sPower completed a tax equity investment and syndicated construction & term loan facility totaling $786 million. The capital will finance solar projects that will generate 339.4MW of renewable energy.
The size, complexity and number of parties involved make this a landmark transaction in the renewables arena. CohnReznick Capital Markets Securities (CRCMS), a boutique investment banking services firm, advised sPower on the tax equity investment. Stoel Rives LLP, a prominent law firm in energy project development and finance, assisted sPower with the negotiation and documentation of the financing.
“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.”
Earlier this year, sPower commissioned an incremental 179.3MW of renewable energy projects including its inaugural wind project (60MW Latigo Wind Park in Utah) and a number of utility-scale solar projects in California, Massachusetts and New York.
“sPower’s relationships with leading tax equity and debt providers has provided valuable access to efficient capital,” commented Ryan Creamer, sPower CEO. “Our financial partners have banked on our experience, relationships and track record of successfully bringing projects across the finish line.”