B.C. renewable developer Alterra buys stake in 20 MW solar power portfolio
Canadian firm plans to complete construction on the two projects next year
VANCOUVER—Alterra Power Corp. has bought a controlling 80 per cent interest in a pair of solar projects under development in the Midwest U.S.
Purchased from South Bend, Indiana-based developer Inovateus Solar LLC, both projects have already secured long-term power purchase agreements.
“We’re pleased to develop these solar projects alongside Inovateus, and hope to extend this partnership to other U.S. projects,” Jon Schintler, the B.C-based company’s vice-president of Project Finance, said.
Construction on the first of the two projects, a seven megawatt solar plant located in Indiana, is expected to be complete later this year. The two partners anticipate bringing the second 13 megawatt solar farm in Michigan online in 2017.
A relatively small deal, the agreement builds on Alterra’s U.S. footprint, which already includes two Texas wind farms.