Alterra Power Corp. (TSX: AXY) said Feb. 24 that it has completed the acquisition of 100% of the Shannon wind project, a 202-MW wind farm in the late stages of development in Clay County, Texas.
Alterra acquired the project from Horn Wind LLC, a north Texas early-stage wind developer that has successfully developed two other wind farms in the region.
Alterra also recently placed a $4.5m cash deposit with Oncor, the project’s transmission service provider, which will now begin the design and equipment procurement for the project’s interconnection substation.
Paul Rapp, Alterra vice president of geothermal and wind power, said: “We’re pleased to achieve these project and company growth milestones, which will further position Shannon for commercial operations by mid-2015.”
In December 2013, Alterra completed certain construction activities to ensure the Shannon project will qualify for the federal Production Tax Credit, which included contracting with Mortenson Construction to complete the initial phase of on-site construction and contracting with Siemens Energy to begin manufacturing the project’s main power transformer. Alterra said it is now working with several financing parties in preparation for closing project financing, which is projected for the second quarter of 2014.
Alterra Power is a leading global renewable energy company, operating six power plants totaling 566 MW of capacity, including British Columbia’s largest run-of-river hydro facility and largest wind farm, two geothermal facilities in Iceland, and a geothermal plant in Nevada. Alterra also has an extensive portfolio of exploration and development projects and a skilled international team of developers, explorers, builders and operators to support its growth plans.