Renewables
Solar, wind, biomass, biogas, geothermal, tidal and other distributed energy resources

News Briefs

  • Northland Power acquires DeBu offshore wind project +

    Northland Power has completed the acquisition of the Deutsche Bucht (DeBu) offshore wind project from Highland Group Holdings Ltd. The Read More
  • New shore power system operational in Montreal +

    The City of Montreal is now able to reduce greenhouse gas emissions from cruise ships docked at the Alexandra Pier Read More
  • BioAmber to take full control of Sarnia plant +

    BioAmber Inc. has inked an agreement to purchase Mitsui & Co Ltd.'s minority stake in its Sarnia joint venture. The Read More
  • OCGC names new chief executive +

    The board of directors at the Ontario Capital Growth Corp. (OCGC) has appointed Steve Romanyshyn as its new president and Read More
  • Boralex closes financing for France wind farm +

    Boralex Inc. has closed a $67.9 million financing for the 30 MW Chemin de Grès wind farm in France. The Read More
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Alterra Power Corp. and Inovateus Solar LLC have secured a US$19.9 million construction loan for the 11 MW Spartan Solar project. It’s located on the East Lansing campus at the University of Michigan. 

 

Concurrently with the construction loan, 1st Source Corp. will provide a US$9.7 million tax equity investment commitment and a US$10.2 million term loan commitment, both of which will be used to retire the construction loan facility upon achievement of commercial operations. The term loan will have a balloon payment based on a 6-year maturity and 20-year amortization.

"We're pleased to complete this second project with our solar partner Inovateus, and to complete another financing with 1st Source," said Jon Schintler, VP of project finance and development at Alterra. "We look forward to serving Michigan State University for many years and hopefully expanding our Midwest solar operations.

Separately, Alterra completed a partnership agreement with Inovateus, under which Alterra will manage the project and hold a majority interest of at least 85%.

The Spartan project is currently under construction and Alterra expects it to achieve commercial operation in December 2017. The solar project 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.