Alterra seals C$110m funding round
Canadian renewables developer Alterra Power announces it has closed a C$110M ($100.7m) loan facility with affiliates of AMP Capital Investors.
Alterra will receive proceeds from the loan facility in three tranches.
Tranche A, C$67.3m on or before August 15, 2014. Tranche B, C$21.5m, at or after the closing of construction financing for the 62MW Jimmie Creek hydro project, subject to certain agreed conditions.
Tranche C, C$21.2m, at or after the closing of construction financing for the 204MW Shannon wind project, subject to certain agreed conditions.
Alterra, based in Vancouver, will mainly use proceeds to pay development and construction costs and sponsor equity contributions for the Jimmie Creek and Shannon projects.
The loan facility will mature on February 5, 2023, and has no scheduled payments of principal prior to maturity. The loan facility has no equity or equity-related components.
Loan pricing is approximately 8.0% per annum based on current market rates.
Chief executive John Carson says, "This financing is built on the strong value of Alterra's clean power projects, and will take Alterra into its next growth phase."
The company is 25.5% owner of the 144MW Dokie I wind project, the largest in British Columbia. It is developing Dokie II, which will be about 150MW in size. Alterra owns 51% of Dokie II with the rest held by General Electric Energy Financial Services.
Alterra also owns geothermal and hydroelectric properties.