Alterra Power Secures Financing for Kokomo Solar Project

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.

Click here for the full press release.