sPower closes on US$700m financing for 500MW solar project
sPower has closed on more than US$700 million construction/term loan financing for Spotsylvania Solar Energy Center in Spotsylvania County, Virginia. At 500 MW (620 MWdc), this 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.
The full financing package for the Spotsylvania Solar Energy Center exceeds US$1 billion. In April, sPower secured a US$350 million tax equity commitment for this project with Wells Fargo’s Renewable Energy & Environmental Finance group. Nine separate banks committed the US$700 million of capital needed for the construction/term loan financing, this completes financing for the project.
sPower received local approval of its three special use permit applications for the Spotsylvania Solar Energy Center in April of 2019, and construction began shortly after. The project was approved by the Virginia State Corporation Commission (SCC) in August of 2018.
HSBC was Sole Coordinating Lead Arranger, and the financing included eight additional Mandated Lead Arrangers: La Caixa, CIBC, National Bank of Canada, Citibank, Societe Generale, Landesbank and Banco de Sabadell.
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.
Cohn Reznick served as financial advisor and Sheppard Mullin served as sPower’s counsel in the deal.
Country news
-
-
July 27, 2020
Tenders for 4GW of renewable energy developments in USA
New York State Government has announced the largest combined solicitation for renewable energy ever issued in the U.S. to combat climate change.
Read more -
July 23, 2020
BP acquires full ownership of 300 MW wind asset in USA
bp Wind Energy (bpWE), a unit of UK-based oil and gas major BP Plc, has agreed to acquire the remaining 50% interest in the bp operated, Fowler Ridge 1 wind asset from its current partner, Dominion Fowler Ridge Wind, LLC, a Dominion Energy subsidiary. Located in central Indiana, the asset includes 162 wind turbines with a generating capacity of 300 MW.
Read more -
July 22, 2020
NV Energy announces energy initiative in USA
NV Energy announced plans for Greenlink Nevada, transmission and renewable energy initiative that will transform Nevada’s clean energy landscape, create thousands of jobs, promote economic development and position the state to achieve its environmental and carbon reduction goals.
Read more -
July 16, 2020
CIP arranges tax equity financing for its 255 MW solar plant in USA
An affiliate of Copenhagen Infrastructure Partners P/S has entered into a tax equity financing arrangement with Bank of America for a utility-scale solar project in Texas, US.
Read more -
July 14, 2020
Ørsted acquires 227 MW solar project in USA
Ørsted has acquired Longroad Energy's 227 MWac under construction Muscle Shoals solar project located in Colbert County, Alabama, in the US. Concurrent to the acquisition, Ørsted enters into a tax equity funding commitment with Wells Fargo.
Read more
