sPower, a prominent renewable energy provider, and CohnReznick Capital Markets Securities (CRCMS), a leading boutique investment banking services firm, announced today the placement of $168.5 million in back leverage to sPower provided by KeyBank National Association, OneWest Bank and Zions Bank. The back leverage is for 25 solar assets, totaling 144MW in three separate portfolios.
“Back leverage allows us to reduce our cost of capital and frees up resources to pursue additional projects.” said Ryan Creamer, sPower CEO. “The transaction demonstrates the finance community’s interest in renewables and their confidence in sPower’s track record of performance.”
CRCMS acted as financial advisor to sPower and helped manage the transaction from term sheet execution to close. “We were thrilled to work with sPower in securing their first back leverage deal,” said Conor McKenna, Managing Director at CRCMS. “All of the counterparties involved contributed to what is just the beginning of a long-term, mutually beneficial relationship that will have significant impact on renewable energy generation.”
Stoel Rives LLP, a business law firm known for its leadership in corporate, energy, environmental, land use and project development law, assisted sPower with the negotiation and documentation of the acquisition. “We congratulate sPower on the closing of its first back-leverage financing,” said Alex Mertens, lead deal attorney at Stoel Rives which advised sPower on the transaction. “We’re excited about the opportunities this financing creates for sPower and look forward to assisting them in the future.”About sPower: sPower, an AES and AIMCo company, is the largest private owner of operating solar assets in the United States. sPower owns and operates a portfolio of solar and wind assets greater than 1.3 GW and has a development pipeline of more than 10 GW. sPower is owned by a joint venture partnership between The AES Corporation (NYSE: AES), a worldwide energy company headquartered in Arlington, Virginia, and the Alberta Investment Management Corporation, one of Canada’s largest and most diversified institutional investment fund managers.
About CohnReznick Capital Markets Securities (CRCMS): CRCMS offers a comprehensive financial advisory platform for the renewable energy industry, providing solutions for tax equity, equity, debt, asset sales or purchases. The company represents financial institutions, infrastructure funds, strategic participants (IPPs and utilities) and more than 60 wind, solar, biomass and other alternative energy developers nationwide. To date, CRCMS has led the financing of more than 880MW in solar, wind and biomass projects and has placed tax equity financing for more than $3 billion in assets. CRCMS has successfully executed sale placements and asset sales for 250MW of solar and 90MW of wind. www.cohnreznickcapmarkets.com