VANCOUVER, Dec. 22, 2016 /PRNewswire/ - Alterra Power Corp. (TSX: AXY) ("Alterra") and Inovateus Solar LLC ("Inovateus") are pleased to announce the execution of an amended and restated power purchase agreement under which Spartan PV 1, LLC (the "Project") is expected to sell power to the Board of Trustees of Michigan State University ("MSU"). Under the agreement, the Project, a 15.5MWDC (10.1MWAC) solar power plant to be located on carports on the Michigan State University campus, will sell 100% of its power to MSU for 25 years on substantially the same commercial terms as the original agreement, except that the required date for the full project to enter operations has been extended to the end of 2017. Alterra and Inovateus intend to jointly own the Project under their previously announced agreement, commence construction in early 2017 and achieve commencement of commercial operations later in the year. In conjunction with the amendment, Inovateus has placed a $500,000 security supporting delivery under the power purchase agreement.
Jon Schintler, Alterra's VP of Project Finance, said "We're pleased to hit this next milestone to grow our solar portfolio with Inovateus, and to provide renewable power to Michigan State University for years to come."
About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company, managing eight power plants totaling 825 MW of generation capacity including British Columbia's largest run-of-river hydro facility and largest wind farm, the recently completed Shannon and Jimmie Creek projects, and two geothermal facilities in Iceland and a solar facility in Indiana. Alterra owns a 385 MW share of this capacity, generating over 1,700 GWh of clean power annually. Alterra also has an extensive portfolio of exploration and development projects and a skilled team of developers, builders and operators to support its growth plans.
Alterra trades on the Toronto Stock Exchange under the symbol AXY.
About Inovateus Solar
Inovateus Solar is one of the leading solar development, EPC (engineering, procurement and construction) and supply companies in the Midwest United States. Headquartered in South Bend, Indiana, the company has developed and built more than 250 MW of utility, commercial and industrial, and microgrid solar systems in the U.S., the Caribbean and Latin America. With strong roots in the communities it serves, Inovateus is passionately committed to "Building a Brilliant Tomorrow"TM through the wide-scale deployment of advanced solar and clean energy technologies.
Cautionary Note Regarding Forward-Looking Information
Certain statements and information included in this news release are "forward-looking information" within the meaning of applicable 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 management's expectations regarding Alterra's generation capacity, including the Project's expected capacity, the Project's future production of power, the timeline for construction and commercial operations of the Project, Alterra's acquisition of an ownership interest in the Project, expected ownership share and execution of a partnership agreement in respect thereof, of the Project, the date the Indiana solar facility achieves commercial operations and commences selling power commercially, and expectations regarding future growth of Alterra's development portfolio. 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 of the Partners to complete and finance the Project, 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 December 31, 2015. 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, subsequently or otherwise.
SOURCE Alterra Power Corp.