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sPower announces debt financing of $168.5 million from three banks
By Lisa Kerner
Charlotte, N.C., April 22 – sPower and CohnReznick Capital Markets Securities (CRCMS) secured $168.5 million in debt financing from KeyBank NA, OneWest Bank and Zions Bank.
It is sPower’s first back leverage transaction, according to a news release.
The back leverage is for 25 solar assets, totaling 144MW in three separate portfolios.
“Back leverage allows us to reduce our cost of capital and frees up resources to pursue additional projects,” sPower chief executive officer Ryan Creamer said in the release.
CRCMS acted as financial advisor to sPower and helped manage the transaction.
sPower is a renewable energy provider based in Salt Lake City.
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