Alterra Power and Inovateus Solar commence Spartan solar project

Alterra Power Corp.

Alterra Power and Inovateus Solar jointly announced the commencement of commercial operations of their 11 MW Spartan solar project at the Michigan State University campus.

The project spreads across the campus in East Lansing, Michigan, covering over 4,500 parking spaces.

Separately, the project’s $19.8 million construction loan was retired on December 22 via a $10.2 million 10-year term loan and a $9.7 million tax equity investment, both provided by 1st Source Bank, a subsidiary of 1st Source Corporation.

Under an agreement with Inovateus, Alterra now holds a 100 percent sponsor equity interest in the project.

Alterra will manage the project, which sells 100 percent of its power under a 25-year agreement with the Board of Trustees of Michigan State University.

Inovateus managed the construction of the project and will also provide operation and maintenance services under a long-term contract.

editor@greentechlead.com