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Alterra Power, Inovateus energize 11-MW Mich. solar facility

Alterra Power Corp. and Inovateus Solar LLC announced Dec. 27 that the 11-MW Spartan PV solar project has achieved full commercial operations. The project installed above 45 acres of carports at the Michigan State University campus in East Lansing, Mich., will sell its output to the Board of Trustees of the university under a 25-year contract.

On Dec. 22, the project's $19.8 million construction loan facility was retired through a $10.2 million, 10-year term loan and a $9.7 million tax equity investment provided by 1st Source Bank. Alterra now owns 100% sponsor equity interest and will manage the solar project, while Inovateus managed the construction and will provide operation and maintenance services for the facility.