US $350m funding for Spotsylvania Solar Energy Center in Spotsylvania County, Virginia, US has been secured. At 620 MW DC, that is the biggest solar undertaking east of the Rockies. The challenge is presently below building, with phases coming on-line this year via undertaking completion in the summertime of 2021; sPower is the developer.
Wells Fargo’s Renewable Power & Environmental Finance group is the only investor for the US $350m tax fairness dedication, making this one of many largest standalone, tax fairness investments within the solar business’s current historical past.
In accordance with Brian Callaway VP Structured Finance and M&A, sPower, this tax fairness dedication is momentous for sPower, particularly throughout these unsure instances. Partnerships like this, with Wells Fargo, are a key element of sPower’s place as a trade chief. “Finalizing this deal now, for an asset this massive, signifies confidence in the way forward for not solely our firm but in addition within the business,” he mentioned.
David Shipley, CFO, sPower mentioned that this could be a landmark undertaking for the corporate, Spotsylvania County, and Virginia. “We reached this milestone across the similar time Governor Northam signed the Virginia Clean Economy Act, starting the state’s transition to 100% inexperienced vitality. It has been an extended highway to get right here; however we’re excited to be underneath the building and look ahead to continued progress and partnership in Virginia,” he added.
In response to Andrew Kho Managing Director and head of originations for Wells Fargo’s Renewable Energy & Environmental Finance group, they’re very proud to supply tax fairness financing to sPower for this historic undertaking.