Alterra Power announced that it has reached an agreement with Inovateus Solar to acquire an 80% ownership interest in a two-project 20 MWDC portfolio of solar farms in the Midwestern United States.
Both projects are contracted under long-term, investment-grade power purchase agreements.
Alterra is actively developing and arranging financing for the first project , a 7 MWDC site located in Indiana that is expected to finish construction by the end of 2016.
The second project, a 13 MWDC site located in Michigan, is expected to be developed during 2017.
“We’re pleased to develop these solar projects alongside Inovateus, and hope to extend this partnership to other U.S. projects,” said Jon Schintler, Alterra’s VP of Project Finance.
“The pairing of Alterra’s technical and financing resources with Inovateus’ project development and EPC expertise provides a compelling solar offering for utilities, municipalities, universities, and businesses in the Midwest and beyond,” said TJ Kanczuzewski, president of Inovateus.