Alterra Power Corp. ("Alterra") is pleased to announce the acquisition of the Boswell Springs wind project, a 320 MW portfolio of wind development projects located in Albany County, Wyoming (the "Project").
Alterra expects the Project to achieve commercial operations in 2020, selling 100% of its output under 20-year power purchase agreements with Rocky Mountain Power, a division of PacifiCorp.
Alterra commenced construction of the Project's main power transformers in 2016, and expects the Project to qualify for US renewable electricity production tax credits (PTCs) at the full rate.
Alterra acquired the Project from Intermountain Wind, LLC ("Intermountain Wind"), along with certain of its partners and affiliates. Intermountain was advised in the transaction by Houlihan Lokey, Inc.
Paul Rapp, Alterra's VP of Project Development, said, "We're pleased to complete this next major step in our growth plans, culminating over a year of cooperation with the original developer, Intermountain Wind. This acquisition further establishes our USA growth trajectory and the realization of our wind project PTC qualification plans."
Paul Martin, President of Intermountain Wind, said "After over ten years of development, we are excited to have identified Alterra as the right partner to facilitate the completion of the Project. When operational, it will provide clean, cost effective power to consumers in the Rocky Mountain region while producing significant tax revenues and other economic benefits for Wyoming." Mr. Martin will continue to provide service and support for the Project over the next two years while continuing to develop the Intermountain Wind project portfolio.
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