sPower closes US$434 million in tax equity and debt financing for solar projects

Source: sPower

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. 

4 October 2022
Solar & Storage Finance USA, the only event that connects developers to capital and capital to solar and storage projects, will be back in November 2022.
11 October 2022
PV CellTech Extra will be held as a series of live webinars and on-demand sessions on 11-13 October 2022. We'll be taking a slightly further forward-looking view at the technologies and roadmaps for new cell architectures set to dominate mass production during 2023-2025 with special emphasis on the potential timelines for technologies beyond the single-junction cell design, including perovskite and hybrid concepts.

Read Next

September 30, 2022
US renewable energy major Brookfield Renewable has agreed to spend up to US$2 billion in order to acquire both Scout Clean Energy and Standard Solar.
September 30, 2022
Utility-scale renewables developer Intersect Power has secured US$3.1 billion in project financing to complete its 2.2GW near-term clean energy portfolio in the US.
September 30, 2022
Canadian natural gas pipeline giant Enbridge has bought US renewables developer Tri Global Energy (TGE) for US$270 million in cash and assumed debt.
September 29, 2022
The US DOE’s Solar Energy Technologies Office's director opens up on the impact of the IRA, its five-year plan and barriers to the US’ energy transition
September 28, 2022
The ENACT Installer App automates the complete journey of the customer, right from first contact to complete installation.
PV Tech Premium
September 26, 2022
The way that solar companies use and consume intelligence needs to change, with more accurate and reliable data on project deployment needed, especially in light of the recently passed Inflation Reduction Act (IRA).

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 4, 2022
New York, USA
On-Demand Webinars, Solar Media Events
October 11, 2022
Virtual event
Upcoming Webinars
October 18, 2022
10am (EDT) / 4pm (CEST)