sPower finishes up financing for firm's largest solar project to date

• United States independent power producer (IPP) sPower has wrapped up financing for its biggest project to date after safeguarding a US$ 700 million construction/term car loan.

Nine separate banks fully commited capital for the 620MWdc Spotsylvania Solar Energy Center in Virginia, which will see phases come online this year. Complete completion is expected in the summertime of 2021.

The complete financing package for the project currently goes beyond $1 billion after sPower closed a US$ 350 million tax equity dedication from Wells Fargo previously this year.

Brian Callaway, VP of organized finance/M & A at sPower, claimed funding and also building the biggest project in the business's profile represents an "extraordinary task" in today's setting.

"The durability of the sPower team as well as the dedication of our funding partners to us and the renewable resource space in these challenging times is nothing short of exceptional," he added.

HSBC was sole working with lead arranger for the project, as well as the financing consisted of eight extra mandated lead arrangers: La Caixa, CIBC, National Bank of Canada, Citibank, Société Générale, Landesbank and also Banco de Sabadell.

sPower at first obtained authorization for the advancement from Spotsylvania's board of managers in April last year, conquering weeks of opposition from the local area.

Chief Executive Officer Ryan Creamer said the project brings "actual financial possibility" to Spotsylvania County and also the area during a "crucial time".

It is estimated the center will certainly balance out roughly 825,000 tonnes of carbon dioxide discharges yearly and also produce 700 brand-new work throughout the construction stage as well as 20-- 25 full-time positions during procedures.

sPower possesses and operates greater than 150 eco-friendly generation systems across the US. The Salt Lake City-headquartered company runs a wind, solar and storage profile of almost 2GW, with 15GW of projects currently under development.