Sunday, October 16, 2016
Alterra Power moving into solar
Alterra Power website:
Alterra Power Corp. (TSX: AXY) and Inovateus Solar LLC are pleased to announce the closing of a $8.9 million construction loan facility (all amounts USD) for the Kokomo solar project, an approximately 7 MW solar project located in Kokomo, Indiana.
The Kokomo solar project is currently under construction in Kokomo, Indiana and is expected to begin commercial operations inDecember 2016. The Project is contracted under a 20-year power purchase agreement with Duke Energy Indiana for 100% of plant output. Construction is being managed by Inovateus, who will also provide operations and maintenance services under a long-term contract. Alterra will manage and administer the Project. The Kokomo solar project will provide 7 MWDC of clean power capacity and economic benefit to the Indiana community and is located on a remediated Superfund parcel of city-owned land.
Alterra and Inovateus are actively developing a second solar project, a 13 MWDC site located in Michigan, which is expected to enter construction in 2017. The Michigan solar project is contracted under a 25-year, investment-grade power purchase agreement.
Alterra Power is run by the very capable Ross Beatty who created billions in shareholder wealth via Pan American Silver and Lumina Copper among other projects. It is good to see Alterra is now paying a dividend and continues to grow its portfolio. I expect Mr. Beatty will be successful in creating shareholder wealth here also.