sPower closes debt and tax equity financing for 218 MW Prevailing Wind Park in US

sPower has closed on the debt financing and tax equity commitment for Prevailing Wind Park, in Bon Homme, Charles Mix and Hutchinson Counties in South Dakota.

Lenders for the approximately US$319 million construction/term facility are HSBC and CIBC. The banks’ commitment will be backed by a US$189 million tax equity commitment from Bank of America Merrill Lynch.

The electricity generated by Prevailing Wind Park will be sold to a utility under a 30-year Power Purchase Agreement. The expected electricity generated at full capacity is enough to meet the consumption of up to 90,000 average South Dakota homes.

CohnReznick Capital served as financial advisor and McDermott Will & Emery served as sPower’s counsel in the deal.