sPower Achieves Financial Close, Nearly $48 Million Debt Financing for UK Solar Portfolio with National Australia Bank
sPower, a prominent renewable energy provider announced today that they have reached financial close with National Australia Bank (NAB) on the financing of sPower’s UK portfolio of operating solar assets. The senior loan of nearly $48 million is for four sPower owned and operated solar parks (33.5 megawatts in total) supported by the Renewable Obligation (RO) scheme.“The deal with NAB provides sPower with access to flexible and attractive capital,” said Ryan Creamer, sPower CEO. “We’re pleased to have the support of NAB, a top financial institution showing strong commitment to funding renewable energy projects.”
“sPower and NAB fostered a strong working relationship based on trust and innovation to get the transaction over the line. It was a pleasure to work with a group of ‘can do’ entrepreneurs,” said Simon Middleton of Elgar Middleton. Elgar Middleton, a London-based independent financial advisory firm with expertise in financing renewable energy and infrastructure projects, acted as financial advisor to sPower and helped manage the transaction from term sheet execution to close.