Independent Power and Renewable Electricity Producers
Company Overview of Alterra Power Corp.
Alterra Power Corp., together with its subsidiaries, owns, acquires, develops, and operates renewable power projects. The company operates 8 power plants totaling 825 megawatts (MW) of capacity, including Jimmie Creek run-of-river hydro facility in British Columbia; Dokie 1 wind farm in north-east British Columbia; Shannon Wind Farm in Texas; East Toba and Montrose Creek run-of-river power plants in south-west British Columbia; Svartsengi and Reykjanes geothermal facilities in Iceland; and Kokomo solar facility in Indiana. It also operates Boswell Springs wind project, a 320 MW portfolio of wind development projects in Albany County, Wyoming. The company was formerly known as Magma Energy Co...
888 Dunsmuir Street
Vancouver, BC V6C 3K4
Founded in 2008
Key Executives for Alterra Power Corp.
Chief Executive Officer and Director
Total Annual Compensation: C$436.2K
Chief Financial Officer
Total Annual Compensation: C$219.9K
Vice President of Operations
Total Annual Compensation: C$280.0K
Total Annual Compensation: C$225.5K
Vice President of Development
Total Annual Compensation: C$276.7K
Compensation as of Fiscal Year 2016.
Alterra Power Corp. Key Developments
Alterra Power Corp. Announces the Completion of Financing for the 200 MW Flat Top Wind Project
Jul 20 17
Alterra Power Corp. announced the completion of financing for the 200 MW Flat Top wind project and the concurrent advancement of the project into the final phase of construction. Key components of the financing include: 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. $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. $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. $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.
Alterra Power Corp. Expands Loan Facility for Flat Top Wind Investment
Jun 28 17
Alterra Power Corp. announced the expansion of its loan facility with affiliates of AMP Capital Investors Limited. The net proceeds, approximately $20.6 million, will be used as part of Alterra's sponsor equity contribution for the Flat Top wind project. The expanded facility will be secured by and supported by cash flows from Alterra's projected 51% ownership stake in the Flat Top project, in addition to security and cash flow support the facility currently receives from Alterra's interests in the Toba Montrose, Jimmie Creek and Dokie projects. The loan expansion will fund in conjunction with the completion of the Flat Top project financing, which Alterra expects to occur within the next few weeks. Alterra also expects to sell down a 49% interest in the project to a sponsor-partner.
Alterra Power Corp Enters into Power Hedge Agreement for its 200 MW Flat Top Wind Project
May 29 17
Alterra Power Corp. has entered into a power hedge agreement for its 200 MW Flat Top wind project. This 13-year power hedge agreement has been initiated between the company's wholly-owned project subsidiary and an affiliate of Citi. In conjunction, Alterra expects the financing and partnership arrangements for the 00 MW Flat Top project to be completed within the next few weeks, marking commencement of the project's primary construction phase. The project is expected to achieve commercial operations in the first half of 2018.
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