Canadian renewables company Alterra Power Corp (TSE:AXY) said Wednesday it has acquired a 320-MW wind project portfolio in Wyoming from the original developer -- Intermountain Wind LLC.
The portfolio, called Boswell Springs, consists of wind development projects in Albany County that have 20-year power purchase agreements (PPAs) to sell 100% of their electricity to Rocky Mountain Power, a division of PacifiCorp.
Alterra aims to bring the portfolio online in 2020. It said it started construction of the main power transformers last year and expects the portfolio to qualify for US renewable electricity production tax credits (PTCs) at the full rate. "This acquisition further establishes our USA growth trajectory and the realization of our wind project PTC qualification plans," said Paul Rapp, Alterra's vice president of project development.
The deal comes after more than a year of cooperation with the original developer.
"After over ten years of development, we are excited to have identified Alterra as the right partner to facilitate the completion of the [Boswell Springs] Project," said Intermountain Wind president Paul Martin, who will continue to support the portfolio over the next two years.
Alterra currently manages 825 MW of renewable power plants in Canada, the US and Iceland, owning a share of 385 MW in this capacity. It also has a portfolio of development projects.
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