July 28, 2017 12:12 AM ET

Independent Power and Renewable Electricity Producers

Company Overview of Alterra Power Corp.

Company Overview

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

Suite 600

Vancouver, BC V6C 3K4

Canada

Founded in 2008

120 Employees

Phone:

604-669-4999

Fax:

604-682-3727

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
General Counsel
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

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

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

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.

Similar Private Companies By Industry

Company Name Region
0755748 BC Ltd. Americas
3Ci wind energy Americas
4BEL Corp. Americas
Aeolis Wind Power Corporation Americas
Affinity Renewables Inc. Americas

Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
July 20, 2017
200 MW Flat Top Wind Project In Central Texas
Merger/Acquisition
April 19, 2017
Intermountain Wind, LLC, Boswell Springs Wind Project
Private Placement
October 5, 2016
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