Alterra Power Corp. announced June 16 the acquisition of the 200-MW Flat Top wind project, which ius under development in Comanche County and Mills County, Texas.
Concurrently with closing, Alterra placed a US$1.6 million security deposit with the local transmission provider.
Paul Rapp, Alterra’s VP of Wind Operations, said: “This project builds on our recent success financing and constructing the nearby 204 MW Shannon wind farm in Texas and, like the Shannon project, takes advantage of the recent extension of renewable energy tax incentives in the United States. The Flat Top project has a strong resource, clean transmission story and proximity to growing power demand in Texas, and is well-suited for long-term service under either a power purchase agreement or power hedge.”
Alterra acquired the Flat Top project from Pioneer Green Energy LLC and Lavaca Wind LLC, each of whom have extensive experience in the development of wind energy projects. As part of the project development program, Alterra will undertake certain construction activities to ensure the Flat Top project will qualify for the U.S. production tax credit. Alterra forecasts this project to be completed and in service by the end of 2017.
Alterra Power is a leading global renewable energy company, operating six power plants totaling 757 MW of generation capacity including the Shannon wind project in Texas, British Columbia’s largest run-of-river hydro facility and largest wind farm, and two geothermal facilities in Iceland. Alterra owns a 349 MW share of this capacity, generating over 1,600 GWh of clean power annually. Following completion of the 62-MW Jimmie Creek hydro facility in British Columbia, expected in August, Alterra will operate 819 MW of capacity with net ownership of 381 MW, generating over 1,700 GWh of clean power annually.
Pioneer Green Energy is a developer of utility-scale wind and solar projects across the U.S. In its six-year history, the company has developed over 1,000 MW of wind and solar energy projects that either are operating or under construction in Texas, California, and other states.