Client sPower Secures $786 Million in Capital Commitments for Nine Solar Projects; Tax Equity and Debt Financing Provided for 339 Megawatts in Lancaster, California

Salt Lake City, UT — Stoel Rives client sPower, a prominent renewable energy provider, announced the completion of a tax equity investment and syndicated construction and term loan facility totaling $786 million.  KeyBanc Capital Markets Inc. led the syndicated debt facility totaling $519 million, with involvement from KeyBank N.A., CIT Bank N.A., CoBank ACB, Coöperatieve Rabobank U.A., Norddeutsche Landesbank Girozentrale (Nord/LB), Siemens Financial Services, Inc. and Wells Fargo Bank, N.A. The financing will be used in the development of a group of nine solar projects which will generate 339.4MW of renewable energy.

"We offer congratulations to our client sPower in this landmark renewables transaction; the team was delighted to have been a part of this complex, challenging deal," said Alexandra Mertens, lead counsel at Stoel Rives in the negotiation and documentation of the financing. Other members of the Stoel Rives team included Kevin Pearson, Lindsay MacLeod, Lisa Liebherr, Brian Nese, Kevin Wells, Jason Johns, Jennifer Mersing, Allison Smith and Allison Post Harris. 

Read the client release announcing the transaction here. 

About Stoel Rives: Stoel Rives is a business law firm providing corporate and litigation services to clients in the Energy & Infrastructure, Agribusiness, Food & Beverage, Manufacturing & Consumer Products, Technology, Life Sciences, Healthcare, Government & Public Agencies and Natural Resources industries throughout the United States. The firm has nearly 400 attorneys operating out of 11 offices in seven states and the District of Columbia. Stoel Rives is a leader in corporate, energy, environmental, intellectual property, labor and employment, land use and construction, litigation, natural resources, project development and real estate law. For more information, follow @stoelrives or visit www.stoel.com.