sPower US$786 million to build 9 utility-scale solar projects in California

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sPower said it had 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. Image: sPower

Independent power producer sPower said it had 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. 

sPower said that KeyBanc Capital Markets acted as lead arranger for the syndicated debt facility that totalled US$519 million, which included KeyBank N.A., CIT Bank N.A., CoBank ACB, Coöperatieve Rabobank U.A., Norddeutsche Landesbank Girozentrale (Nord/LB), Siemens Financial Services and Wells Fargo Bank.

“With a company that is growing so quickly, recycling capital is incredibly important,” said Ray Henger, sPower SVP structured finance. “Financing a large portfolio build out with a single tax equity provider and a syndicate of banks creates substantial efficiencies.”

sPower noted that two of the PV power plant projects had already achieved COD, while most of the remaining projects were already under construction.

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