Solar Power Partners raises up to $215 million in funding
PC's Solar Photovoltaics Blog
Solar Power Partners Inc., the country’s largest independent solar power producer, has closed $115 million in financing, expandable up to $215million.
The financing comprises construction debt, term debt,and tax equity provided by US Bank and WestLB AG, as well as corporatefunding from new and existing investors to support the company’saggressive, nation-wide growth in both commercial and utility markets.Project financing remains the key issue in the execution of solarprojects, and this funding allows SPP to continue adding to itsoperating project portfolio.
“The SPP team continues to excel inexecuting with key lender and investor relationships,” said Bob Powell,President and CEO of Solar Power Partners.
“SPP has accomplished what no other company of its size has managed, with over 40 majorcustomer installations in several states. This round of funding allowsus to continue our track record of project execution, and will more than double our installed system capacity. In an industry where deliveringresults rather than hype is scarce, SPP is focused on putting realshovels in the ground to construct projects.”
SPP providesindustry-leading system modeling, design, engineering, and constructionmanagement, and long-term operations and maintenance. Solar PowerPurchase Agreements (PPAs) allow customers to use clean solar energywithout any upfront capital, while removing the risk of ongoingoperations and maintenance. SPP’s systems to date all produce at orabove the expectations of both investors and customers.
“Theexpandability in this financing round will enable the addition of newprojects to our current development schedule. SPP has always been ableto stand by our methods and our contracts, and our development team isexcited about adding to our execution record,” said Todd Michaels,Senior Vice President of Project Development and Marketing.
Powell said: “Funding from our strategic investors enable us to grow our baseof expertise and diversity of approach in the market. I’m proud of theextraordinary team that has helped bring solar energy to so manybusinesses and institutions. In the four years since the company’sinception, the SPP team has set the bar on what a true solar powerproducer brings to a project through vision and an energetic attentionto detail that is grounded in reality. We’re pleased to add to thatknowledge base with our new and existing partners.”
