sPower refinances UK solar portfolio with debt from the National Australia Bank
sPower, a renewable energy provider has recently announced that they have reached financial close with National Australia Bank (NAB) on the financing of sPower’s UK portfolio of operating solar assets.
The senior loan of nearly US$48 million is for four sPower owned and operated solar parks totaling 33.5 MW and supported by the Renewable Obligation (RO) scheme, one of the main support mechanisms for renewable electricity projects in the UK.
Elgar Middleton, a London-based independent financial advisory firm with expertise in financing renewable energy and infrastructure projects, acted as financial advisor to sPower and helped manage the transaction from term sheet execution to close.
Ryan Creamer, sPower CEO, said:
“The deal with NAB provides sPower with access to flexible and attractive capital. We’re pleased to have the support of NAB, a top financial institution showing strong commitment to funding renewable energy projects.”
Simon Middleton, Partner at Elgar Middleton, added:
“sPower and NAB fostered a strong working relationship based on trust and innovation to get the transaction over the line. It was a pleasure to work with a group of ‘can do’ entrepreneurs.”
sPower owns or operates more than 150 utility and commercial distributed electrical generation systems across the US and the UK. With 4.0 GW between operating, construction and pipeline. sPower is a portfolio company of Fir Tree Partners, a global investment fund.
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