sPower and CohnReznick Capital Markets Secure $168.5 Million Debt Financing
sPower's First Back Leverage Transaction: Loan from KeyBank National Association, OneWest and Zions Bank for 25 Assets
SALT LAKE CITY and SAN FRANCISCO, April 22, 2015 /PRNewswire/ -- 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."
About sPower: Headquartered in Salt Lake City, with offices in San Francisco and New York City, sPower is a leading renewables independent power producer (IPP) that owns and/or operates more than 135 utility-scale and commercial distributed electrical generation systems across the United States and the UK. With greater than a gigawatt between construction and pipeline, sPower is actively buying utility-scale renewable assets in any stage of development, as well as working to acquire operating green energy projects in North America and the UK. sPower is a portfolio company of Fir Tree Partners, a global investment fund with more than 20 years of investing history and approximately $13 billion of capital under management. www.sPower.com
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
Media Contacts:
sPower
Naomi Keller, VP Marketing
[email protected], 801.679.3514
2749 East Parley's Way, Suite 310, Salt Lake City, UT 84109
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SOURCE sPower
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