Alterra Power completes 11-MW Michigan State University solar project

By Kelsey Misbrener Alterra Power and Inovateus Solar announced that the 11-MW Spartan solar project commenced full commercial operations on December 21, 2017. The Spartan project is located above 45 acres of carports at the Michigan State University campus in East Lansing, Michigan, covering over 4,500 parking spaces.
Separately, the project’s $19.8 million construction loan was retired on December 22 via a $10.2 million 10-year term loan and a $9.7 million tax equity investment, both provided by 1st Source Bank, a subsidiary of 1st Source Corporation SRCE, -0.52% Under an agreement with Inovateus, Alterra now holds a 100% sponsor equity interest in the project.
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