potential • Potential reservoir within • Large geothermal system
3000m depth inferred with two potential
• Estimated temperature 200 C
o reservoir targets:
o
- 250 C  at 1000-2000m, 150oC
 at 2800-3000m, 200 C
o
Work Program Prospecting to build a Detailed exploration program to
geothermal system and define confirm high enthalpy resources
targets for exploration wells
27

28. TSX : AXY
28 MAY 2012 www.alterrapower.ca