Thursday, February 8, 2018

sPower Raises $421.4M In Bond Deal For Renewable Assets

Salt LakeCity-based renewable energy developer sPower said on Wednesday that it has raised $421.4M in a private placement financing, based on a portfolio of 565 megawatts of utility-scale solar and wind assets. According to sPower, the deal represented approximately 44 percent of its operating portfolio. Securitization deals are used by renewable energy developers to finance their projects. In this case, sPower said the proceeds are going towards refinancing $300M in medium-term bank loans, plus continued development of additional renewable generating facilities. sPower was recently acquired by The AES Corporation and Alberta Investment Management Corporation (AIMCo).