sPower wraps up financing for firm’s largest solar project to date

July 27, 2020
Facebook
Twitter
LinkedIn
Reddit
Email
Image: sPower's existing Lancaster solar farm in California. Image: sPower.

US independent power producer (IPP) sPower has concluded financing for its largest project to date after securing a US$700 million construction/term loan.

Nine separate banks committed capital for the 620MWdc Spotsylvania Solar Energy Center in Virginia, which will see phases come online this year. Full completion is expected in the summer of 2021.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

The full financing package for the project now exceeds $1 billion after sPower closed a US$350 million tax equity commitment from Wells Fargo earlier this year.

Brian Callaway, VP of structured finance/M&A at sPower, said financing and constructing the largest project in the company’s portfolio represents an “incredible feat” in today’s environment.

“The resilience of the sPower team and the commitment of our financing partners to us and the renewable energy space in these challenging times is nothing short of remarkable,” he added.

HSBC was sole coordinating lead arranger for the project, and the financing included eight additional mandated lead arrangers: La Caixa, CIBC, National Bank of Canada, Citibank, Société Générale, Landesbank and Banco de Sabadell.

sPower initially received approval for the development from Spotsylvania’s board of supervisors in April last year, overcoming weeks of opposition from the local community.

CEO Ryan Creamer said the project brings “real economic opportunity” to Spotsylvania County and the region during a “critical time”.

It is estimated the facility will offset approximately 825,000 tonnes of carbon dioxide emissions each year and generate 700 new jobs during the construction phase and 20–25 full-time positions during operations.

sPower owns and operates more than 150 renewable generation systems across the US. The Salt Lake City-headquartered firm operates a wind, solar and storage portfolio of nearly 2GW, with 15GW of projects currently under development.

21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

Premium
October 17, 2025
According to Ronak Maheshwari of CRC-IB, there has been a struggle for US renewable power projects to secure necessary equity .
October 17, 2025
Norwegian renewable energy firm Scatec has signed lease agreements for 64MW of solar PV and 10MWh of energy storage capacity in Liberia and Sierra Leone.
October 17, 2025
A group of over 20 US states are suing the Trump administration for the cancellation of the US$7 billion Solar For All Scheme.
October 16, 2025
Masdar and Turkey have entered the final stage of US$1 billion agreement to develop the 1.1GW plant in Bor, Niğde Province, central Turkey.
October 16, 2025
T1 Energy and Nextracker have agreed to use the latter’s steel module frames at the former’s new 5GW module manufacturing facility in Dallas.
October 16, 2025
US utility-scale solar additions grew by 56% in 2024, reaching 30GW from 2023’s 19GW and representing over 54% of all new electricity generation capacity added in the country last year.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK