Alterra Power Corp. and Inovateus Solar LLC are pleased to announce that the 11 MW Spartan solar project commenced full commercial operations on December 21, 2017. The Spartan project is located above 45 acres of carports at the Michigan State University campus in East Lansing, Michigan, covering over 4,500 parking spaces.
Separately, the project’s $19.8 million construction loan was retired on December 22 via a $10.2 million 10-year term loan and a $9.7 million tax equity investment, both provided by 1st Source Bank, a subsidiary of 1st Source Corporation (NASDAQ: SRCE). Under an agreement with Inovateus, Alterra now holds a 100% sponsor equity interest in the project.
Alterra will manage the project, which sells 100% of its power under a 25-year agreement with the Board of Trustees of Michigan State University. Inovateus managed the construction of the project and will also provide operation and maintenance services under a long-term contract.
Jon Schintler, VP of Project Finance & Development at Alterra, said, “We’re pleased to complete this project within 2017 – with tremendous thanks to our partners at Michigan State University, 1st Source and Inovateus. We’re looking forward to further growth of our US solar business and many successful years delivering clean power to MSU.”
“We’re excited to reach commercial operations at this project, a culmination of hard work by our entire team and each of our partners,” said TJ Kanczuzewski, President of Inovateus.
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