Alterra obtains funds for 264 MW of wind, HPP schemes
Sep 5, 2014 - Canadian renewables firm Alterra Power Corp (TSE:AXY) has received a CAD-110-million (USD 101m/EUR 78m) from s unit of Australian investment firm AMP Ltd (ASX:AMP) to support the construction of 264 MW of wind and hydropower plant (HPP) projects in the US and Canada.
The subordinated financing was arranged by AMP Capital’s Infrastructure Debt Fund II and is secured against equity interests in four renewable energy schemes, the lender said on Thursday. More specifically, Alterra will use the funds to cover development and construction costs for its 62-MW Jimmie Creek HPP project in British Columbia and the 204-MW Shannon wind scheme in Texas. The company will also use part of the proceeds for general corporate needs.
In April, Alterra said it will sell a 49% stake in the 62-MW Jimmie Creek project to infrastructure fund Fiera Axium Infrastructure Canada II LP. The Canadian firm took possession of the Shannon wind scheme in February from developer Horn Wind LLC.
Alterra operates 568 MW of power capacity, including wind, geothermal and hydropower plants in Canada, the US and Iceland.
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.