US developer sPower has secured $434m in tax equity and debt financing for its 183.4MW Beacon Solar projects in California.
KeyBanc Capital Markets acted as lead arranger, with the debt facility provided by CIT Bank, CoBank ACB, Coöperatieve Rabobank, KeyBank, Nord/LB and Siemens Financial Services.
PNC Energy Capital and US Bancorp Community Development provided tax equity, sPower said.
The funds will finance three solar parks being built at Cantil that benefit from 25-year power purchase agreements with the Los Angeles Department of Water and Power.
The 56.5MW Beacon 4 plant is expected to start operating before the end of the month, while the 63MW Beacon 3 facility will come online by the end of the year and the 63.9MW Beacon 1 plant in early 2017.
“Leading investors are drawn to sPower’s demonstrated ability to develop consistently bankable renewable energy projects,” sPower chief financial officer David Shipley said.
“This most recent financing is critical as we work towards connecting nearly 500MW to the grid in the next 90 days.”
Image: sPower
sPower cashes in California PV
Tax equity and financing secured for 183.4MW photovoltaic scheme
By EBS