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.”