SPower recently closed a $421.4 million 4(a)(2) private placement financing on a portfolio of approximately 565MW of utility-scale solar and wind assets. The financed portfolio represents approximately 44% of SPower's 1.3GW operating portfolio.
"This first-of-its-kind milestone is a testament to the quality of our operating portfolio, the relationships we have with our finance partners and the strength of our utility offtakers. This financing will benefit SPower for years to come by locking in predictable cash flows for almost two more decades," said SPower CEO, Ryan Creamer.
"We are obviously thrilled with the recognition of 'Deal of the Year.' This was our inaugural institutional bond market transaction, and was very complex given the nine underlying tax equity partnerships. We are very pleased with the outcome and our ability to access long-term, fixed-rate debt at attractive levels," said SPower CFO, David Shipley.