Alterra Power Completes Financing and Partnership for Flat Top Project

Alterra Power (TSX:AXY) has announced the completion of financing for the 200 MW Flat Top wind project.
As quoted in the press release:

Key components of the financing include:

1. Sponsor-Partner Investment: A fund managed by BlackRock Real Assets has acquired a 49% sponsor-partner interest in the project, and will co-own the project with Alterra. Alterra will continue to own 51% of the sponsor equity.
2. $287 Million Construction Loan Facility: Affiliates of Citi, Santander and the Royal Bank of Canada supplied the facility, consisting of a $217 million loan plus letters of credit totaling $71 million (all amounts USD). The facility is secured by project assets and supported by a tax equity investor commitment.
3. $221 Million Commitment from Tax Equity Partners: Subsidiaries of Berkshire Hathaway Energy and Citi have committed to a $221 million investment which will be realized when the project achieves commercial operations, subject to typical conditions precedent. The tax equity investment will retire the construction loan facility.
4. $21 Million Expansion of Holding Company Loan: Alterra has satisfied the final conditions precedent to funding of its expanded loan facility with affiliates of AMP Capital Investors Limited. The proceeds ($21.1 million, gross) funded a portion of Alterra’s sponsor equity contribution for the project.

“We’re extremely pleased to have our Shannon financing partners join us again at Flat Top, and to welcome a strong, new partner in BlackRock,” said John Carson, Alterra’s CEO. “We anticipate that the Flat Top project will serve our stakeholders and the State of Texas well, delivering a large amount of clean power into a lesser served portion of the state for years to come.”

Click here to read the full press release.