Multi-Million Dollar Kokomo Solar Project Now Online

Multi-Million Dollar Kokomo Solar Project Now Online

Alterra Power Corp. (TSX: AXY) and Inovateus Solar LLC have announced that their 7 megawatt solar project in Kokomo is now complete and fully operational.

A previously announced $8.9 million construction loan was repaid via a $5.0 million 10-year term loan and $4.0 million tax equity investment, both provided by 1st Source Bank based in South Bend.

Alterra will hold a majority interest of at least 85% in the project, with final partnership allocation adjustments to occur in the first quarter of 2017.

Alterra will manage the project, located in Kokomo, Indiana, which sells 100% of its power under a 20-year agreement with Duke Energy Indiana. Inovateus managed the construction of the project and also provides operations and maintenance services under a long-term contract. The project provides 7 megawatts of clean power capacity to the community and is located on a remediated Superfund parcel of land that was formerly home to a steel producer.

John Carson, Alterra’s CEO said “We’re pleased with this achievement and the opportunity to work with our project partners Inovateus, 1st Source, and Duke Energy Indiana. We’re looking forward to further growth of our US solar business in 2017.”

“The Kokomo Project marks Inovateus’ first investment and ownership in a project, and it’s been an honor to work with our partners Alterra and 1st Source Bank,” said TJ Kanczuzewski, President of Inovateus.