Alterra Power Corp. (TSX: AXY) and Inovateus Solar LLC announced Dec. 22 the execution of an amended and restated power purchase agreement under which the Spartan PV 1 LLC project is expected to sell power to the Board of Trustees of Michigan State University.
Under the agreement, this 15.5-MW (dc)/(10.1-MW ac) solar plant is to be located on carports on the Michigan State University campus and will sell 100% of its power to MSU for 25 years on substantially the same commercial terms as the original agreement, except that the required date for the full project to enter operations has been extended to the end of 2017.
Alterra and Inovateus intend to jointly own the project under their previously announced agreement, commence construction in early 2017 and achieve commencement of commercial operations later in the year. In conjunction with the amendment, Inovateus has placed a $500,000 security supporting delivery under the power purchase agreement.
Jon Schintler, Alterra’s VP of Project Finance, said: “We’re pleased to hit this next milestone to grow our solar portfolio with Inovateus, and to provide renewable power to Michigan State University for years to come.”
Alterra Power is a leading global renewable energy company, managing eight power plants totaling 825 MW of generation capacity including British Columbia’s largest run-of-river hydro facility and largest wind farm, the recently-completed Shannon and Jimmie Creek projects, and two geothermal facilities in Iceland and a solar facility in Indiana. Alterra owns a 385 MW share of this capacity, generating over 1,700 GWh of clean power annually. Alterra also has an extensive portfolio of exploration and development projects.
Inovateus Solar is one of the leading solar development, engineering, procurement and construction (EPC) 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 microgrid solar systems in the U.S., the Caribbean and Latin America.