SPower, a joint venture of AES Corp. and Alberta Investment Management Corp., said Sept. 20 that it has completed its largest single asset financing to date.
The company secured an approximately $319 million construction and term facility from HSBC and CIBC and a $189 million tax equity commitment from Bank of America Merrill Lynch for its 218-MW Prevailing Wind Park Project in Bon Homme, Charles Mix and Hutchinson counties in South Dakota.
The Prevailing Wind Park obtained a construction permit from South Dakota regulators in late 2018. It will sell its output to Basin Electric Power Cooperative under a 30-year power purchase agreement, according to S&P Global Market Intelligence data.
CohnReznick Capital served as financial adviser and McDermott Will & Emery acted as sPower's counsel in the deal.
SPower is legally known as Sustainable Power Group LLC.
