Alterra Power Corp announces financing for Indiana project


The loan consists of $8.9 million, plus a $150,000 letter of credit. 1st source is also providing a $4 million tax equity investment and a $5 million term loan takeout. This will be used to pay back the construction loan once the project is commercially operational.

The Kokomo project is currently in construction and expected to begin operations in December 2016. Duke Energy Indiana will take 100% of the plant's output, under an already signed 20-year PPA.

“Closing the financing marks another step toward bringing more renewable energy to Indiana and the greater Midwest region,” said TJ Kancuzewski, President of Inovateus. “We look forward to operating and maintaining the project.”

The partnership between Alterra and Inovateus was announced earlier in the year, with Alterra acquiring an 80% stake in 2 projects located in the Midwest region. Alterra will manage and administer the project, with Inovateus managing the construction phase and providing long term operations and maintenance support.

The two companies are also expected to begin construction on a second project, a 13 MW site located in Michigan, in 2017. “We’re pleased to complete the Kokomo financing on favorable terms with 1st Source and Inovateus” stated Alterra's VP of Project Finance, Jon Schinctler. “We look forward to advancing these relationships as we develop and build further projects together."

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact:


Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.