Salt Lake City-headquartered renewable energy developer sPower has secured $168.5 million in debt finance for the development of 25 solar assets totaling 144 MW across three separate portfolios.
The loan has been approved by KeyBank National Association, OneWest Bank and Zions Bank, with CohnReznick Capital Markets Securities (CRCMS) acting as financial advisor and managing the transaction from term sheet execution to close.
The back leverage finance model enables sPower to lower its cost commitments, freeing up resources to develop these solar projects. According to sPower CEO Ryan Creamer, the transaction "demonstrates the finance communitys interest in renewables and their confidence in sPowers track record of performance."
Business law firm Stoel Rives LLP assisted sPower with the negotiation and documentation of the acquisition, while CRCMS were pivotal in sPower securing their first back leverage deal.
"All of the counterparties involved contributed to what is just the beginning of a long-term, mutually beneficial relationship that will have significant impact on renewable energy generation," said CRCMS MD Conor McKenna.
sPower currently owns or operates more than 130 utility and distributed electrical generation systems in the U.S., and has more than 1 GW of solar PV and other renewable energy projects in the pipeline.
In March, the developer acquired a 63 MW solar PV portfolio in North Carolina.