Alterra Power closes financing for 7MW solar project in Indiana

Facebook
Twitter
LinkedIn
Reddit
Email
The Kokomo installation is currently under construction and is expected to begin commercial operations in December 2016. Image: Pete Jelliffe/Flickr

Alterra Power Corp. and Inovateus Solar announced the closing of a US$8.9 million construction loan facility for the Kokomo solar project — a 7MW PV installation located in Kokomo, Indiana.

The loan was supplied by 1st Source Bank, a subsidiary of 1st Source Corporation, and consists of a US$8.9 million construction loan plus a US$150,000 letter of credit. Concurrently with the construction loan closing, 1st Source is also providing a US$4 million tax equity investment commitment and a US$5 million term loan takeout which will be used to repay the construction loan upon commencement of commercial operations.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The Kokomo installation is currently under construction and is expected to begin commercial operations in December 2016. The project is contracted under a 20-year power purchase agreement with Duke Energy Indiana for 100% of the installation’s energy output.

TJ Kanczuzewski, president of Inovateus, said: “Closing the financing for the project marks another step toward bringing more renewable energy to Indiana and the greater Midwest region. We look forward to operating and maintaining the project and the Michigan project now in development.”

Alterra and Inovateus are already developing a second PV project — a 13MW installation in Michigan that is expected to enter construction in 2017. The Michigan solar project is contracted under a 25-year, investment-grade power purchase agreement.

Jon Schintler, VP of project finance at Alterra, said: “We're pleased to complete the Kokomo financing on commercially favorable terms with 1st Source and Inovateus and we look forward to building the Michigan solar project next year. We look forward to advancing these relationships as we develop and build further projects together.”

Read Next

June 16, 2025
US-based solar module manufacturer Bila Solar has begun production at its manufacturing facility in Indiana.
June 11, 2025
Origis Energy has secured a financing package from MUFG to support the development of a 350MW solar portfolio in the US.
May 28, 2025
Arevon Energy has finalised US$98 million in tax equity financing for a 265MW portfolio currently under construction in Indiana.
May 20, 2025
The three projects, Mammoth South, Mammoth Central I, and Mammoth Central II, have a generation capacity of 300 MW each.
April 1, 2025
EDP Renewables North America (EDPR NA) has commissioned the 100MW Riverstart III solar PV park in Indiana, US.
November 25, 2024
RWE will acquire seven potential solar and energy storage projects on Peabody’s land and will partner with the mining firm on the remaining three.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 22, 2025
Bilbao, Spain
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK