Alterra Power has signed an agreement to acquire a 80% stake in a portfolio of two solar projects in the US Midwest with a combined capacity of 20 MWDC.
The company will buy the interest from developer Inovateus Solar LLC for an undisclosed sum.
The deal includes the purchase of stakes in a 7MW solar park in Indiana that is expected to enter service by the end of this year, and in a 13MW facility in Michigan, which is anticipated be developed in 2017.
Both projects have with long-term, investment-grade power purchase agreements (PPAs). Alterra said it is currently arranging financing for the first project.
Alterra project finance vice president Jon Schintler said: "We're pleased to develop these solar projects alongside Inovateus, and hope to extend this partnership to other U.S. projects."
Inovateus president TJ Kanczuzewski said: "The pairing of Alterra's technical and financing resources with Inovateus' project development and EPC expertise provides a compelling solar offering for utilities, municipalities, universities, and businesses in the Midwest and beyond.
"We're excited to get started on our first two projects and look forward to working together with Alterra on more projects in the future."
Alterra Power operates seven power plants which cumulatively produce more than 800MW of energy. The portfolio includes hydro- facility in British Columbia, a large wind farm, recently completed Shannon and Jmmie Creek projects and two geothermal facilities in Iceland.