Vancouver, BC, Canada, July 20, 2016 – Alterra Power Corp. (TSX:AXY) has reached an agreement with Inovateus Solar LLC to acquire an approximately 80% ownership interest in a two-project 20 MWDC portfolio of solar farms in the midwestern United States. Both projects are contracted under long-term, investment-grade power purchase agreements. Alterra is actively developing and arranging financing for the first project, a 7 MWDC farm located in Indiana that is expected to finish construction by the end of 2016. The second project, a 13 MWDC site located in Michigan, is expected to be developed and built during 2017.
“We’re pleased to develop these solar projects alongside Inovateus, and hope to extend this partnership to other U.S. projects,” said Jon Schintler, Alterra’s VP of project finance.
“The pairing of Alterra Power’s financing resources and Inovateus’ project development and EPC expertise provides a compelling solar offering for utilities, municipalities, universities, and businesses in the Midwest U.S. and beyond,” said TJ Kanczuzewski, president of Inovateus. “We’re excited to get started on our first two projects and look forward to working together with Alterra on more projects in the future.”
About Inovateus Solar
Inovateus Solar is one of the leading solar development; engineering, procurement and construction (EPC); and supply companies in the Midwest United States. Headquartered in South Bend, Indiana, the company has developed and built more than 250 megawatts of utility, commercial and industrial, and microgrid solar systems in the U.S., the Caribbean and Latin America. With strong roots in the communities it serves, Inovateus is passionately committed to Building A Brilliant TomorrowTM through the wide-scale deployment of advanced solar and clean energy technologies. Find out more at www.inovateus.com, or visit us on Twitter, Facebook, or LinkedIn.
About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company, operating seven power plants totaling 819 MW of generation capacity, including British Columbia’s largest run-of-river hydro facility and largest wind farm, the recently completed Shannon and Jimmie Creek projects, and two geothermal facilities in Iceland. Alterra owns a 381 MW share of this capacity, generating over 1,700 GWh of clean power annually. Alterra has an extensive portfolio of exploration and development projects and a skilled international team of developers, builders and operators to support its growth plans.
Alterra trades on the Toronto Stock Exchange under the symbol AXY and OTC in the United States as MGMXF.
For further information, please contact:
Mauricio Anon
Inovateus Solar
Phone: 574.323.1096
Email: mauricio.anon@inovateus.com
Cameron Crowe
Impress Labs (for Inovateus)
Phone: 415.395.0941
Email: cameron@impresslabs.com
Peter Lekich, Corporate Communications
Alterra Power Corp.
Phone: 604.235.6719
Email: info@alterrapower.casd
