Alterra Power Corp, a renewable energy company headquartered in British Columbia, Canada, has sold a 10% stake in a 50MW solar power project in Ontario to a consortium headed by Fiera Axium Infrastructure.
The PV project, ABW Solar, was developed and sold by First Solar, with Alterra acquiring the 10% stake and becoming management partner for the project in late August of this year. ABW Solar was the first solar project to be added to the Alterra Power Corp portfolio.
The remaining 90% stake in the ABW Solar project continues to be held by GE Energy Financial Services, which purchased the plant in August together with Alterra. The sale leaves Alterra in management of 566MW capacity across six power plants, including hydroelectric and wind farms in British Columbia, two geothermal plants in Iceland and a geothermal plant in Nevada, USA. Of this total capacity managed Alterra owns 297MW, generating around 1,400GWh per year.
Portfolio management firm Fiera Axium Infrastructure oversees long-term investments in core infrastructure assets, managing over US$800 million in assets across two infrastructure funds. In early October, the company purchased a 50% stake in 108MW of solar PV capacity across 10 Ontario solar farms.
Fiera Axium and Alterra have an established long-term partnership in place, with Fiera Axium owning 49% of the 144MW Dokie 1 Wind Farm and a 60% stake in the 235MW Toba Montrose Run-of-River hydroelectric plant. Alterra owns the remaining stake of each project, both in British Columbia.
Despite having sold the only solar asset currently in its portfolio, John Carson, chief executive officer of Alterra said: “Alterra will continue to look at other profitable solar opportunities in 2014, though our primary development focus is placing the Jimmie Creek Hydro and Shannon Wind projects into construction.”