Vancouver-based Alterra Power (TSX:AXY) announced July 20 that it has reached an agreement with Inovateus Solar LLC to acquire an 80% ownership interest in a two-project 20 MW (DC) portfolio of solar projects in the Midwestern United States.
Both projects are contracted under long-term, investment-grade power purchase agreements (PPAs). No purchase price was revealed in the Alterra news release.
Alterra is actively developing and arranging financing for the first project, a 7 MW site located in Indiana that is expected to finish construction by the end of 2016.
The second project, a 13 MW site located in Michigan, is expected to be developed during 2017.
“We’re pleased to develop these solar projects alongside Inovateus, and hope to extend this partnership to other U.S. projects,” said Alterra’s VP of Project Finance Jon Schintler.
Earlier this month, Alterra announced that the 62-MW Jimmie Creek run-of-river hydroelectric project in British Columbia was fully deployed.
The company’s website indicates that it has wind, solar, hydroelectric and geothermal assets either operating or in advanced development in the United States, Canada and Iceland.
Inovateus Solar is one of the leading solar development, EPC (engineering, procurement and construction) and supply companies in the Midwest United States. Headquartered in South Bend, Indiana, the company has developed and built more than 250 MW of utility, commercial and industrial, and micro-grid solar systems in the U.S., the Caribbean and Latin America.