Salt Lake City-headquartered IPP sPower has completed a US$434 tax equity investment and construction and term loan for a combined 183MW of solar projects in Kern County, California.
“The team successfully came together to find creative finance and structuring solutions,” said Ray Henger, sPower senior vice president, M&A and structured finance.
“While coordination across this many banks was a challenge, we appreciate how hard our partners worked to close the transaction.”
The financing will be used to fund a group of three Beacon solar projects with a combined capacity of 183MW: Beacon 1 (63.9MW), Beacon 3 (63MW) and Beacon 4 (56.5MW). The projects are all currently under construction with 25-year PPAs with Los Angeles Department of Water and Power (LADWP).
“Leading investors are drawn to sPower's demonstrated ability to develop consistently bankable renewable energy projects,” commented David Shipley, sPower CFO.
“This most recent financing is critical as we work towards connecting nearly 500MW to the grid in the next 90 days.”
Most recently, sPower secured a tax equity investment and syndicated construction and term loan facility totalling US$786 million to build 9 solar projects in Lancaster, California with a capacity of 339MW.