sPower acquires equity interest in 63.1MWdc solar assets from FLS Energy

sPower, a renewable energy provider, has acquires a full service solar energy provider, equity interest in three separate solar portfolios in North Carolina from FLS Energy.

The fixed tilt ground mount facilities, 16 in total, achieved commercial operation in 2013 and 2014. The facilities has a total capacity of 63.1 MW.

sPower CEO, Ryan Creamer, commented:

“A key tenet in sPower’s management philosophy is seeking out partners and projects that drive growth in the solar industry. FLS Energy is clearly amongst the most knowledgeable and successful solar energy companies on the east coast. We look forward to a long and mutually-beneficial relationship.”

The portfolio, named sPower FLS North Carolina Solar 1, has 15-year PPAs with Duke Energy Carolinas and Duke Energy Progress. CohnReznick Capital Markets advised on the project. Stoel Rives LLP, a business law firm known for its leadership in corporate, energy, environmental, land use and project development law, assisted sPower with the negotiation and documentation of the acquisition.

Dale Freudenberger, CEO of FLS Energy, stated:

“FLS is pleased with the sale of the equity interest in these assets based on sPower’s proven abilities as a quality independent power provider and leader in the solar industry. This investment will further enhance FLS Energy’s ability to develop our pipeline and continue to create high paying, permanent North Carolina clean energy jobs. We expect additional strategic opportunities for our organizations to work together in the near future.”