Alterra Power Corp and Inovateus Solar have reached financial close on the 11MW Spartan solar project in the US Midwest.
The companies clinched a $19.9m construction loan from 1st Source Bank for the development on the Michigan State University campus in East Lansing, which is scheduled for commercial operations in December this year.
Separately, Alterra struck a deal agreement with Inovateus under which the former will manage the project and hold a majority interest of at least 85%.
Alterra vice president of project finance and development Jon Schintler said: “We’re pleased to complete this second project with our solar partner Inovateus, and to complete another financing with 1st Source.”
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