The United States’ largest owner of utility-scale solar assets, sPower, has announced the completion of $786 million in financing which it will use to fund nine separate solar projects worth a total of just under 340 MW.
The Salt Lake City-based independent power producer announced on Thursday that it had completed a tax equity investment and syndicated construction and term loan facility worth $786 million, which it will use to finance a series of nine solar projects which, upon completion, will have a total capacity of 339.4 MW. sPower already owns and/or operates more than 150 utility and commercial distributed projects across the United States and the United Kingdom, and has a total of 6.7 GW currently either in operation, construction, or the pipeline.
“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.”
The financing was coordinated by KeyBanc Capital Markets Inc., while 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 all involved in the transaction.
“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.”
The company announced at the beginning of 2016 that it intended to increase its renewable energy portfolio by 700 MW, and placed an order for 1 GW of solar panels from JinkoSolar to back up its plans. This followed on from a successful 2015 in which the company brought over 300 MW of new renewable energy online.