Client sPower Secures $168.5 Million Debt Financing for Solar Asset Portfolios

Stoel Rives client sPower, a prominent renewable energy provider, announced the placement of $168.5 million in back leverage financing provided by KeyBank National Association, OneWest Bank and Zions Bank. CohnReznick Capital Markets Securities arranged the financing and acted as financial advisor to sPower. This is sPower’s first back leverage financing and involves 25 solar assets, totaling 144MW in three separate portfolios.

“We congratulate sPower on closing on its first-ever back-leverage financing,” said Alexandra Mertens, lead deal attorney at Stoel Rives which advised sPower throughout the transaction. “We’re excited about the opportunities this financing creates for sPower, and look forward to assisting them in the future.”

sPower is headquartered in Salt Lake City, with offices in San Francisco and New York City, and is a leading independent power producer (IPP) that owns and/or operates more than 130 utility and distributed electrical generation systems across the United States and the UK and has more than a gigawatt of additional development assets between construction and pipeline. Other members of the Stoel Rives deal team included Brian Nese, Erin Eliasen, Scott Wert, Claire Mitchell, Allison Smith, Kevin Pearson, Chad Marriott, David Levant and Jason Johns.

Read the client release announcing the transaction.