Alterra Power Corp. and Inovateus Solar LLC are pleased to announce that the 11 MW Spartan solar project has begun full commercial operation. The Spartan project is located above 45 acres of carports at the Michigan State University campus in East Lansing, Michigan (US), covering over 4,500 parking spaces.
Separately, the project's $19.8 million construction loan was retired on December 22 via a $10.2 million 10-year term loan and a $9.7 million tax equity investment, both provided by 1st Source Bank, a subsidiary of 1st Source Corporation. Under an agreement with Inovateus, Alterra now holds a 100% sponsor equity interest in the project.
Alterra will manage the project, which sells 100% of its power under a 25-year agreement with the Board of Trustees of Michigan State University. Inovateus managed the construction of the project and will also provide operation and maintenance services under a long-term contract.
Alterra Power Corp. is a global renewable energy company that manages operations of nine power plants totalling 836 MW of hydro, wind, geothermal and solar generation capacity in Canada, the USA and Iceland. Alterra owns a 375 MW share of this capacity, generating over 1,500 GWh of clean power annually.
Alterra is also constructing the 200 MW Flat Top wind project in central Texas, which is expected to be in operation in the first half of 2018 (51% owned by Alterra). Upon the completion of Flat Top, Alterra will operate ten power plants totalling 1,036 MW of capacity and will own a 476 MW share of this capacity, generating almost 2,000 GWh of clean power annually. Alterra also has an extensive portfolio of development projects and a skilled team of developers, builders and operators to support its growth plans.