Happy Canada Day - Alterra Secures Financing For ShannonHappy Canada Day! Nice little Canada day gift from Alterra to shareholders, lets see how the stock reacts when the TSX opens on Thursday.
https://www.alterrapower.ca/news/Press-Release/News-Releases/News-Releases-Details/2015/Alterra-Power-and-Starwood-Energy-Secure-Loan-Facility-for-the-Shannon-Wind-Project/default.aspx
ALTERRA POWER AND STARWOOD ENERGY SECURE LOAN FACILITY FOR THE SHANNON WIND PROJECT
06/30/2015
, /CNW/ - (TSX: AXY) and are pleased to announce the completion of a construction loan facility (all amounts USD) for the 204 MW Shannon wind project. The facility was supplied by affiliates of Citi, and the , and consists of a loan plus in various letters of credit. The loan is supported by a tax equity investment commitment (subject to typical conditions precedent) supplied by subsidiaries of Citi and Berkshire Hathaway Energy.
The wind project is currently under construction in under an EPC contract with . The project is expected to begin commercial operations in late 2015 or early 2016. is supplying 119 wind turbines (1.71 MW output, 103m rotor diameter) for the project, and will provide operations and maintenance services for the turbines under a long-term contract. The project will sell the majority of its power under a 13-year contract with
Investment affiliates of Alterra and Starwood Energy own the project in a 50/50 partnership ( combined equity investment).
"We're pleased to complete the financing on commercially favourable terms with world-class partners," said , CEO at Alterra. "The project will provide sufficient clean power to meet the needs of more than 60,000 households, and cash flows from the project will enable the further extension of Alterra's renewable power platform."
"We have been very active in the wind sector and are pleased to have made this investment," added , Managing Director of Starwood Energy. "This is an excellent example of our value-add approach of partnering with developers in building large infrastructure projects."
About
Alterra Power Corp. is a leading global renewable energy company, operating five power plants totaling 553 MW of generation capacity, including British Columbia's largest run-of-river hydro facility and largest wind farm, and two geothermal facilities in . Alterra owns a 247 MW share of this capacity, generating over 1,250 GWh of clean power annually.
In addition to the project, Alterra is also constructing the 62 MW Jimmie Creek run-of-river hydroelectric project in , which is expected to be in operation by Q3 2016 (51% owned by Alterra). Upon completion of these two projects Alterra will operate seven power plants totaling 819 MW of capacity and will own 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.
The company trades on the under the symbol AXY and OTC in as MGMXF.
About
is a private investment firm based in that specializes in energy infrastructure investments. Through its general opportunity funds known as Starwood Energy Infrastructure Fund I and II, and other affiliated investment vehicles, manages total equity commitments of more than . team brings extensive development, construction, operations, acquisition and financing expertise to its investments, with a focus on the natural gas and renewable power generation, and transmission sectors. To date, and its affiliates have committed to energy infrastructure transactions totaling approximately in enterprise value. is an affiliate of Additional information about as well as can be found at www.starwoodenergygroup.com.
Cautionary Note Regarding Forward-Looking Information
Certain statements and information included in this news release are "forward-looking information" within the meaning of Canadian securities laws that involve risks and uncertainties. Forward-looking information relates to future events or future performance and reflects management's expectations and beliefs regarding future events as of the date hereof. Examples of forward-looking information in this news release include our estimates of annual generation and the date the and projects will achieve commercial operations. Forward-looking information is based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. Alterra cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking information. Material risk factors and assumptions include the ability to complete construction on the and projects and the ability of the project to satisfy the conditions precedent to the tax equity funding commitment as well as those set out in the management's discussion and analysis section of Alterra's most recent annual and quarterly reports and in Alterra's Annual Information Form for the year ended . Although Alterra has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate and undue reliance should not be placed on forward-looking information. Except as required by law, Alterra undertakes no obligation to update any forward-looking information to reflect new information, subsequent or otherwise.
SOURCE
Peter Lekich, Corporate Communications, Alterra Power Corp., Phone: 604.235.6719, Email: info@alterrapower.ca; Tom Johnson or Patrick Tucker, 212-371-5999
- See more at: https://www.alterrapower.ca/news/Press-Release/News-Releases/News-Releases-Details/2015/Alterra-Power-and-Starwood-Energy-Secure-Loan-Facility-for-the-Shannon-Wind-Project/default.aspx#sthash.sky3a4wY.dpuf