The debt was provided by CIT Bank, CoBank, Coöperatieve Rabobank, KeyBank, Norddeutsche Landesbank Girozentrale (Nord/LB), while tax equity was offered by Siemens Financial Services, PNC Energy Capital and US Bancorp Community Development.
sPower will use the money for financing a group of three solar projects to be located in Cantil, California. The projects, when fully operational will generate about 183.4 Mega Watt direct current (MWdc) of renewable energy.
The company entered into 25 year power purchase agreements (PPAs) with Los Angeles Department of Water and Power (LADWP).
Out of the three projects, Beacon 4, a 56.5MW project is expected to be completed by the end of this month.
Ther 63MW Beacon 3 project is anticipated to be finished by the end of this year and Beacon 1, a 63.9MW will be completed in the first quarter of 2017.
sPower CFO David Shipley said: “Leading investors are drawn to sPower’s demonstrated ability to develop consistently bankable renewable energy projects.
“This most recent financing is critical as we work towards connecting nearly 500MW to the grid in the next 90 days.”
sPower M&A and Structured Finance senior vice president Ray Henger said: “The team successfully came together to find creative finance and structuring solutions.
“While coordination across this many banks was a challenge, we appreciate how hard our partners worked to close the transaction.”
sPower owns and operates more than 150 utility-scale and commercial distributed electrical generation systems in the US and UK. It has a projected portfolio of 1.3GW by 2017.
