Alterra Power Corp. has sold its 10% stake in the 50 MW ABW solar project to a consortium led by Fiera Axium Infrastructure Inc. The ABW Partnership of GE Energy Financial Services and Alterra Power Corp. purchased the portfolio from First Solar in August. GE Energy was the majority owner, with Alterra making an equity investment.
The portfolio of projects includes the Amherstburg (10 MW), Belmont (20 MW) and Walpole (20 MW) solar power plants, output of which is to be sold to the Ontario Power Authority under 20-year power purchase agreements.
‘This transaction provides immediate positive returns to our shareholders and continues the strong relationship with our partner in British Columbia, Fiera Axium,’ says Alterra CEO John Carson.
The company says it will continue to look at other profitable solar opportunities in 2014, although its primary development focus is starting construction on the Jimmie Creek Hydro and Shannon Wind projects.