sPower announced that the company closed on $700+ million construction / term loan financing for Spotsylvania Solar Energy Center in Spotsylvania County, Virginia.

"At 620 MW DC, this is the largest solar project east of the Rockies," the company said

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 $1 billion. In April, sPower secured a $350 million tax equity commitment for this project with Wells Fargo’s Renewable Energy & Environmental Finance group. Nine separate banks committed the $700 million of capital needed for the construction / term loan financing, this completes financing for the project.

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.

Tags:
sPower   Finance   Solar  

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