sPower concludes financing for 620-MW solar complex in Virginia
The Sandstone solar park in Arizona. Image by: Salt River Project (www.srpnet.com).
Independent power producer sPower has closed on more than USD 700 million (EUR 598m) in term loan financing to support the construction of the 620-MW direct current (DC) Spotsylvania Solar Energy Center in Virginia.
The Salt Lake City, Utah-based company said on Friday that it concluded the financing of the project, having secured loans from nine separate banks. The structuring and execution of the transaction was led by HSBC. The other eight lenders are La Caixa, CIBC, National Bank of Canada, Citibank, Societe Generale, Landesbank and Banco de Sabadell.
In April 2020, sPower also got a USD-350-million tax equity commitment from Wells Fargo’s Renewable Energy & Environmental Finance group.
The solar power complex, known as the Highlander project, is currently being built at a site in Spotsylvania County and is expected to be completed in phases by the summer of 2021. Once up and running, it will offset about 825,000 tonnes of carbon dioxide emissions a year.