Alterra completes financing for 200-MW Flat Top wind project
Alterra Power Corp. has announced the completion of financing for the 200 MW Flat Top wind project and the concurrent advancement of the project into the final phase of construction.
Key components of the financing includes a US$287-million loan facility arranged with affiliates of of Citigroup, Santander and the Royal Bank of Canada. This financing package consists of a US$217 million loan plus letters of credit totaling US$71 million. The facility is secured by project assets and supported by a tax equity investor commitment.
Additionally, the financing included the acquisition of a 49% sponsor-partner interest in the project by BlackRock Real Assets, which will co-own the project with Alterra. Alterra will continue to own 51% of the sponsor equity.
As we reported in eary July, Alterra satisfied the final conditions precedent to funding of its expanded loan facility with affiliates of AMP Capital Investors Limited. The proceeds (US$21.1 million, gross) funded a portion of Alterra's sponsor equity contribution for the project.
Subsidiaries of Berkshire Hathaway Energy and Citigroup have committed to a US$221 million investment which will be realized when the project achieves commercial operations, subject to typical conditions precedent. The tax equity investment will retire the construction loan facility.
John Carson, Alterra's CEO, said:
"We're extremely pleased to have our Shannon financing partners join us again at Flat Top, and to welcome a strong, new partner in BlackRock. We anticipate that the Flat Top project will serve our stakeholders and the State of Texas well, delivering a large amount of clean power into a lesser served portion of the state for years to come."
The 200 MW Flat Top project, located in Comanche County and Mills County, central Texas, is contracted to sell the majority of its power under a 13-year power hedge with an affiliate of Citi. The project consists of 100 units of Vestas V110-2.0 MW wind turbines. Blattner Energy, Inc. has been contracted for construction services. The project is expected to achieve commercial operations in the first half of 2018.
In June 2016 we informed that Alterra acquired the Flat Top wind project from Pioneer Green Energy, LLC, and Lavaca Wind, LLC.
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