Alterra expands debt for 200-MW wind farm in Texas
Wind turbines in Texas. Author: Will De Freitas. License: Creative Commons, Attribution-NonCommercial-NoDerivs 2.0 Generic.
Canadian firm Alterra Power Corp (TSE:AXY) has added about USD 20.6 million (EUR 18m) to an existing credit facility for the 200-MW Flat Top wind project in central Texas.
The renewables company anticipates to achieve financial close on the scheme within the next few weeks and also offload a 49% stake to a sponsor-partner, it said in a press release on Wednesday.
The debt financing, to be used as part of Alterra’s sponsor equity contribution, was obtained from affiliates of AMP Capital Investors Ltd. The expanded loan will be secured and supported by cash flows from Alterra's projected 51% ownership in the wind power project. Additional security and cash flow support for the facility comes from Alterra's interests in the 235-MW Toba Montrose and the 62-MW Jimmie Creek hydro power plants, as well as the 144-MW Dokie 1 wind farm in British Columbia.
The 200-MW Flat Top wind park will be powered by Vestas turbines and is expected to become operational in the first half of 2018. Most of its output will be sold under a 13-year power hedge deal with an affiliate of Citigroup (NYSE:C).
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.