The debt financing has been provided by KeyBank National Association, OneWest Bank and Zions Bank.
The back leverage is for 25 solar assets, totaling 144 MW in three separate portfolios.
Ryan Creamer, sPower CEO, commented:
"Back leverage allows us to reduce our cost of capital and frees up resources to pursue additional projects. The transaction demonstrates the finance community's interest in renewables and their confidence in sPower's track record of performance."
CRCMS acted as financial advisor to sPower and helped manage the transaction from term sheet execution to close.
Conor McKenna, Managing Director at CRCMS, stated:
"We were thrilled to work with sPower in securing their first back leverage deal. All of the counterparties involved contributed to what is just the beginning of a long-term, mutually beneficial relationship that will have significant impact on renewable energy generation."