Alterra Power Corp. has completed the 100% acquisition of the Shannon wind project, a 202 MW wind farm in late-stage development in Clay County, Texas, from Horn Wind LLC.
Alterra says it has also placed a $4.5 million cash deposit with Oncor, the project's transmission service provider, which will now begin the design and equipment procurement for the project's interconnection substation.
In December 2013, Alterra completed certain construction activities to ensure the Shannon project will qualify for the federal production tax credit. These activities included contracting with Mortenson Construction to complete the initial phase of on-site construction and contracting with Siemens Energy to begin manufacturing the project's main power transformer.
Alterra says it is now working with several financing parties in preparation for closing project financing, which is projected for the second quarter of this year.