Alterra Power Corp. says it completed financing for the 200 MW Flat Top wind project in Texas.

A fund managed by BlackRock Real Assets acquired a 49 percent sponsor-partner interest in the project, and will co-own the project with Alterra. Vancouver, Canada-based Alterra will continue to own 51 percent of the sponsor equity.

Affiliates of Citi, Santander and the Royal Bank of Canada supplied a construction loan facility, made up of a $217 million loan plus letters of credit totaling $71 million. The facility is secured by project assets and supported by a tax equity investor commitment.

Units of Berkshire Hathaway Energy and Citi committed to a $221 million investment that will be realized when the project achieves commercial operations. The tax equity investment will retire the construction loan facility.

Alterra also says it has satisfied the final conditions for funding an expanded loan facility with units of AMP Capital Investors Limited. The proceeds ($21.1 million, gross) funded a portion of Alterra's sponsor equity contribution for the project.

The 200 MW Flat Top project in central Texas is contracted to sell most of its power under a 13-year power hedge with an affiliate of Citi.

Blattner Energy, Inc. will provide services for the primary construction phase. An affiliate of Vestas-American Wind Technology, Inc. is supplying the project's wind turbines. The project is expected to achieve commercial operations in the first half of 2018.

Alterra manages eight power plants totaling 825 MW of hydro, wind, geothermal and solar generation capacity in Canada, the U.S. and Iceland. Alterra owns a 363 MW share of this capacity.