Sustainable Power Gets $168.5 Million Loan for Solar ProjectsJustin Doom
Sustainable Power Group, an independent power producer backed by Fir Tree Partners, received $168.5 million in financing that will support 144 megawatts of solar capacity.
CohnReznick Capital Markets Securities advised on the loan from KeyBank National Association, OneWest Bank and Zions Bank, Salt Lake City-based SPower, as the producer is known, said in a statement Wednesday. Terms weren’t disclosed.
The financing “allows us to reduce our cost of capital and frees up resources to pursue additional projects,” SPower CEO Ryan Creamer said in the statement. “The transaction demonstrates the finance community’s interest in renewables.”
The loan will support 25 solar assets. SPower owns or operates more than 135 power plants throughout the U.S. and U.K.