sPower, a prominent renewable energy provider announced today that they have reached financial close with National Australia Bank (NAB) on the financing of sPower’s UK portfolio of operating solar assets. The senior loan of nearly $48 million is for four sPower owned and operated solar parks (33.5 megawatts in total) supported by the RO scheme.
“The deal with NAB provides sPower with access to flexible and attractive capital,” said Ryan Creamer, sPower CEO. “We’re pleased to have the support of NAB, a top financial institution showing strong commitment to funding renewable energy projects.”
“sPower and NAB fostered a strong working relationship based on trust and innovation to get the transaction over the line. It was a pleasure to work with a group of ‘can do’ entrepreneurs,” said Simon Middleton of Elgar Middleton. Elgar Middleton, a London-based independent financial advisory firm with expertise in financing renewable energy and infrastructure projects, acted as financial advisor to sPower and helped manage the transaction from term sheet execution to close.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.