Windpower Engineering & Development

  • Home
  • Articles
    • Most recent posts
    • News
    • Featured
  • Resources
    • Digital issues
    • Podcasts
    • Suppliers
    • Webinars
    • Events
  • Videos
  • 2025 Leadership
    • 2024 Winners
    • 2023 Winners
    • 2022 Winners
  • Magazine
  • Advertise
  • Subscribe

Alterra Power completes financing & partnership for Flat Top wind project

By Michelle Froese | July 21, 2017

Alterra Power, has 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:

Wind Farm

Alterra has satisfied the final conditions precedent to funding of its expanded loan facility with affiliates of AMP Capital Investors.

  1. 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.
  2. $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.
  3. $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.
  4. $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. The proceeds ($21.1 million, gross) funded a portion of Alterra’s sponsor equity contribution for the project.

“We’re extremely pleased to have our Shannon financing partners join us again at Flat Top, and to welcome a strong, new partner in BlackRock,” said John Carson, Alterra’s CEO. “We anticipate that the Flat Top project will serve our stakeholders and the State of Texas well, delivering a large amount of clean power into a lesser served portion of the state for years to come.”

The 200-MW Flat Top project, located in central Texas is contracted to sell the majority of its power under a 13-year power hedge with an affiliate of Citi. Blattner Energy, is already mobilized on site and will provide services for the primary construction phase, while an affiliate of Vestas-American Wind Technology is supplying the project’s wind turbines. The project is expected to achieve commercial operations in the first half of 2018.

Alterra originally acquired the Flat Top wind project from Pioneer Green Energy, and Lavaca Wind, each of whom have extensive experience in the development of several wind projects that are currently operating.


Filed Under: Financing, News, Projects
Tagged With: alterrapower
 

About The Author

Michelle Froese

Related Articles Read More >

US government allows Empire Wind offshore project to resume construction
Richardson Electronics to deliver pitch energy modules to TransAlta wind fleets
Equinor halts work on Empire Wind offshore project after federal government order
ARESCA wants input on offshore wind standards

Podcasts

Wind Spotlight: Looking back at a year of Thrive with ZF Wind Power
See More >

Windpower Engineering & Development Digital Edition

Digital Edition

Browse the most current issue of Windpower Engineering & Development and back issues in an easy to use high quality format. Clip, share and download with the leading wind power engineering magazine today.

Windpower Engineering & Development
  • Wind Articles
  • Solar Power World
  • Subscribe to Windpower Engineering
  • About Us/Contact Us

Copyright © 2025 WTWH Media LLC. All Rights Reserved. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media
Privacy Policy | Advertising

Search Windpower Engineering & Development

  • Home
  • Articles
    • Most recent posts
    • News
    • Featured
  • Resources
    • Digital issues
    • Podcasts
    • Suppliers
    • Webinars
    • Events
  • Videos
  • 2025 Leadership
    • 2024 Winners
    • 2023 Winners
    • 2022 Winners
  • Magazine
  • Advertise
  • Subscribe