sPower, a leading renewable energy independent power producer, has closed a term loan financing of over USD 700 million for the construction of a 620 MW solar project in Spotsylvania County, Virginia. The solar project is currently under construction and is expected to be fully commissioned by 2021.
In this deal, nine separate banks committed the capital needed for the construction of the solar project. With this deal, the financing for the project has now been completed. The full financing package for the solar project exceeds USD 1 billion. In April 2020, sPower had secured a USD 350 million tax equity commitment with Wells Fargo’s Renewable Energy & Environmental Finance group. The sole coordinating lead arranger for the financing was HSBC. The financing included eight additional mandated lead arrangers: La Caixa, Canadian Imperial Bank of Commerce, National Bank of Canada, Citibank, Societe Generale, Landesbank and Banco de Sabadell.
The solar project will offset approximately 825,000 metric tons of carbon dioxide emissions each year. sPower has committed to support the local community through capital investments and by funding priority projects. In response to the ongoing Covid-19 pandemic, the company gave USD 200,000 to Mary Washington Health System, USD 50,000 to the local Community Foundation’s Community Relief Fund, and nearly USD 15,000 to Spotsylvania County Public Schools.