Renewable energy provider sPower has completed a tax equity investment and syndicated construction and term loan facility totaling $786m, which will be used to finance nine solar projects totalling 339.4MW in California.
KeyBanc Capital Markets was coordinating lead arranger for the syndicated debt facility, which totaled $519m, while CIT Bank, CoBank ACB, Coöperatieve Rabobank, Norddeutsche Landesbank Girozentrale, Siemens Financial Services and Wells Fargo Bank were also involved in the financing.
Two of the projects have achieved commercial operations, with the remainder under construction.
Boutique investment bank CohnReznick Capital Markets Securities advised sPower on the tax equity investment, while law firm Stoel Rives assisted the company with the negotiation and documentation of the financing.
Image: sPower solar facility in Arizona (sPower)
