Alterra Power secures financing for Spartan solar project
Alterra Power and Inovateus Solar have announced the closing of a US$19.9 million construction loan facility for the Spartan solar project, an 11 MW solar project located on the Michigan State University campus in East Lansing, Michigan.
The loan facility is supplied by 1st Source Bank, a subsidiary of 1st Source Corporation and consists of a $19.8 million construction loan plus a $500,000 letter of credit. Concurrently with the construction loan, 1st Sourcewill provide a $9.7 million tax equity investment commitment and a $10.2 million term loan commitment, both of which will be used to retire the construction loan facility upon achievement of commercial operations (each subject to typical conditions precedent). The term loan will have a balloon payment based on a 6-year maturity and 20-year amortization.
Separately, Alterra completed a partnership agreement with Inovateus, under which Alterra will manage the project and hold a majority interest of at least 85% (final partnership allocations are subject to final project economics and other factors).
Alterra expects the Spartan project (currently under construction) to achieve commercial operations in December 2017. Spartan is contracted under a 25-year power purchase agreement with the Board of Trustees of Michigan State University for 100% of plant output. Construction is being managed by Inovateus, who will also provide operations and maintenance services.
Jon Schintler, VP of Project Finance & Development at Alterra stated:
"We're pleased to complete this second project with our solar partner Inovateus, and to complete another financing with 1st Source. We look forward to serving Michigan State University for many years and hopefully expanding our Midwest solar operations.
TJ Kanczuzewski, President of Inovateus commented
"We are very proud of our entire team on the development of the Spartan project. A special thank you to Michigan State University, along with our partners 1st Source Bank and Alterra for joining us in building a brilliant tomorrow."
Country news
-
-
August 28, 2017
D. E. Shaw Renewable Investments buys 40 MW solar project from First Solar
First Solar, Inc. and D. E. Shaw Renewable Investments, L.L.C. (DESRI) have announced the acquisition by the latter of the 40 Megawatt (MW)ac Cuyama Solar Project in Santa Barbara County, California. Terms of the deal were not disclosed.
Read more -
August 28, 2017
First Solar sells 280 MW solar project to Capital Dynamics
First Solar, Inc. has announced it has completed the sale of the 280 Megawatt (MW)AC California Flats Solar Project in Monterey County, Calif., to global private asset manager Capital Dynamics. Terms of the deal were not disclosed.
Read more -
August 25, 2017
Sempra Energy to acquire ownership interest in Oncor
Sempra Energy today announced an agreement to acquire Energy Future Holdings Corp., the indirect owner of 80 percent of Oncor Electric Delivery Company, LLC, operator of the largest electric transmission and distribution system in Texas.
Read more -
August 24, 2017
Heelstone Energy sells a 194 MW solar portfolio to Sammons Renewable Energy
Heelstone Energy Holdings, LLC has announced the sale of a 194 MWDC utility-scale solar portfolio to Sammons Renewable Energy (SRE).
Read more -
August 24, 2017
Calpine to be acquired by Energy Capital-led consortium
Calpine Corporation has announced that it has entered into a definitive agreement under which Energy Capital Partners (Energy Capital or ECP) along with a consortium of investors led by Access Industries and Canada Pension Plan Investment Board will acquire Calpine for US$15.25 per share in cash, or US$5.6 billion.
Read more
