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

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

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

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.

8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
26 November 2024
Málaga, Spain
Understanding PV module supply to the European market in 2025. PV ModuleTech Europe 2024 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
May 22, 2024
London, UK
Upcoming Webinars
May 29, 2024
11am (EDT) / 5pm (CEST)
Solar Media Events
June 4, 2024
London, UK
Upcoming Webinars
June 11, 2024
3:00 PM (BST) / 4:00 PM (CEST)