sPower closes on $319 million construction facility for wind project

By Wendy Van Sickle

Columbus, Ohio, Sept. 20 – sPower closed on a $319 million term construction facility for its 218 megawatt wind project in Prevailing Wind Park in Bon Homme, Charles Mix and Hutchinson Counties in South Dakota, according to a news release.

Lenders for the facility are HSBC and CIBC. The banks’ commitment will be backed by a $189 million tax equity commitment from Bank of America Merrill Lynch.

“sPower is very pleased to announce the concurrent closing of the construction debt, term debt and tax equity on this. This is a first for us in the wind finance space and continues to demonstrate sPower’s position as the industry leader in renewable energy finance,” Brian Callaway, vice president of structured finance and mergers and acquisitions at sPower, said in the release.

Salt Lake City-based sPower is a utility-scale renewable energy company, which owns and operates more than 155 utility and commercial distribution electrical generation systems.

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