Alterra acquires Texas project

Alterra Power Corporation says it has fully acquired the 202MW Shannon wind project east of Wichita Falls, Texas, and is working to bring it into commercial operation by mid-2015.

Financial details of the transaction were not made public. The seller was Horn Wind.

Alterra, based in Vancouver, Canada, says it is now working with several unnamed parties to close project financing in the second quarter. The project is qualified for the US federal production tax credit, according to Alterra.

Last week, Alterra also placed a $4.5m cash deposit with Oncor, the project's transmission service provider. Oncor, based in Dallas, will now begin the design and equipment procurement for the project's interconnection substation.

Alterra, listed on the Toronto Stock Exchange, operates six power plants totaling 566MW of generation capacity, including British Columbia's largest run-of-river hydro facility and largest wind farm.