Solar Power Partners raises up to $215 million in funding

MILL VALLEY, USA: Solar Power Partners Inc., the country’s largest independent solar power producer, has closed $115 million in financing, expandable up to $215 million.

The financing comprises construction debt, term debt, and tax equity provided by US Bank and WestLB AG, as well as corporate funding from new and existing investors to support the company’s aggressive, nation-wide growth in both commercial and utility markets. Project financing remains the key issue in the execution of solar projects, and this funding allows SPP to continue adding to its operating project portfolio.

“The SPP team continues to excel in executing with key lender and investor relationships,” said Bob Powell, President and CEO of Solar Power Partners.

“SPP has accomplished what no other company of its size has managed, with over 40 major customer installations in several states. This round of funding allows us to continue our track record of project execution, and will more than double our installed system capacity. In an industry where delivering results rather than hype is scarce, SPP is focused on putting real shovels in the ground to construct projects.”

SPP provides industry-leading system modeling, design, engineering, and construction management, and long-term operations and maintenance. Solar Power Purchase Agreements (PPAs) allow customers to use clean solar energy without any upfront capital, while removing the risk of ongoing operations and maintenance. SPP’s systems to date all produce at or above the expectations of both investors and customers.

“The expandability in this financing round will enable the addition of new projects to our current development schedule. SPP has always been able to stand by our methods and our contracts, and our development team is excited about adding to our execution record,” said Todd Michaels, Senior Vice President of Project Development and Marketing.

Powell said: “Funding from our strategic investors enable us to grow our base of expertise and diversity of approach in the market. I’m proud of the extraordinary team that has helped bring solar energy to so many businesses and institutions. In the four years since the company’s inception, the SPP team has set the bar on what a true solar power producer brings to a project through vision and an energetic attention to detail that is grounded in reality. We’re pleased to add to that knowledge base with our new and existing partners.”