Vancouver, British Columbia-based Alterra Power Corp. has expanded its loan facility with affiliates of AMP Capital Investors Ltd. The net proceeds, totaling approximately $20.6 million, will be used as part of Alterra’s sponsor equity contribution for the Flat Top wind project in central Texas.
The expanded facility will be secured by and supported by cash flows from Alterra’s projected 51% ownership stake in the Flat Top project, in addition to security and cash-flow support the facility currently receives from Alterra’s interests in the Toba Montrose, Jimmie Creek and Dokie projects.
The loan expansion will fund in conjunction with the completion of the Flat Top project financing, which Alterra expects to occur within the next few weeks. Alterra also expects to sell down a 49% interest in the project to a sponsor-partner.
The 200 MW Flat Top project is contracted to sell the majority of its power under a 13-year power hedge with an affiliate of Citi. The project previously contracted with affiliates of Vestas-American Wind Technology Inc. for turbine supply and maintenance and Blattner Energy, Inc. for construction services. The project is expected to achieve commercial operations in the first half of 2018.