Home Americas sPower Secures $786 Million in Capital Commitments for Nine Solar Projects
sPower Secures $786 Million in Capital Commitments for Nine Solar Projects

sPower Secures $786 Million in Capital Commitments for Nine Solar Projects

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sPower, a leading renewable energy provider, announced today the completion of a tax equity investment and syndicated construction and term loan facility totaling $786 million. KeyBanc Capital Markets Inc. acted as Coordinating Lead Arranger for the syndicated debt facility totaling $519 million. KeyBank N.A., CIT Bank N.A., CoBank ACB, Coöperatieve Rabobank U.A., Norddeutsche Landesbank Girozentrale (Nord/LB), Siemens Financial Services, Inc. and Wells Fargo Bank, N.A. were involved. The capital will be used to finance a group of nine solar projects that, when fully operational, will generate 339.4MW of renewable energy. While most of the projects are under construction, two recently achieved COD.

The size, complexity and number of parties involved make this a landmark transaction in the renewables arena. CohnReznick Capital Markets Securities (CRCMS), a boutique investment banking services firm, advised sPower on the tax equity investment. Stoel Rives LLP, a prominent law firm in energy project development and finance, assisted sPower with the negotiation and documentation of the financing.“With a company that is growing so quickly, recycling capital is incredibly important,” said Ray Henger, sPower SVP structured finance. “Financing a large portfolio build out with a single tax equity provider and a syndicate of banks creates substantial efficiencies.”

Earlier this year, sPower commissioned an incremental 179.3MW of renewable energy projects including its inaugural wind project (60MW Latigo Wind Park in Utah) and a number of utility-scale solar projects in California, Massachusetts and New York.“sPower’s relationships with leading tax equity and debt providers has provided valuable access to efficient capital,” commented Ryan Creamer, sPower CEO. “Our financial partners have banked on our experience, relationships and track record of successfully bringing projects across the finish line.”

Source:Businesswire

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Anand Gupta Editor - EQ Int'l Media Network

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