By Kelly Pickerel Alterra Power Corp. and Inovateus Solar are pleased to announce the closing of a $19.9 million construction loan facility for the Spartan solar project, an 11-MW solar project located on the Michigan State University campus in East Lansing, Michigan.
The loan facility is supplied by 1st Source Bank, a subsidiary of 1st Source Corporation and consists of a $19.8 million construction loan plus a $500,000 letter of credit. Concurrently with the construction loan, 1st Source will provide a $9.7 million tax equity investment commitment and a $10.2 million term loan commitment, both of which will be used to retire the construction
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