sPower closes on $700 million construction facility for solar project

Chicago, July 27 – sPower closed on a $700 million construction term loan financing for Spotsylvania Solar Energy Center in Spotsylvania County, Va., according to a press release.

The full financing package for the center exceeds $1 billion.

Nine banks committed for the $700 million needed for the construction loan.

HSBC was coordinating lead arranger, and the financing included additional mandated lead arrangers: La Caixa, CIBC, National Bank of Canada, Citibank, Societe Generale, Landesbank and Banco de Sabadell.

The company secured a $350 million tax equity commitment in April with Wells Fargo’s renewable energy and environmental finance group.

The project will offset approximately 825,000 metric tons of carbon dioxide emissions each year and will generate an estimated 700 new jobs during the construction phase and approximately 20 to 25 full-time positions during operations.

Cohn Reznick served as financial adviser and Sheppard Mullin served as sPower’s counsel in the deal.

Salt Lake City-based sPower is a utility-scale renewable energy company, which owns and operates more than 150 renewable generation systems.

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