Vancouver: Alterra Power Corp. and Inovateus Solar LLC announced December 27 that the 11 MW Spartan solar project had commenced full commercial operations. The Spartan project is located above 45 acres of carports at the Michigan State University campus in East Lansing, Michigan, covering over 4,500 parking spaces.
Separately, the project’s $19.8 million construction loan was retired on December 22 via a $10.2 million 10-year term loan and a $9.7 million tax equity investment, both provided by 1st Source Bank, a subsidiary of 1st Source Corporation. Under an agreement with Inovateus, Alterra now holds a 100% sponsor equity interest in the project.
Alterra will manage the project, which sells 100% of its power under a 25-year agreement with the Board of Trustees of Michigan State University. Inovateus managed the construction of the project and will also provide operation and maintenance services under a long-term contract.