Alterra Power Corp. (Alterra) announced the acquisition of the Flat Top wind project, a 200MW wind farm under development in Comanche County and Mills County, Texas. Concurrently with closing, Alterra placed a US$1.6 million security deposit with the local transmission provider.
Paul Rapp, Alterra's VP of Wind Operations, said "This project builds on our recent success financing and constructing the nearby 204 MW Shannon wind farm in Texas and, like the Shannon project, takes advantage of the recent extension of renewable energy tax incentives in the United States. The Flat Top project has a strong resource, clean transmission story and proximity to growing power demand in Texas, and is well-suited for long-term service under either a power purchase agreement or power hedge."
Alterra acquired the Flat Top wind project from Pioneer Green Energy, LLC, and Lavaca Wind, LLC, each of whom have extensive experience in the development of wind energy projects that are currently operating. As part of the project development program, Alterra will undertake certain construction activities to ensure the Flat Top project will qualify for the U.S. production tax credit. Alterra forecasts this project to be completed and in service by the end of 2017.