{"id":1004159093,"date":"2016-11-16T12:47:29","date_gmt":"2016-11-16T20:47:29","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004159093"},"modified":"2020-04-07T03:58:44","modified_gmt":"2020-04-07T11:58:44","slug":"spower-gets-434m-in-financing-for-its-beacon-solar-projects","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/spower-gets-434m-in-financing-for-its-beacon-solar-projects\/","title":{"rendered":"sPower Gets $434M in Financing for Its Beacon Solar Projects"},"content":{"rendered":"<p><em>By Anca Gagiuc, Associate Editor<\/em><\/p>\n<div id=\"attachment_1004159094\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Victor-Dry-Farm-Ranch.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004159094\" data-attachment-id=\"1004159094\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/spower-gets-434m-in-financing-for-its-beacon-solar-projects\/victor-dry-farm-ranch\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Victor-Dry-Farm-Ranch.jpg\" data-orig-size=\"720,480\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;Proehl Studios&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Victor Dry Farm Ranch, Phelan, Calif. 11.2MW\" data-image-description=\"&lt;p&gt;Victor Dry Farm Ranch, Phelan, Calif. 11.2MW&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Victor Dry Farm Ranch, Phelan, Calif. 11.2MW&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Victor-Dry-Farm-Ranch.jpg?w=720\" class=\"wp-image-1004159094 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Victor-Dry-Farm-Ranch.jpg\" alt=\"Victor Dry Farm Ranch, Phelan, Calif. 11.2MW\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Victor-Dry-Farm-Ranch.jpg 720w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Victor-Dry-Farm-Ranch.jpg?resize=300,200 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004159094\" class=\"wp-caption-text\">Victor Dry Farm Ranch, Phelan, Calif. 11.2MW<\/p><\/div>\n<p><strong>Salt Lake City<\/strong>\u2014<a href=\"https:\/\/www.spower.com\/\" target=\"_blank\" rel=\"nofollow\">sPower<\/a> announced it has closed a tax equity investment and construction\/term loan totaling $434 million for three solar projects in California. <a href=\"https:\/\/www.cohnreznickcapmarkets.com\/\" target=\"_blank\" rel=\"nofollow\">CohnReznick Capital Markets Securities<\/a> advised sPower on the transactions.<\/p>\n<p>KeyBanc Capital Markets Inc. acted as coordinating lead arranger, while the debt facility was provided by CIT Bank, N.A., CoBank ACB, Co\u00f6peratieve Rabobank U.A., KeyBank N.A., Norddeutsche Landesbank Girozentrale (Nord\/LB) and Siemens Financial Services, Inc. PNC Energy Capital and U.S. Bancorp Community Development Corp. partnered to provide tax equity.<\/p>\n<p>\u201cThe team successfully came together to find creative finance and structuring solutions,\u201d Ray Henger, sPower SVP of M&amp;A &amp; structured finance, said in a prepared statement. \u201cWhile coordination across this many banks was a challenge, we appreciate how hard our partners worked to close the transaction.\u201d<\/p>\n<p>The funds will be used to finance three <a href=\"https:\/\/www.commercialsearch.com\/news\/sustainability\/\" target=\"_blank\">solar projects<\/a>, which when fully operational, will generate 183.4 megawatts (MW) of renewable energy. \u00a0All three Beacon solar projects are located in Cantil, Calif. and are currently under construction. Furthermore, all three have 25-year PPAs with <a href=\"https:\/\/www.myladwp.com\/\" target=\"_blank\" rel=\"nofollow\">Los Angeles Department of Water and Power<\/a>. sPower estimated Beacon 4 (56.5MW) will achieve commercial operations by the end of the month, while Beacon 3 (63MW) is projected to come online by year\u2019s end. Beacon 1 (63.9MW) will be completed in the first quarter of 2017.<\/p>\n<p>\u201cLeading investors are drawn to sPower\u2019s demonstrated ability to develop consistently bankable renewable energy projects,\u201d added sPower CFO David Shipley. \u201cThis most recent financing is critical as we work towards connecting nearly 500MW to the grid in the next 90 days.\u201d<\/p>\n<p><em>Image courtesy of sPower<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The three solar facilities will generate more than 183 megawatts of renewable energy when finalized.<\/p>\n","protected":false},"author":237,"featured_media":1004159094,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21782,21825,21748,1594,21742,21786,15],"tags":[],"class_list":["post-1004159093","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-development","category-finance","category-industrial","category-los-angeles","category-latest","category-sustainability","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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