Alterra Power completes acquisition of Shannon Wind Project

Financing for the 202-megawatt project in Texas is projected to be finalized by the second quarter.

VANCOUVER – Alterra Power Corp. has completed the acquisition of the Shannon wind project, a 202 megawatt wind farm in Clay County, Texas from Horn Wind, LLC, a north Texas early-stage wind developer that has successfully developed two other wind farms in the region.

Alterra also placed a $4.5 million cash deposit with Oncor, the project’s transmission service provider last week, which will now begin the design and equipment procurement for the project’s interconnection substation.

In December, Alterra completed construction activities to ensure the Shannon project that will qualify for the US Production Tax Credit, which included contracting with Mortenson Construction to complete the initial phase of on-site construction and contracting Siemens Energy to begin manufacturing the project’s main power transformer.

Alterra, a renewable energy company that operates six power plants totalling 566 megawatts of generation capacity, is now working with several financing parties in preparation for closing project financing, which is projected for the second quarter of 2014.

The company operates BC’s largest run-of-river hydro facility and largest wind farm, two geothermal facilities in Iceland, and a geothermal plant in Nevada. Alterra owns a 260 megawatts share of this capacity, generating approximately 1,300 gigawatt-hours of clean power annually.