sPower Closes on Tax Equity Commitment for 620 MWdc Solar Project

sPower announced that the company closed on a US$350 million tax equity commitment for Spotsylvania Solar Energy Center in Spotsylvania County, Virginia. The 500 MWac (620 MWdc) is the largest solar project east of the Rockies. The project is currently under construction, with phases coming online this year through project completion in the summer of 2021.

Wells Fargo’s Renewable Energy & Environmental Finance group is the sole investor for the US$350 million tax equity commitment, making this one of the largest standalone, tax equity investments in the solar industry’s recent history.

The 620 MW DC solar project represents sPower’s largest project to date and is the largest single-asset financing in the company’s history.

The project will offset approximately 825,000 metric tons of carbon dioxide emissions each year and will generate an estimated 700 new jobs during the construction phase and approximately 20–25 full-time positions during operations. In addition to increased property tax revenue for Spotsylvania County, the project will generate millions of dollars in additional revenue for the local community through capital investments and purchasing of local goods and services.

sPower expects to close the debt commitment in the coming weeks.

CohnReznick Capital served as financial advisor and Sheppard Mullin served as sPower’s counsel in the deal.