sPower Closes on $350M Tax Equity Commitment for 620 MW DC Solar Project
The AES Corporation (AES)
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Source: Business Wire
Financing secured for Spotsylvania Solar Energy Center in Virginia SALT LAKE CITY--(BUSINESS WIRE)--sPower, a leading renewable energy Independent Power Producer (IPP), announced that the company closed on a $350 million tax equity commitment for Spotsylvania Solar Energy Center in Spotsylvania County, Virginia. At 620 MW DC, this is the largest solar project east of the Rockies. The project is currently under construction, with phases coming online this year through project completion in the summer of 2021.Wells Fargo’s Renewable Energy & Environmental Finance group is the sole investor for the $350 million tax equity commitment, making this one of the largest standalone, tax equity investments in the solar industry’s recent history.“This tax equity commitment is momentous for sPower, especially during these uncertain times. Partnerships like this, with Wells Fargo, are a key component of sPower’s place as an industry leader,” said Brian Callaway VP Structured Finance and M&A, sPo
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