US solar project owner sPower has acquired the operational 55MW PV project Idaho Solar 1, located in Kuna County, Idaho.
The PV system is providing power to Idaho Power Company under a 20-year contract.
This is sPower's first operating project acquisition since becoming an AES/AIMCo company in 2017.
"We are thrilled to add another high-quality asset to the sPower fleet. Consummating this transaction would not have been possible without the support of AES and AIMCo as we continue to push the market across the competitive, renewable M&A landscape," commented Brian Callaway, director of Structured Finance and M&A at sPower. “The ability to finance this purchase with proceeds from a delayed draw on our recent bond issuance was a key competitive advantage."
"We were pleased to work with York capital and find a final home for this project," said sPower CEO Ryan Creamer. "In addition to ownership, the Idaho Solar 1 project will now be operated by sPower Services, a team that operates over 1,300MWdc that generates over 10GWh a day."
Solar Media’s Energy Storage Summit Americas has arrived in Fort Lauderdale to provide a platform for this next step in renewable energy industry. The energy storage market and development brings as many challenges as it does advancements, with a myriad of technologies, capacities, functions, and lifespans. With most projects still in development and technologies with sparse track records, knowledge in this fledgling industry is invaluable. Investors, utilities, consumers, and all renewable energy participants have to not only understand the market, but be able comfortable enough to make the right investment in energy storage to not be left behind the curve. Our event is the platform for companies to bridge the gap between “future energy storage plans” and “installed energy storage”. Join us to discuss the latest news on standardization, comparing battery technologies, financing projects in different markets, resilient microgrids, and storage use for emergency response and aid, among many others. We will not only to educate and familiarize attendees on the capabilities and benefits of energy storage, but make the connections, and introductions, to accelerate energy storage development in North, Central, and South America.