Alterra Power and Inovateus Solar have secured a $19.9m construction loan facility for the 11MW Spartan solar project in the Michigan State University campus, US.
The finance, which will be given by the 1st Source Bank, includes $19.8m construction loan and a $500,000 letter of credit. On completion of the project, the additional facilities offered by the bank will be used to retire the construction loan facility.
Alterra will handle and own 85% interest in the project, under the partnership with Inovateus.
Inovateus will construct and provide operations and maintenance services to the 11MW Spartan solar project, which will start its operations in December 2017.
The Board of Trustees of Michigan State University has agreed to buy the total power generated by the solar facility for a period of 25 years.
In July, 2017, Alterra Power has completed a $529m of financing for the 200MW Flat Top wind farm, which will be located in central Texas, US. The wind farm is expected to become operational in the first half of next year.
Power generated from the wind farm will be sold under a 13 year power hedge to one of Citi’s affiliates. Blattner Energy has been appointed to provide primary construction phase services. Danish wind turbine manufacturer Vestas’ American subsidiary will supply the turbines for the project.
Currently, Alterra Power manages operations of eight power plants totaling 825MW of hydro, wind, geothermal and solar generation capacity in Canada, the USA and Iceland.