Independent power producer sPower now has 1 GW of operating solar plants as a result of connecting 500 MW to the grid in the last 65 days in 2016 – but its CEO says this is just the beginning.
While sPower has doubled its operating renewable-energy assets in a little over two months, the company says it expects to bring on more than 500 MW per year and is in the process of developing 7.4 GW across the country.
“We can celebrate – briefly,” said Ryan Creamer, sPower CEO. “But make no mistake: The GW is an important milestone, which we share with our EPCs, banks, module suppliers, offtaker, utilities, landowners and the communities that host our projects.”
Creamer also noted that the company reached 1 GW only 34 months since becoming a portfolio company of Fir Tree Partners in early 2014.
Last year, sPower nearly doubled its balance sheet and now has more than $2.6 billion in assets.
Among its other notable 2016 projects is its deal to provide 107 MW to California Department of Water Resources (DWR) the Solverde 1 solar farm, largest solar photovoltaic facility to provide power to the DWR.
Solverde 1 contains more than 330,000 solar modules and was developed under an aggressive schedule that lasted a mere 12 months from beginning to end, much faster than most projects its size across the country.