California, United States [RenewableEnergyWorld.com] Solar Power Partners Inc. (SPP) has closed US $115 million in financing, expandable up to $215 million.
The financing comprises construction debt, term debt, and tax equity provided by U.S. 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.
“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, Sr. VP of Project Development and Marketing for SPP.
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. SPP provides system modeling, design, engineering, and construction management, and long-term operations and maintenance. The company said that to date its systems to date all produce at or above the expectations of both investors and customers.
“The SPP team continues to excel in executing with key lender and investor relationships,” said Bob Powell, president and CEO of SPP. “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.”