Alterra seeks $50m cash splash
Share sales to help fund early-stage wind projects in Canada
Alterra Power plans to raise $50m this month through a share sale to banks and private investors to fund pre-construction and development for over 850MW of early-stage wind projects
The Canadian company has agreed to sell about $25m worth of shares to National Bank Financial and Raymond James, it said.
It also is conducting a non-brokered private placement in Canada to sell another $25m.
Both transactions involve the sale of 4.17m of stock for $6 apiece.
The net proceeds will also be used to repay a $12m revolving credit facility, as well as general corporate purposes.
The sales are expected to close around 26 October.
Alterra operates 819MW of renewable energy capacity, of which it owns 381MW.