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

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
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.

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.

Read Next

May 7, 2021
Latin America-focused solar developer Atlas Renewable Energy has obtained a US$150 million loan to finance the construction of its 359MWp Lar do Sol - Casablanca PV project in Brazil.
May 6, 2021
A round-up of project updates from the US, including progress from EDF Renewables in New York, LS Power's country-wide project acquisition, and a string of investments from Dominion Energy Virginia.
April 6, 2021
Japanese power company J-Power is to convert a retired coal plant in the US into a 240MW solar-plus-storage facility through its local subsidiary.
March 31, 2021
Danish renewables developer European Energy is expanding its operations into the US market, announcing plans for a 300MW solar project in Texas.
March 23, 2021
Lightsource bp has been selected to build, own and operate seven solar arrays in Pennsylvania that will provide nearly half of the state government’s electricity.
March 19, 2021
Indian PV developer Adani Green Energy has raised a US$1.35 billion debt package to initially support the construction of a 1.69GW hybrid portfolio of solar and wind projects in the state of Rajasthan.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
May 26, 2021
Session 1 - 7:00 AM (BST) | Session 2 - 5:00 PM (BST)
Solar Media Events
June 15, 2021
Solar Media Events
July 6, 2021
Solar Media Events
August 24, 2021