Alterra Power Corp. has reached an agreement with Inovateus Solar LLC to acquire an 80% ownership interest in a two-project 20 MW portfolio of solar farms in the Midwestern United States.
Both projects are contracted under long-term, investment-grade power purchase agreements. Alterra is actively developing and arranging financing for the first project, a 7 MW site located in Indiana that is expected to finish construction by the end of 2016. The second project, a 13 MW site located in Michigan, is expected to be developed during 2017.
Jon Schintler, Alterra's VP of Project Finance, said:
"We're pleased to develop these solar projects alongside Inovateus, and hope to extend this partnership to other U.S. projects."
TJ Kanczuzewski, president of Inovateus, stated:
"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."
Last month we reported that Alterra Power acquired Flat Top wind project, a 200 MW wind farm under development in Comanche County and Mills County, Texas. Concurrently with closing, the firm placed a US$1.6 million security deposit with the local transmission provider.