Alterra Power Corp. (TSX: AXY) said Nov. 8 that following commencement of operations on Aug. 1 of this year, its Jimmie Creek hydro project in British Columbia achieved 106% of plan in the third quarter.
The 62-MW Jimmie Creek project is now selling 100% of its power to the British Columbia Hydro and Power Authority under a 40-year power purchase agreement (PPA) that expires in 2056. In September, the C$176.5 million Jimmie Creek construction loan was converted to a 40 year term loan.
The company also reported advancement of the 200-MW Flat Top wind project in Texas, with developments including:
- Turbine selection – Turbine technology for the project has been selected and the company is close to finalizing the project’s turbine supply agreement.
- Construction provider – A proposals process for project construction has been completed, and Alterra has selected a contractor with local area familiarity.
- Offtake – Alterra is in discussions with multiple potential counterparties on a hedge, PPA or combined offtake solution for the project.
- Project financing – Alterra is advancing project financing discussions with certain financing parties including tax equity and construction financing providers.
- Interconnection security – On Sept. 29, the company placed a second security deposit of approximately US$6.1 million with the local transmission provider.
- Other – All required land for the project has been secured, and the company is working on select parcels with the goal of further optimizing project layout.
Alterra in June announced the acquisition of the Flat Top wind project, a 200-MW wind farm in Comanche and Mills counties, Texas. Alterra acquired the Flat Top project from Pioneer Green Energy LLC and Lavaca Wind LLC.
Also, on Oct. 11, the company announced the closing of a US$8.9 million construction loan facility for the 7-MW (dc) Kokomo solar project, located in Kokomo, Indiana. Concurrently, the company completed a partnership agreement with Inovateus Solar LLC to co-own the in-construction project and is actively developing a second solar project, a 13 MW (dc) project located in East Lansing, Michigan. Construction of Kokomo is well underway with all panels and inverters on site.