Alterra, Starwood get $287 million construction loan for wind project

By Lisa Kerner

Charlotte, N.C., July 1 – Alterra Power Corp. and Starwood Energy Group Global, LLC completed a $287 million construction loan facility for the 204 MW Shannon wind project in Clay County, Texas.

The loan consists of a $212 million loan plus $75 million of letters of credit, according to a news release.

The facility was supplied by affiliates of Citi, Santander Bank, NA and Royal Bank of Canada.

In addition, the loan is supported by a $219 million tax equity investment commitment supplied by subsidiaries of Citi and Berkshire Hathaway Energy.

The Shannon wind project is expected to begin commercial operations in late 2015 or early 2016 and will use 119 wind turbines supplied by General Electric.

The project will sell the majority of its power under a 13-year contract with Citigroup Energy Inc.

Alterra and Starwood own the project in a 50/50 partnership with a combined equity investment of $125 million.

Vancouver, B.C.-based Alterra is a renewable energy company. Starwood Energy Group is a private investment firm based in Greenwich, Conn.

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