Vancouver, British Columbia-based Alterra Power Corp. has acquired the Boswell Springs project, a 320 MW wind development portfolio in Albany County, Wyo.
Alterra acquired the project from Boulder, Colo.-based Intermountain Wind LLC, along with certain partners and affiliates. Intermountain was advised in the transaction by Houlihan Lokey Inc.
Alterra expects the project to achieve commercial operations in 2020, when 100% of its output will be sold under 20-year power purchase agreements with Rocky Mountain Power, a division of PacifiCorp.
Alterra commenced construction of the project’s main power transformers in 2016; therefore, the company expects the project to qualify for U.S. production tax credits (PTCs) at the full rate.
“We’re pleased to complete this next major step in our growth plans, culminating over a year of cooperation with the original developer, Intermountain Wind,” comments Paul Rapp, Alterra’s vice president of project development. “This acquisition further establishes our USA growth trajectory and the realization of our wind project PTC-qualification plans.”
Paul Martin, president of Intermountain Wind, adds, “After over 10 years of development, we are excited to have identified Alterra as the right partner to facilitate the completion of the project. When operational, it will provide clean, cost-effective power to consumers in the Rocky Mountain region while producing significant tax revenues and other economic benefits for Wyoming.”
Martin will continue to provide service and support for the project over the next two years.