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sPower secures $786M in financing for 9 Calif. solar projects

Utah-based independent power producer sPower has secured$786 million in financing for a 339.4-MW portfolio of solar projects inLancaster, Calif.

The financing consists of tax equity investment andsyndicated construction and term loan facility for nine solar projects. Twoof the nine projects have achieved commercial operations, while the remainingare still under construction, according to an Oct. 6 release.

KeyBanc Capital Markets Inc. acted as coordinating leadarranger for the $519 million syndicated debt facility. KeyBank NA, CIT BankNA, CoBank ACB, Coöperatieve Rabobank UA, Norddeutsche Landesbank Girozentrale(Nord/LB), Siemens Financial Services Inc. and Wells Fargo Bank NA alsoparticipated in the transaction.

CohnReznick Capital Markets Securities advised sPower on thetax equity deal, while Stoel Rives LLP assisted the company with thenegotiation and documentation of the financing.

SPower is legally known as .