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Alterra Power Secures Financing for Kokomo Solar Project
Oct. 12, 2016 05:11AM PST
Cleantech InvestingAlterra Powe (TSX:AXY) announced the closing of a $8.9 million construction loan facility for the Kokomo solar project in Kokomo, Indiana.
Alterra Powe (TSX:AXY) announced the closing of a $8.9 million construction loan facility for the Kokomo solar project in Kokomo, Indiana.
As quoted in the press release:
The facility is supplied by 1st Source Bank, a subsidiary of 1st Source Corporation (NASDAQ: SRCE) (“1st Source”) and consists of a $8.9 million construction loan plus a $150,000 letter of credit. Concurrently with the construction loan closing, 1st Source is providing a $4.0 million tax equity investment commitment and a $5.0 million term loan takeout which will be used to repay the construction loan upon commencement of commercial operations (each subject to typical conditions precedent). The term loan will have a balloon payment based on a 10-year maturity and 18-year amortization. The term loan proceeds will be used to pay for the portion of remaining Project costs not paid by the tax equity investment.
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