Alterra and Inovateus amend PPA with MSU for 10-MW solar project, delaying operational date
Written By: Stratton Report
December 22, 2016
On December 22, Alterra Power Corp. and Inovateus Solar LLC announced an amended PPA under which their 10.1-MW AC Spartan PV 1, LLC will sell power to the Board of Trustees of Michigan State University.
According to the firms, under the new PPA the solar power plant to be located on carports on the Michigan State University campus, will sell 100% of its power to MSU for 25 years; however, the required date for the full project to enter operations has been extended to the end of 2017.
Alterra and Inovateus emphasized that they would jointly own the project under their agreement, and that they intended to commence construction in early 2017 and achieve commencement of commercial operations later in the year. As part of the amended PPA, Inovateus noted it had placed a $500,000 security supporting delivery.
Jon Schintler, Alterra’s VP of Project Finance commented: “We’re pleased to hit this next milestone to grow our solar portfolio with Inovateus, and to provide renewable power to Michigan State University for years to come.”
“We’re pleased to hit this next milestone to grow our solar portfolio with Inovateus, and to provide renewable power to Michigan State University for years to come.”