sPower, a U.S.-based renewable energy provider, has closed a transaction with National Australia Bank (NAB) on the financing of sPower’s UK portfolio of operating solar assets. The senior loan of nearly $48 million is for four sPower owned and operated solar parks supported by the Renewable Obligation scheme.
“The deal with NAB provides sPower with access to flexible and attractive capital,” said Ryan Creamer, sPower CEO. “We’re pleased to have the support of NAB, a top financial institution showing strong commitment to funding renewable energy projects.”
“sPower and NAB fostered a strong working relationship based on trust and innovation to get the transaction over the line. It was a pleasure to work with a group of can-do entrepreneurs,” said Simon Middleton of Elgar Middletona London-based independent financial advisory firm. The firm acted as financial advisor to sPower and helped manage the transaction from term sheet execution to close.
Salt Lake City, UT-based sPower, with offices in San Francisco, Long Beach and New York City, is an independent power producer (IPP) that owns and/or operates more than 150 utility and commercial distributed electrical generation systems across the U.S. and the UK.